Trade In Value

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flyingox
Singapore
Last Login:
5 Dec 2007
Date Joined:
3 Dec 2007
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Posted on: 3 Dec 2007 9:48AM    Reply     

Hi,

I'm new to the forum.

Currently i'm driving nissan sunny 1.6 ex bought in Mar 2003. been paying about $600 monthly for a 10 years loan.

Right now, i'm thinking of changing to a new car but have no idea how much do i have to folk out if i trade in my nissan. Am thinking of Honda Airwave (approx $62K), Honda CrossRoad (approx $80K)or Toyota ISIS (approx $73K).

Can anyone advise how to work the sum?

Thanks!
flyingox
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Singapore
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Posted on: 3 Dec 2007 9:52AM    Reply    

Hi

Sorry. forgot to add i have paid 7K for the download payment when i first bought my nissan.

Thanks
ifconfig
Consultant
Singapore
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17 Jan 2013
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Posted on: 3 Dec 2007 11:49AM    Reply    

i would advise that you speak to the dealers that you are trading in the cars for a new ones as they varies among them.. some can give you a very offer but some may not. so best you can talk in person on your financial needs with them.

from the info you provided, you definitely have to fork out cash to offset your existing loan.
flyingox
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Singapore
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Posted on: 3 Dec 2007 12:23PM    Reply    

Thanks for your advise.

Think PI agent should be able to give me more accurate calculation.

However, right now i just wanna know a rough gauge of the amount that i need to folk out, say if i trade in my nissan for honda airwave.

Thanks.
steven_VW
F3000 Racer
Singapore
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18 Apr 2014
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Posted on: 3 Dec 2007 1:58PM    Reply    

Hi flyingox,

Welcome to the Oneshift family, enjoy your stay and do join us at our meet ups and live chat room.

Firstly, not to confuse yourself and a easier way to get through your calculations, separate the new car and the used car issue.

You need to know how much is your trade-in value of your Sunny, which I would think its roughly about $30K to $33K, it really depends on the paper value and car body price. Your car will likely be exported than selling into the local open market. You need to know how much is your outstanding loan (if any), you can just call your bank to find out. The difference of the two figure is what you will take back or fork out to top up the outstanding finance.

Once you have this figure, you should know how much cash you have to put as downpayment, insurance, first installment for the new Honda Airwave. I suggest you have some upfront cash for the new car, so that you do not have to loan too much and too long. Also avoid taking high loan on the new car, get cash rebates to cover your outstanding loan of your Sunny because its a very risky thing to do, it may lead you into financial woes in the future.

By the way, is your Sunny a 1.5 EX Saloon or a 1.6 Super Saloon or a 1.6 Super Saloon (Luxury Edition)? If I am not wrong, there is no 1.6 EX Saloon.

Hope this helps you, do post here or PM me if you have more questions.

Hope to see you at our meet ups, Cheers!!!

flyingox
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Singapore
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Posted on: 4 Dec 2007 11:33AM    Reply    

Thanks so much for your advise.

I just checked my paper value is only about 28k and outstanding loan about 44k. I bought my nissan in year 2004 not 2003. So i guess i still need drive the car for another year to at least "break even".

Yes my nissan sunny is 1.6 EX. http://www.nissan.com.sg/lookfor/sunny/sunny_home.cfm

Thanks
steven_VW
F3000 Racer
Singapore
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18 Apr 2014
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Posted on: 4 Dec 2007 12:41PM    Reply    

Quote:
"Formerly posted by flyingox:
Thanks so much for your advise.

I just checked my paper value is only about 28k and outstanding loan about 44k. I bought my nissan in year 2004 not 2003. So i guess i still need drive the car for another year to at least "break even".

Yes my nissan sunny is 1.6 EX. http://www.nissan.com.sg/lookfor/sunny/sunny_home.cfm

Thanks"


Oh yes, if it is year 2004, then its 1.6EX, because up till about mid 2003 its still the older model, which comes in 1.5EX, 1.6 Super Saloon (or with Luxury Edition).

A rough calculation base on your paper value of about $28K, your car should be able to fetch about $33K - $34K. Which means, you will need to fork out about $10k to full settle the outstanding loan.

You now have the options of 1. keep the car till a later date when you have the means to full settle it and with spare cash for another new car, but of course, your Sunny will continue to depreciates, you may not be able to catch up. 2. Get the cash rebates from the new car now to full settle this outstanding loan, get to drive a new car but you are into a new loan cycle, and a possible financial woes in the future. Option 2 is highly not recommended from the financial planning point of view.

For your reference, hope you make the right decisions.

Cheers!!!
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