Welcome Guest ( Log In | Register )

5 Pages  1 2 3 > » Bottom

Outline · [ Standard ] · Linear+

> Keep or sell, X70 Premium

views
     
TSThalmes
post Feb 28 2021, 09:22 PM, updated 2w ago

Genie Pig!
******
Senior Member
1,784 posts

Joined: Dec 2008
Hey guys,

Bought an X70 Premium back in late December 2019 just before the COVID situation.

Now - the car is mostly at home as I’m working from home and only required to go out on certain days / events. Been having some thoughts whether should I sell it off as I’m not driving it as much / to get smaller car instead with lower repayment commitment.

Am mostly alone and only weekend with my partner which is only going around the city.

I am in no need to sell the car but it’s just a thought I’m having now.

Also I do miss the small car occasionally as its a lower commitment for parking space / FC / general maintenance)
That being said, the comfort of X70 is awesome where driving it is a joy.

Would love to hear your thought / feedback.

Thanks in advance.
vasculio82
post Feb 28 2021, 09:26 PM

Getting Started
**
Junior Member
112 posts

Joined: Mar 2016
keep, selling now would cost a bomb unless u willing to buy a smaller second hand car
BAMyouhaveAIDS
post Feb 28 2021, 09:28 PM

New Member
*
Junior Member
13 posts

Joined: Nov 2015
it really depends on you

no harm keeping as long as you're not burning a hole in your pocket
zero5177
post Feb 28 2021, 09:32 PM

5 Stars Horse Tail
*****
Senior Member
871 posts

Joined: May 2010
From: The Gahmen knows
Sell only if it becomes a big burden, overtime u might need it back considering what is the first reason you bought it.
ultra_nyamuk
post Feb 28 2021, 09:36 PM

Regular
******
Senior Member
1,240 posts

Joined: Dec 2008
Are you tight on cash? If not selling now definitely will cause you more losses
TSThalmes
post Feb 28 2021, 09:47 PM

Genie Pig!
******
Senior Member
1,784 posts

Joined: Dec 2008
QUOTE(vasculio82 @ Feb 28 2021, 09:26 PM)
keep, selling now would cost a bomb unless u willing to buy a smaller second hand car
*
QUOTE(BAMyouhaveAIDS @ Feb 28 2021, 09:28 PM)
it really depends on you

no harm keeping as long as you're  not burning a hole in your pocket
*
QUOTE(zero5177 @ Feb 28 2021, 09:32 PM)
Sell only if it becomes a big burden, overtime u might need it back considering what is the first reason you bought it.
*
QUOTE(ultra_nyamuk @ Feb 28 2021, 09:36 PM)
Are you tight on cash? If not selling  now definitely will cause you more losses
*
Nope, not in a rush / not tight on cash (thank god)... but of course this situation has made me (and I’m sure everyone) the importance of having more extra cash.

For sure the loss of my down payment / having to top up to repay bank is a big consideration to factor in.

An ideal thought -
Just that maybe the car is still “new” and hence I can let it go at a decent price where I can pay off the loan without much losses.

And the monthly repayment (about 1k) can be saved every month and then maybe buy a car again when this thing recovers and when it becomes a absolute need.
Captain Coco
post Feb 28 2021, 09:50 PM

Getting Started
**
Junior Member
195 posts

Joined: Feb 2016
Right before MCO I almosted booked a cx5 but luckily I knocked my head again, asking whether wanna take this burden for the next 7 years. Instead I got a second hand car. Now much lesser burden.
Captain Coco
post Feb 28 2021, 09:51 PM

Getting Started
**
Junior Member
195 posts

Joined: Feb 2016
You should keep the car if not cash tight. Selling it off now will cost you a great price
TSThalmes
post Feb 28 2021, 09:51 PM

Genie Pig!
******
Senior Member
1,784 posts

Joined: Dec 2008
QUOTE(Captain Coco @ Feb 28 2021, 09:50 PM)
Right before MCO I almosted booked a cx5 but luckily I knocked my head again, asking whether wanna take this burden for the next 7 years. Instead I got a second hand car. Now much lesser burden.
*
A wise decision indeed.

Many people also sold their car in this pandemic, for various reasons.
It only makes sense to also give it a thought now that perception has changed.



For my reference,
What’s the best time to sell a car, in general?
When loan amount hits a certain price range?

This post has been edited by Thalmes: Feb 28 2021, 09:52 PM
acbc
post Feb 28 2021, 09:58 PM

Look at all my stars!!
*******
Senior Member
6,884 posts

Joined: Jan 2003
Sell if U want to get rid of the car loan. I sold all my spare cars last year. Now only kept those without loan.

Business still very bad so better not to have any loans. Banks don't care if your business bad. As long U default, they will chase u.

By 2022, my commitment will be zero.
<-- no content -->
TSThalmes
post Feb 28 2021, 10:02 PM

Genie Pig!
******
Senior Member
1,784 posts

Joined: Dec 2008
QUOTE(acbc @ Feb 28 2021, 09:58 PM)
Sell if U want to get rid of the car loan. I sold all my spare cars last year. Now only kept those without loan.

Business still very bad so better not to have any loans. Banks don't care if your business bad. As long U default, they will chase u.

By 2022, my commitment will be zero.
*
This is my only car.
So it’s a matter of clearing it / get something cheaper or just holding onto it.

acbc
post Feb 28 2021, 10:04 PM

Look at all my stars!!
*******
Senior Member
6,884 posts

Joined: Jan 2003
QUOTE(Thalmes @ Feb 28 2021, 10:02 PM)
This is my only car.
So it’s a matter of clearing it / get something cheaper or just holding onto it.
*
Since u not using it, sell to clear the loan. If there's any cash left, buy something cheaper like Savvy, Viva or Kenari. Zero loan.
TSThalmes
post Feb 28 2021, 10:08 PM

Genie Pig!
******
Senior Member
1,784 posts

Joined: Dec 2008
QUOTE(acbc @ Feb 28 2021, 10:04 PM)
Since u not using it, sell to clear the loan. If there's any cash left, buy something cheaper like Savvy, Viva or Kenari. Zero loan.
*
Was driving a Myvi, very minimal commitment.

So this car was a huge upgrade and of course it’s all nice.
But right now, I think the extra cash in savings could be nice while the car still has some sort of value.

What’s the best percentage ratio (amount owed to bank) to sell? Read somewhere there’s the “breakeven” when loan reaches 5th year and I do not have to pay (or at minimal) back to the bank.
ultra_nyamuk
post Feb 28 2021, 10:09 PM

Regular
******
Senior Member
1,240 posts

Joined: Dec 2008
QUOTE(Thalmes @ Feb 28 2021, 09:47 PM)
Nope, not in a rush / not tight on cash (thank god)... but of course this situation has made me (and I’m sure everyone) the importance of having more extra cash.

For sure the loss of my down payment / having to top up to repay bank is a big consideration to factor in.

An ideal thought -
Just that maybe the car is still “new” and hence I can let it go at a decent price where I can pay off the loan without much losses.

And the monthly repayment (about 1k) can be saved every month and then maybe buy a car again when this thing recovers and when it becomes a absolute need.
*
Resale value for any car about a year plus is always bad vs the loan. usually at around 4-5 years then the price will "match" the car loan..if you get what i mean. Anyway no harm to ask how much you can sell. if its really a good price and there's minimum loan top up, i think ok. But you've said it yourself, the downpayment itself is "loss" already.

TLDR; keep unless desperate for cash/extra cash flow.
TSThalmes
post Feb 28 2021, 10:16 PM

Genie Pig!
******
Senior Member
1,784 posts

Joined: Dec 2008
QUOTE(ultra_nyamuk @ Feb 28 2021, 10:09 PM)
Resale value for any car about a year plus is always bad vs the loan. usually at around 4-5 years then the price will "match" the car loan..if you get what i mean. Anyway no harm to ask how much you can sell. if its really a good price and there's minimum loan top up, i think ok. But you've said it yourself, the downpayment itself is "loss" already.

TLDR; keep unless desperate for cash/extra cash flow.
*
As everyone say, a car is a depreciation and a liability.
So there’ll always be risks & loss involved - just a matter of short or long term loss.

Also considering the maintenance over the next few years if I keep. Just things to think about


To check prices, where would you recommend?

hakimnen
post Feb 28 2021, 10:20 PM

Getting Started
**
Junior Member
82 posts

Joined: Mar 2008
From: Serdang


Depends on your financial situation..

1) If you sell off the car but you end up to up to cover loan i.e RM 20K in addition, what's the point sell off the car and getting another one by loan as well

Assuming your X70 installment is RM 1K/month and your new car (MyVI) would be RM 600, you only save RM 400? or probably RM 12/day. Do you think it is significant to your financial health?

if yes, better to let it go...

My suggestion do your math...and you will know the best decision.



ultra_nyamuk
post Feb 28 2021, 10:28 PM

Regular
******
Senior Member
1,240 posts

Joined: Dec 2008
QUOTE(Thalmes @ Feb 28 2021, 10:16 PM)
As everyone say, a car is a depreciation and a liability.
So there’ll always be risks & loss involved - just a matter of short or long term loss.

Also considering the maintenance over the next few years if I keep. Just things to think about
To check prices, where would you recommend?
*
carlist... carsome.. or even your local used car dealer. just to get a rough estimate nod.gif then compare that with your outstanding loan.
TSThalmes
post Feb 28 2021, 10:33 PM

Genie Pig!
******
Senior Member
1,784 posts

Joined: Dec 2008
QUOTE(hakimnen @ Feb 28 2021, 10:20 PM)
Depends on your financial situation..

1) If you sell off the car but you end up to up to cover loan i.e RM 20K in addition, what's the point sell off the car and getting another one by loan as well

Assuming your X70 installment is RM 1K/month and your new car (MyVI) would be RM 600, you only save RM 400? or probably RM 12/day. Do you think it is significant to your financial health?

if yes, better to let it go...

My suggestion do your math...and you will know the best decision.
*
If the top-up is that significant, then of course the decision is not to. But if its nothing extra - would it be worth considering?

Many people would argue “why are you downgrading yourselves when you have such a nice car”... at the same time, many who switched from a “nice” car to a budget car would also appreciate the extra cash flow be it high or low.

You are right with your example of RM400 of difference if that’s the route that was taken. Yes the monthly variance is not much but every penny saved is every penny saved.

Since the pandemic, I’ve also learnt to become a bit smarter with money (sad it only happened after I changed my car)
There is no real need to sell / change my car btw... it’s just a thought for the longer term planning.
TSThalmes
post Feb 28 2021, 10:35 PM

Genie Pig!
******
Senior Member
1,784 posts

Joined: Dec 2008
QUOTE(ultra_nyamuk @ Feb 28 2021, 10:28 PM)
carlist... carsome.. or even your local used car dealer. just to get a rough estimate  nod.gif then compare that with your outstanding loan.
*
Those are the ones that we see all the time too - was just worried if there’s any obligation to proceed once we have requested for a quote?
christ14
post Feb 28 2021, 10:55 PM

Regular
******
Senior Member
1,218 posts

Joined: Jul 2011
From: Grand Ol' Lady


QUOTE(Thalmes @ Feb 28 2021, 10:33 PM)
If the top-up is that significant, then of course the decision is not to. But if its nothing extra - would it be worth considering?

Many people would argue “why are you downgrading yourselves when you have such a nice car”... at the same time, many who switched from a “nice” car to a budget car would also appreciate the extra cash flow be it high or low.

You are right with your example of RM400 of difference if that’s the route that was taken. Yes the monthly variance is not much but every penny saved is every penny saved.

Since the pandemic, I’ve also learnt to become a bit smarter with money (sad it only happened after I changed my car)
There is no real need to sell / change my car btw... it’s just a thought for the longer term planning.
*
when every penny is literally hard earned now, you may see it as rm400 per month "extra" if you still get another lower car

with that, thats like almost 5k at the end of the year. shocking.gif people are looking up and down for these extra digits noowadays.

just saying but back to topic is go to nearest local car dealer, they would do the job for the quote and maybe some words thrown in whistling.gif

5 Pages  1 2 3 > » Top
 

Change to:
| Lo-Fi Version
0.0244sec    0.71    5 queries    GZIP Disabled
Time is now: 19th April 2021 - 10:40 PM