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> Keep or sell, X70 Premium

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TSThalmes
post Feb 28 2021, 11:12 PM

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QUOTE(christ14 @ Feb 28 2021, 10:55 PM)
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
*
People will have comments no matter what you do or don’t do. innocent.gif

Am here to get an idea on how fellow LYNers who replied would do - for sure some will keep and some will sell depending on their experience.

Having to spend RM12k per year vs RM5k (give it RM6K) in maintaining a car now - what’s your take?

Will the additional 400 per month be a total lifesaver to you? Makes life bit more relaxed, can eat better food?
ultra_nyamuk
post Feb 28 2021, 11:52 PM

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QUOTE(Thalmes @ Feb 28 2021, 10:35 PM)
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?
*
Not really.. need to have a thick face..haha! But really no obligation..just say you dont agree with the selling price laugh.gif laugh.gif
hakimnen
post Mar 1 2021, 12:03 AM

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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.
*
If nothing extra? Then maybe you can consider downgrade car since you value every penny..

I concur you should do planning..ask forumer to suggest a book to begin with..

again in this forum, people dont know your situation, financial, commitment and hence,nobody cam give you abosolute solution..they justt give you idea and you've to think..

Good luck..



christ14
post Mar 1 2021, 01:29 AM

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QUOTE(Thalmes @ Feb 28 2021, 11:12 PM)
People will have comments no matter what you do or don’t do. innocent.gif

Am here to get an idea on how fellow LYNers who replied would do - for sure some will keep and some will sell depending on their experience.

Having to spend RM12k per year vs RM5k (give it RM6K) in maintaining a car now - what’s your take?

Will the additional 400 per month be a total lifesaver to you? Makes life bit more relaxed, can eat better food?
*
one sided story really, we dont know full story and will just say what we can deduce from this.

imo if seldom use already. im all in getting a lesser car, i dont really care what other people think or may want to say of their opinion such as degrading to a lesser car. hey you dont pay my bills and what not lol. i would like those extra figures.

and nowadays people pull out isinar and dump it elsewhere
JZenith
post Mar 1 2021, 09:08 AM

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generally speaking.
1)if you sell your x70 now, you will lost around 20% of what you paid, not including bank interest loan if you have. as per, "you will lose your car and alot of money in just 1year+"

2)im pretty sure your decision to purchase x70 instead of a small car is heavily considered.
or maybe after this pandemic if you misses a small hatch you can just get one as a second car.

i think during this pandemic, alot of people also working from home and cars also stuck in their own garage, im looking forward for the border reopen and cruise my car for a walk haha
TSThalmes
post Mar 1 2021, 09:09 AM

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QUOTE(ultra_nyamuk @ Feb 28 2021, 11:52 PM)
Not really.. need to have a thick face..haha! But really no obligation..just say you dont agree with the selling price  laugh.gif  laugh.gif
*
Thanks for the suggestions, will try it out smile.gif


QUOTE(hakimnen @ Mar 1 2021, 12:03 AM)
If nothing extra? Then maybe you can consider downgrade car since you value every penny..

I concur you should do planning..ask forumer to suggest a book to begin with..

again in this forum, people dont know your situation, financial, commitment and hence,nobody cam give you abosolute solution..they justt give you idea and you've to think..

Good luck..
*
QUOTE(christ14 @ Mar 1 2021, 01:29 AM)
one sided story really, we dont know full story and will just say what we can deduce from this.

imo if seldom use already. im all in getting a lesser car, i dont really care what other people think or may want to say of their opinion such as degrading to a lesser car. hey you dont pay my bills and what not lol. i would like those extra figures.

and nowadays people pull out isinar and dump it elsewhere
*
True with regards to not knowing the full story - but the essence is what I've shared over the last few replies.
Is that I have a car which I do not use that much, should I sell it off so that my monthly commitment is not that high or just keep it since I need a car anyway.

The "extra' monies saved will be used towards savings / home loans / just having extra cash around really.

cempedaklife
post Mar 1 2021, 09:21 AM

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If you need a car anyway, no point selling. And one year down the road, do you think you will still wfh?

If you downgrade, and things go back to normal, are you going to be satisfied with the ride?

Whats to point downgrade then upgrade again within a few years

Selling it now may feel like saving, but in the long road, it may not.
ktek
post Mar 1 2021, 10:45 AM

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extra car=sell.
need to buy another car= no sell
DidlySquat P
post Mar 1 2021, 11:29 AM

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QUOTE(Thalmes @ Feb 28 2021, 09:22 PM)
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.
*
I was in a similar dilemma.

Mine was a February 2020 car. Bought because I took on a new role but didn't like both the car and the role.

I decided to let it go last November as I didn't want to pay the road tax and another year of depreciation. There I settled the loan and let it go to the first person that offered above 90k for it.

I'd have kept the car if it had seen more use. But it was a case that the first service was at 200km and the second service was at 900km.

It's an impossible task to get a good price for a car that is under 3 years old. I started looking for a buyer in September when I found out my role would continue on as a work from home role for 18 months. Used car dealers offered 85k for it. Listed it to sell on my own had its own set of problems. Had many potential buyers but it became a situation where the buyers needed less upfront cash to buy a new one as new one can get for 10% where one that is used needs upwards of 20% and had situations where the buyer could get a loan for the new one but couldn't qualify for a used one.

In the end I managed to get a buyer and I opted not to have a car as I didn't need one and didn't want one. When a car is needed I just get a SoCar.
megahertz
post Mar 1 2021, 11:37 AM

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for me, its simple.
- if the car loan didnt burden u much, u like the car, enjoy riding it,keep it
- if the car loan burden u, u feel high commitment due to monthly/maintenance, even u like the car and enjoy riding it, better sell it.
but u should sell when its the most profitable for u.
new car tend to drop in value quite fast 1-2st year of ownership.

sell it, find new small car that u enjoy without thinking the financial burden.
then the times come, u can always upgrade/find other cars.
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TSThalmes
post Mar 1 2021, 01:51 PM

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QUOTE(cempedaklife @ Mar 1 2021, 09:21 AM)
If you need a car anyway, no point selling. And one year down the road, do you think you will still wfh?

If you downgrade, and things go back to normal, are you going to be satisfied with the ride?

Whats to point downgrade then upgrade again within a few years

Selling it now may feel like saving, but in the long road, it may not.
*
Valid reason, definitely a key factor in deciding how to move forward.


QUOTE(ktek @ Mar 1 2021, 10:45 AM)
extra car=sell.
need to buy another car= no sell
*
This is my only car smile.gif

QUOTE(DidlySquat @ Mar 1 2021, 11:29 AM)
I was in a similar dilemma.

Mine was a February 2020 car. Bought because I took on a new role but didn't like both the car and the role.

I decided to let it go last November as I didn't want to pay the road tax and another year of depreciation. There I settled the loan and let it go to the first person that offered above 90k for it.

I'd have kept the car if it had seen more use. But it was a case that the first service was at 200km and the second service was at 900km.

It's an impossible task to get a good price for a car that is under 3 years old. I started looking for a buyer in September when I found out my role would continue on as a work from home role for 18 months. Used car dealers offered 85k for it. Listed it to sell on my own had its own set of problems. Had many potential buyers but it became a situation where the buyers needed less upfront cash to buy a new one as new one can get for 10% where one that is used needs upwards of 20% and had situations where the buyer could get a loan for the new one but couldn't qualify for a used one.

In the end I managed to get a buyer and I opted not to have a car as I didn't need one and didn't want one. When a car is needed I just get a SoCar.
*
My situation is closely similar to yours - mostly be working from home now and even if there's a need to drive, it's a really short distance drive where I'm mostly by myself.
Just did the 20km service where my car only clocked 6.9k in the odometer.
So I am thinking do I really need this level of car for what I use it for..

If I want to sell it an ideal price (don't have ready cash to settle loan), it'll have to be a private deal. May I know where/how did you get your deal done?

QUOTE(megahertz @ Mar 1 2021, 11:37 AM)
for me, its simple.
- if the car loan didnt burden u much, u like the car, enjoy riding it,keep it
- if the car loan burden u, u feel high commitment due to monthly/maintenance, even u like the car and enjoy riding it, better sell it.
but u should sell when its the most profitable for u.
new car tend to drop in value quite fast 1-2st year of ownership.

sell it, find new small car that u enjoy without thinking the financial burden.
then the times come, u can always upgrade/find other cars.
*
Thank you for your advice.

For me - my "burden" is more to taking care of the car (like where should I park it / I won't wanna go to dodgy places with it).
I just feel that I am paying a lot for it to be seated in the garage and honestly the only thing I don't like about the car is it's high FC (yes already knew since the start).

sell it, find new small car that u enjoy without thinking the financial burden.
Used to driving small car where parking / going around is much easier. So you can say that sometimes I do "miss" that care-free thinking as oppose to driving a much higher end car where I need to constantly take care of it.

This post has been edited by Thalmes: Mar 1 2021, 01:52 PM
abubin
post Mar 1 2021, 02:23 PM

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You can try putting it up for sale in the market. If there are decent offer, why not? If no good offer then just keep. Since you are not in a hurry, just take your time and look for good offer.

You will definitely make losses but if you keep also you will be paying for monthly repayment with interest. If you sold it and assuming you can get a small car with cash, you will save back on the loan. Oh speaking of loan, you need to check how much penalty you get for settling the loan early.

Big car also means higher insurance and roadtax. Calculate that to 5 years vs small car, that is few k there already.
DidlySquat P
post Mar 2 2021, 07:28 AM

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QUOTE(Thalmes @ Mar 1 2021, 01:51 PM)
Valid reason, definitely a key factor in deciding how to move forward.
This is my only car smile.gif
My situation is closely similar to yours - mostly be working from home now and even if there's a need to drive, it's a really short distance drive where I'm mostly by myself.
Just did the 20km service where my car only clocked 6.9k in the odometer.
So I am thinking do I really need this level of car for what I use it for..

If I want to sell it an ideal price (don't have ready cash to settle loan), it'll have to be a private deal. May I know where/how did you get your deal done?
Thank you for your advice.

For me - my "burden" is more to taking care of the car (like where should I park it / I won't wanna go to dodgy places with it).
I just feel that I am paying a lot for it to be seated in the garage and honestly the only thing I don't like about the car is it's high FC (yes already knew since the start).

sell it, find new small car that u enjoy without thinking the financial burden.
Used to driving small car where parking / going around is much easier. So you can say that sometimes I do "miss" that care-free thinking as oppose to driving a much higher end car where I need to constantly take care of it.
*
Mine was on a 5 year loan, last November I had to pay 102k to settle the loan and get back the registration card from the bank.

I listed it on Mudah and various Facebook groups.

In the end the person who bought it off me is an Iranian that paid cash for it. Sold for 92k, fairly easy to sell if there are no loans involved. Puspakom inspection which you could pay a bit more for a mobile inspection team at a location of your choice, buyer pays and both the buyer as well as seller must be at JPJ to execute the transfer as need to thumbprint.

If the buyer is using a loan then some banks would require the process to be handled by an agent, cost around 2k from start to finish.

I'm happy with the decision as I live in a condo that is close to a commercial area and everything is available either walking distance or 1 train stop away. I've even rented out my parking spot at my condo and since selling the car I've only had to resort to a SoCar twice.

Financially it wasn't really a bad move to let it go, sure I had to upfront more than 10k but I'm now free of repaying any more payments on a car that is depreciating as well as require money for maintenance. Now 2.3k extra in pocket every month from not having a car.
blindmutedeaf
post Mar 2 2021, 07:40 AM

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TS, might miss out but have you put insurance and road tax into consideration?

My aunt X70 worth 84k ( driven 3 years) with windshield need to pay
RM1460 + RM359 ( Road Tax).
Although it is annual but yea something to think about as some of my friend WFH sold their cars for this reason
BravoZeroTwo
post Mar 2 2021, 08:02 AM

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Once MCO is lifted, many people will be going back to their work place, I believe. Will you change your mind then since the current MCO lasts until 4 March?
unitron
post Mar 2 2021, 08:54 AM

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QUOTE(Thalmes @ Feb 28 2021, 09:22 PM)
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.


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

*
Have you checked the resale value of the car ? It's damn low.
My GF also bought X70 premium back in Dec'19.... she thought of exactly the same thing... sell the car, get a smaller one.

But after checked the market value... make no sense... since she still need a car.
Basically lose money and then still need to fork out money for another car.
DidlySquat P
post Mar 2 2021, 09:22 AM

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QUOTE(unitron @ Mar 2 2021, 08:54 AM)
Have you checked the resale value of the car ? It's damn low.
My GF also bought X70 premium back in Dec'19.... she thought of exactly the same thing... sell the car, get a smaller one.

But after checked the market value... make no sense... since she still need a car.
Basically lose money and then still need to fork out money for another car.
*
Yes there are no cars with good resale value any longer. sad.gif

The only situation where you'll come out ahead is if you sell the car and wouldn't be buying another one especially a new one.

It could also work if the situation is selling off the car and then buying a car that is under 10k but this isn't for everybody as you do need to know about cars for this to work for you.
Aydee
post Mar 2 2021, 09:43 AM

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I recently sold my extra cars and now I feel a lot of weight has been lifted of my shoulders. Unlike you my cars are loan free but after thinking long and hard, I felt it's best that I let go as I don't really need them. There are no monthly commitments for the cars but you have this feeling in the back of your head that something might go wrong with the car and repairs are going to incur unnecessary expenses. This came about when I had to repair the car brakes after the first MCO. I didn't drive out one of the cars for the entire 3 months and the ABS system got jammed.

So in my opinion, for the long term, selling the car is a good option, but then it depend on your loan balance, resale value. If you can sell it without needing to top up is considered good enough. Just think that you 'untung pakai' only. Plus, I am not sure it is true but I heard the X70 parts are quite expensive and difficult to source. Your car is still considered new and you are in the "honeymoon" period ie everything is good with the car now. We do not know what the future holds. The pandemic might still affect us for the next few years despite now having the vaccine. You may not be cash strapped now but who knows next week,next month,next year you may be out of a job/business fold for whatever reason.
Just my thoughts.
TSThalmes
post Mar 2 2021, 10:56 AM

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QUOTE(DidlySquat @ Mar 2 2021, 07:28 AM)
Mine was on a 5 year loan, last November I had to pay 102k to settle the loan and get back the registration card from the bank.

I listed it on Mudah and various Facebook groups.

In the end the person who bought it off me is an Iranian that paid cash for it. Sold for 92k, fairly easy to sell if there are no loans involved. Puspakom inspection which you could pay a bit more for a mobile inspection team at a location of your choice, buyer pays and both the buyer as well as seller must be at JPJ to execute the transfer as need to thumbprint.

If the buyer is using a loan then some banks would require the process to be handled by an agent, cost around 2k from start to finish.

I'm happy with the decision as I live in a condo that is close to a commercial area and everything is available either walking distance or 1 train stop away. I've even rented out my parking spot at my condo and since selling the car I've only had to resort to a SoCar twice.

Financially it wasn't really a bad move to let it go, sure I had to upfront more than 10k but I'm now free of repaying any more payments on a car that is depreciating as well as require money for maintenance. Now 2.3k extra in pocket every month from not having a car.
*
Am trying with several car portals / some of my friends who are agents.
Try try asking for quote first (no harm right!)

QUOTE(blindmutedeaf @ Mar 2 2021, 07:40 AM)
TS, might miss out but have you put insurance and road tax into consideration?

My aunt X70 worth 84k ( driven 3 years) with windshield need to pay
RM1460 + RM359 ( Road Tax).
Although it is annual but yea something to think about as some of my friend WFH sold their cars for this reason
*
Roadtax is about there, my insurance would be higher cause of my age.

QUOTE(BravoZeroTwo @ Mar 2 2021, 08:02 AM)
Once MCO is lifted, many people will be going back to their work place, I believe. Will you change your mind then since the current MCO lasts until 4 March?
*
QUOTE(unitron @ Mar 2 2021, 08:54 AM)
Have you checked the resale value of the car ? It's damn low.
My GF also bought X70 premium back in Dec'19.... she thought of exactly the same thing... sell the car, get a smaller one.

But after checked the market value... make no sense... since she still need a car.
Basically lose money and then still need to fork out money for another car.
*
How much was she quoted?

QUOTE(Aydee @ Mar 2 2021, 09:43 AM)
I recently sold my extra cars and now I feel a lot of weight has been lifted of my shoulders. Unlike you my cars are loan free but after thinking long and hard, I felt it's best that I let go as I don't really need them. There are no monthly commitments for the cars but you have this feeling in the back of your head that something might go wrong with the car and repairs are going to incur unnecessary expenses. This came about when I had to repair the car brakes after the first MCO. I didn't drive out one of the cars for the entire 3 months and the ABS system got jammed.

So in my opinion, for the long term, selling the car is a good option, but then it depend on your loan balance, resale value. If you can sell it without needing to top up is considered good enough. Just think that you 'untung pakai' only. Plus, I am not sure it is true but I heard the X70 parts are quite expensive and difficult to source. Your car is still considered new and you are in the "honeymoon" period ie everything is good with the car now. We do not know what the future holds. The pandemic might still affect us for the next few years despite now having the vaccine. You may not be cash strapped now but who knows next week,next month,next year you may be out of a job/business fold for whatever reason.
Just my thoughts.
*
Yes the parts can be expensive and hard to source now (high demand low supply), which is also another reason why I'm thinking so hard (what ifs).

Once MCO is lifted, everyone will be back to work (& driving).
Perhaps I can re-consider getting a smaller car with a a slightly lower repayment and lower running cost in the long term.

Checking around on it's resale value which is about 85 - 90k now
For me, as long as I do not need to top-up (1k - 2k is ok) ... then I am fine to let go.

Several options -
1. let go now, lose a bit of $$ but save it back up in the long run vs
2. letting it run for an extended period (+ insurance / roadtax as well)

Bit of a backstory why I purchased the car (for sure there are those that wonder why I buy and now wanna sell)
- Had a good offer and figure that I could use a bigger / comfier car when my families are here to visit... also much more solid as compared to my old car
- then COVID happened and made me re-evaluate many life decisions (including this car)
- hence why I am having this thought now ... to start thinking (planning ahead) with/without this car, how different would life be.

This post has been edited by Thalmes: Mar 2 2021, 10:57 AM
clockpulses
post Mar 2 2021, 12:22 PM

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QUOTE(Thalmes @ Feb 28 2021, 09:51 PM)
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?
*
1. See the current market value. Go to mycarinfo.com to get rough idea your estimated value

2. Also to websites such as carlist and see how much they are selling

3. Trade in value is not equal to market value. Say your car market value is rm80k now, the car dealer might only pay you rm70k. Tgat also depends on the condition

4. See your outstanding loan balance. If your loan is more than 70k, obviously you will loose more money if you are selling

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