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