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> Keep or sell, X70 Premium

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unitron
post Mar 2 2021, 12:27 PM

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QUOTE(Thalmes @ Mar 2 2021, 10:56 AM)

How much was she quoted?

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I think 80-85K only. The loan still got 100K+
clockpulses
post Mar 2 2021, 12:30 PM

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Just to add, people always ignore when people advise to buy car that has good resale value. To them, the car is nice and they will use as long as possible but never consider the various situations that would arise such as TS situation. Im sorry ts i dont mean to offend you but this is the reality.
Mr Mercedes
post Mar 2 2021, 01:47 PM

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I'd keep the X70 if I were you, Simply not worth it to sell the car, when you factor in the depreciation and the additional spending to purchase a smaller and most likely, inferior vehicle.


TSThalmes
post Mar 2 2021, 04:20 PM

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QUOTE(clockpulses @ Mar 2 2021, 12:22 PM)
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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QUOTE(unitron @ Mar 2 2021, 12:27 PM)
I think 80-85K only. The loan still got 100K+
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"lucky" for me - my balance is lower than that cause of the higher downpayment which is "unlucky" if I were to sell, i'll lose out on this.


QUOTE(clockpulses @ Mar 2 2021, 12:30 PM)
Just to add, people always ignore when people advise to buy car that has good resale value. To them, the car is nice and they will use as long as possible but never consider the various situations that would arise such as TS situation. Im sorry ts i dont mean to offend you but this is the reality.
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No offense taken. But what car at this price range has a "good resale value"?
Apart from limited edition or classics - am not aware if a car can maintain / go up it's selling price.

QUOTE(Mr Mercedes @ Mar 2 2021, 01:47 PM)
I'd keep the X70 if I were you, Simply not worth it to sell the car, when you factor in the depreciation and the additional spending to purchase a smaller and most likely, inferior vehicle.
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You are right, keeping it will save all money / hassle that I am "trying to" save now.
Perhaps should stick with it a bit more till the loan is lower than the selling price, then I can let it go a lot more comfortably.

clockpulses
post Mar 2 2021, 04:32 PM

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QUOTE(Thalmes @ Mar 2 2021, 04:20 PM)
"lucky" for me - my balance is lower than that cause of the higher downpayment which is "unlucky" if I were to sell, i'll lose out on this.
No offense taken. But what car at this price range has a "good resale value"?
Apart from limited edition or classics - am not aware if a car can maintain / go up it's selling price.
You are right, keeping it will save all money / hassle that I am "trying to" save now.
Perhaps should stick with it a bit more till the loan is lower than the selling price, then I can let it go a lot more comfortably.
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What i meant as long as the resale value can cover the loan balance, considered ok already.
TOMEI-R
post Mar 2 2021, 04:47 PM

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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.
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If you are thinking of selling the car and getting something cheaper, smaller and low maintenance, best is you would also go for something that doesn't require you paying monthly installments. Meaning buying a smaller and cheaper car and paying cash for it so that you can get the monthly commitment out of your mind and live debt free for the time being.

Selling your current car for a lower range car but with lesser installment would make your current situation be of the same once you factor in the depreciation of the new car later on.
ahchun
post Mar 2 2021, 04:49 PM

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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.
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keep the car
to move around the neighbourhood get a bike

Mr Mercedes
post Mar 2 2021, 09:50 PM

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QUOTE(Thalmes @ Mar 2 2021, 04:20 PM)
"lucky" for me - my balance is lower than that cause of the higher downpayment which is "unlucky" if I were to sell, i'll lose out on this.
No offense taken. But what car at this price range has a "good resale value"?
Apart from limited edition or classics - am not aware if a car can maintain / go up it's selling price.
You are right, keeping it will save all money / hassle that I am "trying to" save now.
Perhaps should stick with it a bit more till the loan is lower than the selling price, then I can let it go a lot more comfortably.
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Yeah. That's a better idea. Stick with it for the time being.
TSThalmes
post Mar 2 2021, 11:10 PM

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QUOTE(Mr Mercedes @ Mar 2 2021, 09:50 PM)
Yeah. That's a better idea. Stick with it for the time being.
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Right now - I still owe the bank about RM89k and in Year 2.
So I think by Year 3 or closer to Year 4 -- the selling price will be much higher than the amount that I owe to the bank ... could be the better way to go.
DidlySquat P
post Mar 3 2021, 12:20 AM

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QUOTE(Thalmes @ Mar 2 2021, 11:10 PM)
Right now - I still owe the bank about RM89k and in Year 2.
So I think by Year 3 or closer to Year 4 -- the selling price will be much higher than the amount that I owe to the bank ... could be the better way to go.
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When I did the projections for mine, I predicted that on a 10% down 5 years repayment plan that by the end of the first year I wouldn't need to pay any money if I were to sell. In the end it didn't happen that way. Seems it needs to be in the second year before I was in a situation where I didn't need to pay out of pocket.

I did consider keeping mine till 18 months but calculated that I would be out of pocket even more to settle it as the moment it is a new year the car would lose a further 20% in value. In the end I thought I came out ahead as the 10k I paid to settle off mine would be less than the amount I had to pay each month as well as for roadtax, insurance and maintenance.

However for your situation you won't come out ahead if unless you won't be buying another car as you would also need to take into account that the new car you buy would also need a down payment.
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TSThalmes
post Mar 3 2021, 09:23 AM

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QUOTE(DidlySquat @ Mar 3 2021, 12:20 AM)
When I did the projections for mine, I predicted that on a 10% down 5 years repayment plan that by the end of the first year I wouldn't need to pay any money if I were to sell. In the end it didn't happen that way. Seems it needs to be in the second year before I was in a situation where I didn't need to pay out of pocket.

I did consider keeping mine till 18 months but calculated that I would be out of pocket even more to settle it as the moment it is a new year the car would lose a further 20% in value. In the end I thought I came out ahead as the 10k I paid to settle off mine would be less than the amount I had to pay each month as well as for roadtax, insurance and maintenance.

However for your situation you won't come out ahead if unless you won't be buying another car as you would also need to take into account that the new car you buy would also need a down payment.
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To be really honest - if I were to sell this car, I am prepared to take on a new Myvi which is much lesser in commitment / running cost over the long period.
TSThalmes
post Mar 3 2021, 09:42 AM

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QUOTE(clockpulses @ Mar 2 2021, 04:32 PM)
What i meant as long as the resale value can cover the loan balance, considered ok already.
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Yes this is the goal.

QUOTE(TOMEI-R @ Mar 2 2021, 04:47 PM)
If you are thinking of selling the car and getting something cheaper, smaller and low maintenance, best is you would also go for something that doesn't require you paying monthly installments. Meaning buying a smaller and cheaper car and paying cash for it so that you can get the monthly commitment out of your mind and live debt free for the time being.

Selling your current car for a lower range car but with lesser installment would make your current situation be of the same once you factor in the depreciation of the new car later on.
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Unfortunately, no cash for that kind of expenditure.
It'll have to be an installment but a much lower one.


With all considerations, I think it is better to keep it for now right...?
TOMEI-R
post Mar 3 2021, 10:07 AM

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QUOTE(Thalmes @ Mar 3 2021, 09:42 AM)
Yes this is the goal.
Unfortunately, no cash for that kind of expenditure.
It'll have to be an installment but a much lower one.
With all considerations, I think it is better to keep it for now right...?
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Yes. Under such circumstances.
cempedaklife
post Mar 3 2021, 03:26 PM

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QUOTE(TOMEI-R @ Mar 2 2021, 04:47 PM)
If you are thinking of selling the car and getting something cheaper, smaller and low maintenance, best is you would also go for something that doesn't require you paying monthly installments. Meaning buying a smaller and cheaper car and paying cash for it so that you can get the monthly commitment out of your mind and live debt free for the time being.

Selling your current car for a lower range car but with lesser installment would make your current situation be of the same once you factor in the depreciation of the new car later on.
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Agree
THE CLASS OF 13
post Mar 3 2021, 05:05 PM

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if you only have one car then should be fine la ..keep it at minimal..or maybe do some rental kot but this one is another story la rental also got many issues and risk..

if me I would keep the car maybe do some e hailing just to utilize the car and going out for awhile.. this just me lol.
mushigen
post Mar 3 2021, 09:42 PM

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QUOTE(clockpulses @ Mar 2 2021, 04:32 PM)
What i meant as long as the resale value can cover the loan balance, considered ok already.
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It all depends on how much you borrow.

Having said that, I do agree with you about resale value being important. Imagine TS bought a "cold" car - the usual suspects. Dealers will either lowball kaw kaw or refuse to take it for fear of being stuck with it.
DS51
post Mar 4 2021, 12:43 AM

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I got B and D segment. B segment is almost perfect. cheap fuel, easy parking, can parking on roadside without disturb traffic, cheap tyre.

Small cars got its perks too. People never see its strong offering until one day change into bigger car and got so much hassle in term of upkeep cost/convenience

This post has been edited by DS51: Mar 4 2021, 12:44 AM
TSThalmes
post Mar 4 2021, 09:17 AM

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QUOTE(THE CLASS OF 13 @ Mar 3 2021, 05:05 PM)
if you only have one car then should be fine la ..keep it at minimal..or maybe do some rental kot but this one is another story la rental also got many issues and risk..

if me I would keep the car maybe do some e hailing just to utilize the car and going out for awhile.. this just me lol.
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Yes rental always has high risk where people don't take care of it.
I don't mind the car being parked most of the time (prefer it this way too!)


QUOTE(mushigen @ Mar 3 2021, 09:42 PM)
It all depends on how much you borrow.

Having said that, I do agree with you about resale value being important. Imagine TS bought a "cold" car - the usual suspects. Dealers will either lowball kaw kaw or refuse to take it for fear of being stuck with it.
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Asked around and the quote I got is actually ok ... I do still need to top up RM2k - RM3k to settle my bank loan (as opposed to RM10k).
So it is possible to sell it off and get rid of the loan.


QUOTE(DS51 @ Mar 4 2021, 12:43 AM)
I got B and D segment. B segment is almost perfect. cheap fuel, easy parking, can parking on roadside without disturb traffic, cheap tyre.

Small cars got its perks too. People never see its strong offering until one day change into bigger car and got so much hassle in term of upkeep cost/convenience
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Yes I agree, you have to try it yourself to truly understand how it feels.
And this is also part of what's making me feel this way now.

markblurberry
post Mar 4 2021, 09:46 AM

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Maybe TS should seriously consider selling off if the top up is within 2K as it's considered low, and the plus points being lighten commitment during period of uncertainty.

Many are unwilling to sell off because the financial hit is likely more than 5K or much worse with certain car brand. Also feel that during this period of time, it's better to get a car by cash.
Kilohertz
post Mar 4 2021, 10:59 AM

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TS got plan to sell this the X70 off and change to Ativa?

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