selling a not-yet-fully-paid car

[laracroft]

forgive me for the rather long title.
mods, please move this if you feel i am climbing the wrong tree. hehehe.

am selling our car.
it is a 2005 1.1 kia picanto lx.
we bought it when it was still at 415k.
it'll be one year this july.
odometer reading is almost at 15,000 km.

we got it through bank financing.
4 years to pay at 10k / month.
downpayment was 120k, including insurance
and registration for 3 years.
we also already paid for this
year's insurance.

we spent about 30k on new 14" rims (veloce),
dark tint (inc. windshield), and synthetic leather
seats (sure seats, alabang).

total cashout = 150k
paid amortization = 12 months x 10k = 120k
total spent = 150k + 120k = 270k

in your opinion, how much can we sell it, considering
that the buyer will have to assume the balance of 3 years?
200k? 175k? 150k?

i really hate to part with my pica.
kaya lang, punta kami ng family ko
to singapore to work there for 3 - 4 years,
God be willing. kailangan eh. mag-aaral na
si baby. hehehe.

thanks in advance guys!

[the_wildthing]

Any accessories don't count for much for the price of the second hand car. Halos pareho lang sa stock.

Usually sa assume balance, dapat ma-transfer sa pangalan ng bibili ang loan, otherwise ikaw ang hahabulin pag nag-default ang bagong owner.

You usually only recover 60-80% of the downpayment. Try to ask the bank for the pay-off amount and see if it makes sense to pay it off then sell for the going rate. Malaki talaga ang lugi to sell on the first year.

However, with 6-8k SGD a month, sandali lang yun marerecover mo na.

[laracroft]

Any accessories don't count for much for the price of the second hand car. Halos pareho lang sa stock.

Usually sa assume balance, dapat ma-transfer sa pangalan ng bibili ang loan, otherwise ikaw ang hahabulin pag nag-default ang bagong owner.

You usually only recover 60-80% of the downpayment. Try to ask the bank for the pay-off amount and see if it makes sense to pay it off then sell for the going rate. Malaki talaga ang lugi to sell on the first year.

However, with 6-8k SGD a month, sandali lang yun marerecover mo na.

6-8k SGD a month!
san 'to sir? hehehe.
di po ganun kalaki ang sweldo namin.
kaya lang pareho kami ng wife ko na
may work kaya medyo ok na rin.
compared dito sa atin. hehehe.

[yebo]

why not just keep the car? what is 10k per month if you're earning in sing dollars? S$300 lang di ba. then pag bakasyon kayo sa pinas meron pa kayo car. besides, don't look at 3-4 years in singapore as being there the whole 3-4 years. mura lang ticket sa budget airline. pag umuwi ka for even just a weekend and you find yourself in a taxi que then definitely you will regret selling your pica.

[laracroft]

why not just keep the car? what is 10k per month if you're earning in sing dollars? S$300 lang di ba. then pag bakasyon kayo sa pinas meron pa kayo car. besides, don't look at 3-4 years in singapore as being there the whole 3-4 years. mura lang ticket sa budget airline. pag umuwi ka for even just a weekend and you find yourself in a taxi que then definitely you will regret selling your pica.

gusto nga sana namin sir kaya lang di siya magagamit for months at a time.
baka masira lang. invest na lang namin yung money na dapat pang monthly.
besides, we need the money eh. hehehe. medyo malaki kasi ang cash-out
sa simula. hanap pa kasi kami ng apartment dun, buy ng things. aside from the money that we need to tide us over during the first month.

so how much do you think can we recover?
out of the question kasi yung keeping the car, inasmuch as
i would like to.

thanks for the replies!

[ARB]

yep add ons are considered free na lang if you sell the car. usually assume balance plus a little cash.

[empy]

if you still have the stock rims, put them back on and sell the new rims separately. you wont get 30k for them pero at least may mababawi kahit konti. of course, wala ka nang magagawa dun sa tints and new seats - selling point mo na lang yun sa bagong may-ari.

so now let's see if i can get the math right:

purchase price = 415k plus tax and registration fees. ano ba % ng tax diyan? let's say 10%, so bale almost Php 460k yung total price mo - sabihin nating 500k kasama rehistro. less the DP, mga P380k siguro ang financed amount ng banko. tignan mo na lang yung balance mo dun sa papeles.

ang masakit diyan, yung interest ng banko na nakapatong sa car note mo. in fact, much of your first year's car payments go towards interest. i wouldn't be surprised if the payoff amount was still P300-350k even after you paid more than 100k in amortization.

so how much are used '05 Picantos selling for these days? kung P275k ang makuha mo, you'll still have to pay the bank some money if the payoff amount is higher, plus parang lost money na yung DP mo na 120k. i guess you'll have to think of it as "rent" for driving the car for a year.

pero oks lang yan, pag yumaman ka na diyan sa Singapore, isang gabing pang-goodtime lang yang 120k

[BlueBimmer]

ui good time hehe

[laracroft]

if you still have the stock rims, put them back on and sell the new rims separately. you wont get 30k for them pero at least may mababawi kahit konti. of course, wala ka nang magagawa dun sa tints and new seats - selling point mo na lang yun sa bagong may-ari.

so now let's see if i can get the math right:

purchase price = 415k plus tax and registration fees. ano ba % ng tax diyan? let's say 10%, so bale almost Php 460k yung total price mo - sabihin nating 500k kasama rehistro. less the DP, mga P380k siguro ang financed amount ng banko. tignan mo na lang yung balance mo dun sa papeles.

ang masakit diyan, yung interest ng banko na nakapatong sa car note mo. in fact, much of your first year's car payments go towards interest. i wouldn't be surprised if the payoff amount was still P300-350k even after you paid more than 100k in amortization.

so how much are used '05 Picantos selling for these days? kung P275k ang makuha mo, you'll still have to pay the bank some money if the payoff amount is higher, plus parang lost money na yung DP mo na 120k. i guess you'll have to think of it as "rent" for driving the car for a year.

pero oks lang yan, pag yumaman ka na diyan sa Singapore, isang gabing pang-goodtime lang yang 120k

huhuhu.
mukhang mas maigi pang balutin ko na lang ng kulambo at
iwanan sa bahay. hehehe.

yup. mga 360k pa ang remaining balance
to be paid in 3 years.
almost 100k ang interest.
kaya lang 2 to 3 years from now, with the
way things are going, magkano na lang
kaya ang value ng 10k?

2 years ago, 10k ang alloted budget namin sa
groceries sa isang buwan. ngayon, halos 15k na.
magkano kaya 2 to 3 years from now?

ambilis lumiit ng value ng piso dahil
sa pagmahal ng bilihin.

[yebo]

i think you can sell it for no more than 120k, balik lang ang down payment nyo. baka nga mas mababa pa since 3 years pa natitira sa mortgage. yung 120k (10k x 12 month) na hinulog mo for the 1st year e parang lease na lang yun, i don't think you'll be able to recover that. assuming kasi na 20% depreciation/year at the brand new price of 415k, then nag-depreciate na ang value down to 330k. if you want a higher price then follow what wt said, pay it off then sell it.

[qman]

realistically

50K to 80K mabebenta mo yan laki pa kasi ang balance

[niky]

Actually, I doubt a buyer would want to assume such a large remaining balance considering a brand new Picanot still slots in at under 500k. Most you can hope for is to sell it at a good price and put that money towards paying some of the balance. Either way, you lose.

Don't you have any trusted relatives who can hold the car for you? Errh, turn it into a taxi-line or something? (assuming it's possible... it may not be new, but it's not secondhand yet...) At least if it's possible that way, the earnings from that would help pay for the car itself, and then when you come back in 3 years or so, you still have it as an asset.