Price of icyboi

As of owning icyboi, I incur a debt of $3,2668.79.

Every year, I'm paying $4668 just for the loan.

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COE depreciation, $1208.10 yearly

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After 3.5 years,
COE Rebate = 6.5 x $1208.10 = $7852.65
Parf Rebate = ???? Still finding out
Still owe loan = $3,2668.79 - ( 3.5 x $4668 ) - Interest rebate = $1,6330.79 - Interest rebate

If I want to sell my car, I need to break even:
COE Rebate ($7852.65) + Parf Rebate (Must be at least $7044) = $1,6330.79 - Interest rebate ($1434.12)

Interest rebate = ( 42mth (42mth + 1) / 84mth (84mth + 1) ) TOTAL_INTEREST
= 42(43)/84(85) x $5669.79 = $1434.12

Making of icyboi

Owner: icygal
Guarantor: icygal's papa
Model: KIA PICANTO 1.1GL (M) Silver 2005
Total Price: $36,999
Interest: 3.0%
Monthly Instalment: 83mths $389/mth with final instalment of $381.79
Total Interest: $5,669.79
Deposit: $10,000
Loan Amount: $26,999

Loan approved & Booked on 22-Nov-05 Tues 3.24PM.

Pay booking fee on 24-Nov-05 Thur 9PM.

Bid unsuccessful at only 12k on 7-Dec-05 Wed 2:52PM.

Bid successful at 13.2k/12081 on 21-Dec-05 Wed 3:58PM.

Allocated stock on 27-Dec-05 Tues 4.50PM.

28-Dec-05 9.45PM dealer inform me that he's in the coming shipment, reach earliest by end dec

29-Dec-05 6.30PM Recieve a letter informing about my COE.

7-Jan-06 7.00PM Handed IC & paid remaining downpayment, installment free from dealer

14-Jan-06 12PM get NRIC of icyboi: SGC36**E, 4PM Paid insurance

20-Jan-06 Earliest collection of icyboi

21-Jan-06 Arranged date to collect icyboi

18-Jan-06 6.40PM Collect icyboi at TBP

icyboi's expenses

Buying a car needs alot of calculation. It's not paying the monthly instalment. I based on my pica:-

Must pay:

1) Instalment: $400/mth
2) Season & Coupon Parking : $250/mth
3) Petrol: $200/mth

Total: $850/mth

Other must pay:

1) Road tax: $564.5/yr
2) Radio: $27/yr
3) Insurance: $1300/yr

Total: $1891.50/yr

Summary, I can say I'm paying 1k every month for the car. Not including servicing, fines, other stuffs, etc..

Test driving

Quote from Ubi SE
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Normal car: $39999 OPC car: $22999

Actual amount: $39999 - $2k (Freebies: 1 yr insurance & 1st mth instalment up to $2k: So i convert it to minus my loan amount)
= $37999

Interest: $37999 x 3% (interest rate for 10yrs) x 10 (years) = $11399.70

Monthly: $37999 + $11399.70 (interest) / 120 (months) = $411.66 per month

For OPC, it's $250 per month

Freebies only for normal cars (too bad for OPC):

1) $500 acc vouchers (SE might be able to give free alarm OR reverse sensor. )
2) 29" Tv OR Leather Seats OR Car kit OR Ipod
3) Free 1/2 yr road tax for normal; free 1 yr road tax for OPC