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Car selection: Honda Accord 2001 or Toyota Altis 2007?

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Teema
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Car selection: Honda Accord 2001 or Toyota Altis 2007?

Postby Teema » Tue, 21 Aug 2007 11:05 pm

Hello,

Our family will relocate to Singapore in October, and I'm in the process of selecting a car for us.

Right now I'm considering 2 models: Honda Accord 2001 (used) or Toyota Altis 2007 (new); they cost the same to me but I have not had personal experience with both.


Which car would suit a young couple better in your opinion?

Thanks!

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Postby Plavt » Tue, 21 Aug 2007 11:28 pm

You might have a wee problem although I don't know the ruling regarding expats. Quite honestly from what I have read here you might as well use public transport which is clean efficient and reliable, the island has affordable taxis too.

http://en.wikipedia.org/wiki/Certificate_of_Entitlement

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Splatted
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Postby Splatted » Tue, 21 Aug 2007 11:54 pm

I'd go for something used, but not too old.

As you know (and I presume it's no different in Singapore) cars generally depreciate in value the most in the first 2 years - some models more than others.

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Postby sundaymorningstaple » Wed, 22 Aug 2007 12:53 am

Actually the first 20 minutes as soon as you drive it off the showroom floor. The first 100 meters just pave the road with massive amounts of depreciation. :lol:

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Postby ScoobyDoes » Wed, 22 Aug 2007 11:00 am

I always buy used. The depreciation in that first few hundred meters is crazy for me to accept unless the plan really is to hold onto it for a long time in which case it doesn't really matter.

Alternative is to buy a slightly used model. One good thing in SG is that its dead easy to find used cars that are 6-8 months old, a lot cheaper than their new price.

If you think you'll have the car for just a couple of years, get the older one.

Teema
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Postby Teema » Wed, 22 Aug 2007 8:12 pm

Thanks for all the replies!

Actually cost is not a concern (someone else pays for it :wink: ). I'd like to have your opinions on the 2 models: comfort level, look, performance, etc.

Right now I'm leaning towards the Toyota Altis 1.6 but my big concern is that it's a little weak (1.6 only).

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Postby sundaymorningstaple » Wed, 22 Aug 2007 8:56 pm

Teema wrote:Thanks for all the replies!

Actually cost is not a concern (someone else pays for it :wink: ). I'd like to have your opinions on the 2 models: comfort level, look, performance, etc.

Right now I'm leaning towards the Toyota Altis 1.6 but my big concern is that it's a little weak (1.6 only).


Teema,

This is singapore. Average speed on the expressways is around 35 KPH. How strong do you need? And, if you do find a space to open it up a little the traffic camera will get you. What do you plan on hauling?

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Postby Splatted » Wed, 22 Aug 2007 11:54 pm

diddo what SMS said.

As an aside, who will be paying for maintenance on vehicle, eg servicing? If its you, I would go for the new car. New cars are relatively trouble-free for the first few years.

Also, not wanting to put down Singaporean drivers in general, but the general rule is the traffic likes to sharply accellerate, and then brake.. hard. I'm certain the brake service industry is making a fortune down here.

You may find that a 6 year old vehicle, with all this sharp starting and stopping city driving, has more than it's fair share of wear and tear compared to a 6 year vehicle elsewhere in the world.

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Postby Teema » Thu, 23 Aug 2007 4:00 pm

SMS and Splatted,

I was in Singapore for a week and I noticed that the speed limit is 90km/h.
So yeah, 1.6 is probably sufficiant if the car is not too heavy + there are not a lot of hills in Singapore (this I don't know).

Anyhow, thanks for all! I think I'll go with this Altis :)

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sundaymorningstaple
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Postby sundaymorningstaple » Thu, 23 Aug 2007 6:48 pm

There is a big difference between the speed limit and actual traffic flow which is what I was saying. When cars are at a full stop on an expressway it's rather hard to go the speed limit. :P

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Postby huggybear » Thu, 23 Aug 2007 6:51 pm

Also if you drive too fast you won't be able to change lanes fast enough before one of the taxi drivers randomly swerves into you for no apparent reason without checking his/her mirrors.

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Postby Matney » Fri, 24 Aug 2007 4:33 pm

I think the only time I saw a car go near that speed was in the middle of the night. The taxis were still a problem then too! :wink:

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Postby sq009 » Fri, 24 Aug 2007 6:39 pm

Teema wrote:Thanks for all the replies!

Actually cost is not a concern (someone else pays for it :wink: ). I'd like to have your opinions on the 2 models: comfort level, look, performance, etc.

Right now I'm leaning towards the Toyota Altis 1.6 but my big concern is that it's a little weak (1.6 only).


Altis will be a better choice, more fuel efficient. BUT!!! too bad you cant save on ERPs as they installed 3 newer gantry gates.

Comfort and looks will favor the Altis
Performance will favor the Honda
In Pursuit Of Excellence and Perfection

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New vs Used

Postby christay » Sun, 26 Aug 2007 11:27 am

Dear all,

like some of the other posters here, I favour used over new anytime. And my reasons are similar, the first owner takes a huge hit in depreciation. Subsequent owners are "beneficiaries" of the first owner's exuberance.

So, the next logical question is: How old should I go?

It's fairly simple. The answer depends on your intended ownership horizon.

Any "bread and butter" car registered pre-early 2005 is very likely to be exported before it reaches its 5th birthday. This is because COE prices have been dropping since and prior to 2005, there were changes in the car tax regime that made older cars worth more "dead" (i.e., exported) than alive.

If you are savvy enough, you will be able to find plenty of late 2004 / early 2005 cars which have reasonably high paper rebates attached to them. Therefore, your potential loss can be modeled with a great degree of accuracy, and more importantly, kept as low as possible.

I will give you an example:

Brand new Altis @ $60000 will have a paper value of about 20k when you drive out of the showroom based on current COE levels.

A 2004 Altis may have paper value of 33000 and if you purchase it at 44000, you basically paid 11000 to acquire the physical car body + the tax rebates attached to the car.

So in 2009, your 2004 altis maybe be worth 27000 (rebates) + 6000 (body) = 33000 and therefore your maximum loss is 11000 over 2 years, of 5.5k per year.

The same cannot be said for the 2007 altis as the paper value is so low... in other words, your downside risk is much higher.

So, in a nutshell, if you intend to be here for 2 years, buy a car that is just under 3 years old with a view that it will be sold at export value when your ownership ceases. If you intend to be here for 3 years, go for something just under 2 years old.

Hope this was useful.

Have a great weekend :)

PS: Finance rates for used cars are slightly higher than for new, so try and inject as much equity as possible to reduce your financing cost. Paying cash is ideal :)

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Postby sundaymorningstaple » Sun, 26 Aug 2007 12:42 pm

Nice practical info Christay.


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