For some really ridiculous technicality of law the family household car now has to be sold. It's not a worth buy considering current car prices and COEs are so dirt cheap. Unless of course you want the security of being able to scrap the car in case of accident with no monetary loss to you (i.e. COE car).
It doesn't really matter what price I sell it at as long as its a little above scrap value. Here are the details if anyone is interested.
Scrap value
Open Market Value(OMV):
$14,507.00
PARF Eligibility Expiry Date:
26 May 2009
PARF Rebate Amount:
$15,957.00
COE rebate (Cat E)
QP Paid:
$35,890.00
COE Rebate Amount:
$11,258.00
So its scrap value as of April 06 is about 16k+11k=27k
If you do drive the car till its COE expiry in May 2009 you'll get back about 80% of OMV ($11.6k cash) after that.
Thus, the net cost of ownership is about $422 / month after factoring in this cash rebate, before considering interest charges from the finance company (usually about 2k on top of loan amount)
If nobody wants it (and that's probably the case - who wants to pay $600/mnth in installments for a 7-year-old car?) then it will be returned to the financier, auctioned off (probably at scrap value) and that would be the end of the matter
-----------
So there you have it. Goodbye. I will miss it. I thought it would have at least lasted till it 2009. But apparently God thinks otherwise.
It's not a problem. I've lived without a car before....... I don't even use it on a daily basis now anymore!
Anybody wanna stay hall with me next sem?
~God bless~
Jerry
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