Im having a dither, over an expensive purchase. I have about two hundered thousand dollars to spend on a second hand car. I have been pushed from pillar to post looking at a scarce amount of decent options. Finding a car that hasnt had a crash, someone die in it, or most importantly been in a flood, is proving very tough. The options are limited, and I still havent seen anything remotely worth buying.
Should I just go for the bigger picture and buy a brand new car? We can afford the repayments, and I wouldn’t have the worries of it breaking down. It’s just the thought of all that interest i’ll be giving away.
I hope someone reads this thread in the next few days…
I bought my Aztec about 6 years ago second hand from a roadside seller and it has never broken down. I had some idea what I was looking at having bought plenty of old cars before but I’m no great expert.
Car payments are very expensive. I’d rather have the money in the bank. Even if you buy a dud you can either sell it on or get it fixed. Mechanics are very cheap in Taiwan and having anything done on your car is not expensive.
I had my whole car resprayed, changed the two back tyres and replaced the water pump and belts for 26000nt plus change.
If you buy a new car, it will cost you 40,000 at least to insure. You will have to eat the deprecation at 12,000 nt per month and you will have to pay 12,000 a month in car payments on a 650,000 car if you put down your 200,000.
I have to say that I dont think my parking will be 6000 per month, as we have a space with our apartment, and I can park at work for free. Also, I would intend to keep the car until it grows old and grey with me. Therefore, in my mind the depreciation costs would be zero.
A second hand car will be more likely to break down, and require new parts more freqently. But i could own it out right.
Unfortunately there is no option other than to buy a car, so its a case of second hand or new.
If you plan to grow old with your new car then one day your new car will be the old car you are reluctant to but now and you will still have the same problems.
I live in Taipei and I have a gararge next to my house. I can rent it out for 4,000 per month or use it for my own car. Parking around town is pretty expensive.
If you spend 40,000nt per year on your old car which you will have to spend on the insurance on your new car you will have the best old car on the road.
Save the money. A new car is a relative luxury, but an absolute luxury is choice. So unless you have the money to make that choice you are trading off a real luxury against a relative one new versus old.
I bought my Audi A4 new for cash. Monthly payments would have made it the same price but as an ARC holder at that time I wasnt able to get financing.
However I’ve had the car 7 years now and 173000km on the clock.
The car runs fine. Who cars about the depreciation, I’m keeping this excellent car which has had only minor issues. No accidents or floods and as the Audi has an aluminium body no rust either.
I don’t have parking fees either.
If you can find a god 2nd hand ar then buy it and prepared to spend some $$$ to fix up any minor issues. I won’t buy a second hand car again but thats just me.
There are good 2nd hand cars out there, but be patient and you will find one.
It’s worth remembering that many new cars break down within the first few thousand miles. They often have faults that need ironing out.
It’s also worth remebering that new cars often get scratched in Taiwan simply for the fact that they are new. A second hand car is less likely to receive this treatment from jealous neighbours or from someone who thinks he owns a space that you happen to have parked in.
[quote=“Dangermouse”]It’s worth remembering that many new cars break down within the first few thousand miles. They often have faults that need ironing out.
It’s also worth remebering that new cars often get scratched in Taiwan simply for the fact that they are new. A second hand car is less likely to receive this treatment from jealous neighbours or from someone who thinks he owns a space that you happen to have parked in.[/quote]
Thanks DM. Im also starting to think along Fox’s lines. If i spend the money on looking after the older car it will be a better proposition.
It so happens that I’m also looking for another car.
Here’s a car that I would defintely buy if I didn’t have my eye on an SUV.
It’s a 156 Alfa Romeo, 1999 model in excellent condition with just 30,000KM on the clock. It’s previous owner hardly drove it. It is metalic green. The asking price is 490,000nt. It has the automatic clutch gear change. This price is extremely cheap for what you are buying. I compared the same car in Australian dollars and it was 750,000nt to buy in Australia.
I am in the market for a used car as well. It is a difficult task to find something that is of good value. I would try and visit as many car lots as possible and buying a used car book that retails for NT138 at many gas stations. It gives your a good picture of the used car market at retail prices. I found a 2000 Honda City with 32k for around NT$200,000. I am still looking but i think I am going to pick it up. It’s a slush box but it should be reliable enough and looks to be in excellent shape. Personally I would not jump into a new car because the prices are rediculous. It’s really hard to see any value and I don’t trust any car dealers or garages.
Buying a used car in Canada is so much easier. You can check the history for any accidents with VIN on the net with Carfax, check to see the aircare history so it maches the odometer readout on the car, and get it checked out by a great mechanic. I don’t have any of those options here. I feel like my back is against the wall but what can I do? I’m here and you have to pay to play.
Fox, i would be wary buying an Alfa. They are not know for their reliability but look great and are a fun car to drive. Get it checked out by a shop first if you are serious because you never know what might have to be replaced soon. The parts for these vehicles is not cheap either but anything from Europe isn’t. Seems like a good price. I forget but there is someone on here that has a black book for used car pricesin Taiwan. Maybe he can chime in and see if it is a good price. Best of luck and post some pics if you get it.
Buying a good used car is always more economical no matter how you look at it. The problem here is finding a “good” one. If you are not confident to be able to spot problem areas that have been masked well enough to fool the untrained eye, bring along someone that can. If you really can’t find anyone that knows enough about cars to do this for you, then it might be safer to buy a new car.
A good used car will always be cheaper in the long run than a new one, but get a bad one, and it will be problem after problem.
Buying a used car in Taiwan is still very much in the “wild west” stage. There is very little 3rd party assistance that is readily available (carfax, blue book, certified pre-owned, nationwide computerized repair records, etc.) to help the layman find potential problems and get accurate wholesale/retail pricing.
A good compromise might be a 1 or 2 year old used car. That way, the first owner has taken the largest part of the initial depreciation, and you are getting a relatively new car that still carries a remainder of the original factory warranty (depending on the warranty period). That way you can at least not have to worry about mechanical issues as much.
You still have to worry about accident/flood damage though, and that still requires a trained eye. You can avoid flood damage by only buying cars manfactured September 2004 or later. You can be about 75% sure (I’m guessing) of no flood damage if you buy a car manufactured October 2001 or later.
[quote=“Fox”]It so happens that I’m also looking for another car.
Here’s a car that I would defintely buy if I didn’t have my eye on an SUV.
It’s a 156 Alfa Romeo, 1999 model in excellent condition with just 30,000KM on the clock. It’s previous owner hardly drove it. It is metalic green. The asking price is 490,000nt. It has the automatic clutch gear change. This price is extremely cheap for what you are buying. I compared the same car in Australian dollars and it was 750,000nt to buy in Australia.[/quote]
Yes, nice car is the 156 but very cramped for a family. Great for two people or less.
Go for a new car if your spouse is technically challenged and/or you don’t speak Chineese on car-technical terms.
0% interst rate for one or two years is not uncommon when you buy a new car with some cash down payments.
Also remember to ask for upgrades, like DVD player with screen, GPS, sun-roof, aluminum wheels etc.
Be aware of the sales guy’s promotion about insurance…
American cars seems a bit cheaper in terms of power/features vs. the European, but local/Japanese seems to get you most bang for the bucks - they also have a garage on each corner…
Go for a new car. Right now there are a lot of excellent deals out there for 0% interest loans for up to 6 years. I think the new Volvo S40 has that one. Get Taiwan Motor magazine and look at the deals. Almost everyone now has long term 0% interest loans. In many cases you don’t need a lot down and NT$200,000 is more than enough down payment for many a new car.
Don’t buy a P.O.S. car that you will have problems with. Just get a new one.
If your wife is Taiwanese and can qualify for a loan (her father as guarantor?) then you can use your 200,000$ as a down payment for a almost new used car.
I’ve owned over 60 cars. I’ve never bought a new one.
I think that as long as you buy a trusted model you should be ok. I recommend any honda. If you you don’t like to fix stuff than blow your 200k on a civic. I bought a '93 civic here a couple years ago for 30k I was waiting for it to break but it never did. I now own a 4x4 Mitsubishi minivan this thing won’t quit either and I got it for 50k.
I think the best thing to do when you’re buying a second hand car is:
-bring someone that knows cars with you.
-don’t buy an uncommon model
-test drive LOTS of them so you’ll know a quiet, tight feeling one when you see one.
another thing to remember is that Labour in Taiwan is dirt cheap (although you get what you pay for at times), parts are pretty cheap, too.
[quote=“Fox”]
It’s a 156 Alfa Romeo[/quote]The first car I owned in Taiwan was an Alfa, too cheap to turn down. Then I found out what the spares cost and got rid of it immediately.