I Owe On My Car But Want To Trade It In

I Owe On My Car But Want To Trade It In – There are many reasons why you may decide to sell your car before returning it: the loan payments are too high, the vehicle has not passed the inspection or it no longer meets your needs. It

You can sell the vehicle even if you still owe money on the loan. It just adds a step to the sales transaction: closing the loan with your lender.

I Owe On My Car But Want To Trade It In

The best course of action depends on how you plan to sell the car and whether you have good or bad equity in the car. Although negative equity (on a car loan rather than equity) can be a challenge, the recent uptick in used car sales is helping some dealers avoid this situation.

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If you’re wondering where to start with selling your car and arranging your payments, here’s what to do:

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But owning a car is more than just paying for the car. Ownership comes with a variety of other costs such as maintenance costs, taxes and most importantly insurance premiums.

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All drivers must ensure they have adequate insurance before driving. However, most people buy the first one that is offered to them. As always, the devil is in the details.

There is no one-size-fits-all solution, but here are four things to consider when choosing a car insurance policy that meets your needs:

Mistakes happen. But it’s very unfortunate when you didn’t cause the accident, but your insurance makes you pay more – the amount you pay when your insurance makes a claim, which is usually the case.

So look for a policy that limits or stops excesses when you are not at fault. You don’t have to pay for someone else’s mistake.

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No claims discount (NCD) offered by insurers to policyholders who do not submit any claims for a certain period can mean significant savings in insurance premiums. However, when a claim is made if you are at fault for the accident, your NCD may drop by 30%. A claim-free period of three years is required to get this 30% on your NCD.

But don’t worry – you can add an NCD protector to your policy that protects your NCD from a single claim, or consider policies that reduce your NCD by a lower percentage. That way, you won’t pay a huge fine for a one-time mistake.

A Certificate of Operation (COE) allows you to register and operate a vehicle for 10 years. You can then choose to delete it from your vehicle registration or renew the COE – an option that is becoming increasingly popular given today’s high COE prices. However, the coverage offered by car insurance policies here ends after 10 years.

If you want to reduce your costs by renewing your COE instead of buying a new vehicle, look for a policy that covers older vehicles.

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Buying car insurance requires due diligence to ensure you get the best deal for your vehicle and profile.

The good news is that DriveShield might be right for you. Connect with leading insurance provider Singlife, one plan covers all bases. It provides a waiver of excess if the insured is not at fault and promises a 10% reduction in NCD only if the customer is at fault.

DriveShield is an all-inclusive plan that covers new electric cars, cars up to 15 years old and everything in between.

Additionally, with the DriveShield Advanced plan, the Gap Cover feature covers your mandatory car loan in the event of a total loss, while the Loan Protector feature does the same if the policyholder passes away. Similarly, if you choose the advanced plan, you can get an accident report and drive yourself and your passengers from the scene of the accident to anywhere in Singapore.

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Whether you’re in the market for a new car or looking to renew your insurance policy, check out DriveShield – don’t miss out on our special discount!

Terms and conditions apply. Covered by SDIC up to certain limits. This policy is signed by Singapore Life Limited.

Alternatively, view the NAV Planner to analyze your financial health in real time. The best part is there’s no fuss – we’ll automate your cash flow and give you financial advice. Owning a car in Singapore is very expensive. Certified COEs offer the lowest cost of ownership for the next decade, but are they still the best option?

There are several important factors to consider before deciding whether you should scrap your car, or renew its COE. Overall condition, mileage and parts availability all contribute to ensuring your current car is worth keeping on the road for another decade.

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We can help you verify your COE – just fill in the fields below and we’ll get in touch. If not, read on to see if your reasons are correct!

New cars depreciate regardless of location. It is estimated that once you drive a car off the showroom floor, you can lose 10% of its sticker price.

As the automaker comes out with updated models and/or all new models to replace the car you already have, it continues to accumulate wear and tear. In fact, you can safely expect a weight loss of up to 15% per year by year six.

There’s also all the COE disease you have to deal with here, which can hide a real loss of body value or, worse, exaggerate its decay.

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Today’s cars are much more durable than most people give them credit for. It’s not uncommon for powerful Japanese passenger cars overseas to regularly hit mileage numbers north of 200,000 miles on their original engines and transmissions.

You can attribute the reliability to solid Japanese engineering, but these cars have one thing in common – an extensive service history. Routine maintenance is low-cost insurance against catastrophic engine failure, which is critical to long engine life!

If in doubt, have your car inspected by a qualified mechanic to determine its condition. Given the all clear / you can go ahead and get your COE from a reputable finance company (if needed!) for renewal!

With an old car, finding spare parts can be a real concern. If you have a normal car, it will be easy to find spare parts when you need them. After all, these are vehicles that already have strong aftermarket support networks.

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Thing, but the reality is you don’t have a car to use when your machines are searching the internet for spare parts. Unless it has history and/or collector value, you’re better off getting rid of your car.

Taste is very subjective, but there’s no denying that high-spec cars age more noticeably than their mass-market counterparts. With the right visuals, a mid-2010s sports car can still look modern.

In this context, it makes sense to update your car’s COE, so you can enjoy that premium look and feel the value of a brand new economy car. Be warned though – an expensive car is cheaper than buying a new one, but the parts in these cars are still there.

My uncle takes many forms. It may have suffered years of neglect due to a lack of routine maintenance, or it may have had a major accident and then been poorly repaired.

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In both cases, you’re looking at potential additional costs to isolate and repair problems that may occur due to your car’s history—unless you’re in good company with a reliable mechanic who can handle those problems. Every person has a cost. Money for things

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