Saturday, January 5, 2008
Financial Cost of Ownership for Used Car
I had read a recent post in MyCarForum on "How to count breakeven for 2nd hand car?" and realized that I have neglected an important group of fellow motorists who prefer to purchase used cars. The tools that I have developed till date are focused on the cost of ownership for new cars over the 10-year COE duration and cash rebate scheme offered for new cars.
The last quarter of 2007 also recorded the highest increase in inflation rate and the cost of living is expected to go up in line with the raising price of crude oil. Thus, used car is becoming a more viable option for motorists with a tight budget and a necessity to have a car in their current jobs, especially for sales and field service type of work. It is not too difficult for me to quickly modify the Cost of Ownership tool to work for a used car. Thus, two versions are available on the Cost of Ownership page:
(1) Financial Cost of Ownership for New Car
(2) Financial Cost of Ownership for Used Car
I am also working on a third version on the Operating Cost of Ownership - a project that is delayed due to my heavy travel schedule over this few months; I had targeted to launch it for the New Year.
Please try the version for Used Car and I would appreciate any feedback or bug report. Thanks.