Missus Offered Mitsubishi Mirage At 300Kbt...buy?

[cheeryble]

Hi

Black Mitsubishi Mirage bought at 420k January 14months ago.

Seller's missus doesn't like stick shift only 3000km onthe clock.

Nt sure 3 or 5 door.

Questions:

Good car?

Good price?

Legroom for me? I'm 6ft 3in.

Suitable for LPG?

Thanks!

[sitta]

Will be bit tight for 6ft 3in..

[cheeryble]

I saw the car and actually it was kinda big enough and I liked it a lot great near black deep grey colour and great fuel consumption.

Then learned the guy has it on finance 84 months at 5800, and is basically trying to sell a car he has not bought yet for 300,000.

Typical Thai nonsense

Edited March 2, 2013 by cheeryble

[culicine]

I think for 6'3" it will be ok, with the seat right back. Obviously only a child will be able to sit behind you then:) I think it's a good price, provided its not been in a major accident. Maybe it's possible to follow up with the cars insurance company to see if any claims have been made on it. For LPG, I'm not sure if it's suitable, despite the fact many conversions are done. If they float the price of LPG and you don't drive a lot anyway, it might not be worth it. If I was to convert, Id wait until the warranty expired, to stop problems with your warrant getting voided.

[lemoncake]

I saw the car and actually it was kinda big enough and I liked it a lot great near black deep grey colour and great fuel consumption.

Then learned the guy has it on finance 84 months at 5800, and is basically trying to sell a car he has not bought yet for 300,000.

Typical Thai nonsense

1. It's impossible to be 84 months as max term s 72

2. Nothing wrong with selling a car a total price and paying off the bank to release it.

Same as any other country and finance

[cheeryble]

I saw the car and actually it was kinda big enough and I liked it a lot great near black deep grey colour and great fuel consumption.

Then learned the guy has it on finance 84 months at 5800, and is basically trying to sell a car he has not bought yet for 300,000.

Typical Thai nonsense

1. It's impossible to be 84 months as max term s 72

2. Nothing wrong with selling a car a total price and paying off the bank to release it.

Same as any other country and finance

Well, I saw 84 written down by him Lemoncake so can't explain.

As for nothing wrong, the problem is how does he pay off over 400k (426,000 was the cost) with 300k?

BTW it turned out the car was registered THIS year in Jan not last.

Definitely too good a deal on the face of it but just maybe.

Nice enough guy, has some connection with missus hospital work and apparently has several cars in a small rental business as well as his own large pickup, though this Mirage was for his wife who doesn't like stick shift. It basically looks like he's trying to borrow 300k and his loss over the years in paying back 84 x 5800 will be his interest payment. Much cheaper than borrowing at 5 or 10% a month I guess, looks like about 60% over 7 years which I'd take a wild guess is about 6 or 7% on the face of it except considerably more because the money is being paid back from the word go so double it say 12 to 13%pa.

Well it's much less interest than the huge GEMoney charges everyone here for small loans, about half.

However obviously a risk of future default on payments by him despite what may be good intentions.

Perhaps there's a way I could actually secure myself, cos I'd love to buy the car and my discount would be my return on investment, and to compensate the fact I could never realistically sell as it's held by the finance company. Maybe we could both be happy?

Chanot papers?

What would you clever chaps do?

Is there a baby in this bath water?

Edited March 3, 2013 by cheeryble

[lemoncake]

I saw the car and actually it was kinda big enough and I liked it a lot great near black deep grey colour and great fuel consumption.

Then learned the guy has it on finance 84 months at 5800, and is basically trying to sell a car he has not bought yet for 300,000.

Typical Thai nonsense

1. It's impossible to be 84 months as max term s 72

2. Nothing wrong with selling a car a total price and paying off the bank to release it.

Same as any other country and finance

Well, I saw 84 written down by him Lemoncake so can't explain.

As for nothing wrong, the problem is how does he pay off over 400k (426,000 was the cost) with 300k?

BTW it turned out the car was registered THIS year in Jan not last.

Definitely too good a deal on the face of it but just maybe.

Nice enough guy, has some connection with missus hospital work and apparently has several cars in a small rental business as well as his own large pickup, though this Mirage was for his wife who doesn't like stick shift. It basically looks like he's trying to borrow 300k and his loss over the years in paying back 84 x 5800 will be his interest payment. Much cheaper than borrowing at 5 or 10% a month I guess, looks like about 60% over 7 years which I'd take a wild guess is about 6 or 7% on the face of it except considerably more because the money is being paid back from the word go so double it say 12 to 13%pa.

Well it's much less interest than the huge GEMoney charges everyone here for small loans, about half.

However obviously a risk of future default on payments by him despite what may be good intentions.

Perhaps there's a way I could actually secure myself, cos I'd love to buy the car and my discount would be my return on investment, and maybe we'd both be happy. Chanot papers?

What would you clever chaps do?

Is there a baby in this bath water?

1. He can not borrow 100% of the car value, so he had to put down 20 or so % deposit.

2. 84 months means 7 year loan, not sure how this possible when they only offer max of 6 years

3. If the borrowed amount was higher than the selling price, he would be adding his own money to pay off the car.

What you may have seen was the total repayment money if he was to keep paying it till the end not the amount owed at the moment,

[kartman]

Is it the missus first registered car ?

[cheeryble]

As I said it turned out the car is only registered in Jan this year, hence the mere 3000km.

My missus already owns a car. Part of my plan was that we would get 100k back for that, so only outlay 200k and get a good little low fuel car for her for ten or fifteen years. If you're thinking of the government 100,000 off I think it's finished, though I rather wish I'd got in on that one it would have amounted to nearly the same thing, a 426,000 car for 326,000.

Thanks anyway

Edited March 3, 2013 by cheeryble

[Hssl]

You can get a 7 year loan if your Police/Army/Navy/Civil service - My uncle in-Law got a fiesta on a 7 year deal with only 5% down payment as he's in the Thai Army. But if your just a average Joe then 6 years is the max AFAIK

[cheeryble]

Missus wants to tell me more today.....stay tuned!

Oh BTW that little car is a 3-pot!

I like that sort of innovation......it didn't mention lack of smoothness in the review I read (can remember driving a 12-cylinder Jag coupe.....wow it was like double cream).

Anyway it's not supposed to be a luxury car, but a decent little low fuel workhorse from an OK make for missus to drive 40km return to work every day.

It's quite cute and she'd be thrilled which would get me big brownie points for at least a month or two!

Edited March 3, 2013 by cheeryble

[IMHO]

My guess?

The seller has applied for the first car buyer rebate, and thinks they're still going it... and are using that to come up with the 300K sale price..

Problem is, they won't - in order to transfer ownership into someone else's name within 5 years, the original buyer will need to discharge themselves from the first car buyer program (i.e. cancel their application if rebate not yet paid, or pay back the rebate if it has been paid already).

If you really can snag this for 300K I say do it - but don't hand over any money until you physically have the blue book for the car in your name.

The again, if it's someone you know well, you might also want to consider the repercussions of the deal when the time comes that they realize the gov't ain't giving them any money...

[kartman]

My guess?

The seller has applied for the first car buyer rebate, and thinks they're still going it... and are using that to come up with the 300K sale price..

Problem is, they won't - in order to transfer ownership into someone else's name within 5 years, the original buyer will need to discharge themselves from the first car buyer program (i.e. cancel their application if rebate not yet paid, or pay back the rebate if it has been paid already).

If you really can snag this for 300K I say do it - but don't hand over any money until you physically have the blue book for the car in your name.

The again, if it's someone you know well, you might also want to consider the repercussions of the deal when the time comes that they realize the gov't ain't giving them any money...

Thats what i asked but cheeryble could not work that one out ah well.

[cheeryble]

All that really matters to me is that I get security, and if I have underlying security it may be worth the possibility of some hassle in future.

So I think my previous guess was right......that the guy is essentially borrowing 300k in this "sale". This because

when my missus told him of my refusal he said he would make a "strong contract" with me.....presumably to enforce him to make all the payments on time.

So is the only strong contract backed by a lien on a chanoot, or is there a clever alternative?

(as a matter of interest if he sells to me at a drop in value of 426k minus 300k that's 126k for getting a loan of 300k for an average term of 3.5 years....half of 84 months. Knock off say 10k for the use of the car for 6 weeks he's had and it comes out at about 12.5% pa he's paying for the "loan". Not that unreasonable from his point of view after he's got himself a bit stuck......he says he could sell rental cars to cover this but prefers this way. From my point of view I'd be very happy to get 12.5% on all my capital.

In fact he's taken the car out of the showroom and presumably no-one wants to buy small hatchbacks now the first car scheme's finished, and it's value is probably a lot less than the 416k (426k minus 10k) I've allowed for it. so he is effectively paying less in interest as he's not losing 126k or 116k in value, the value is already lost and in future he'd be losing less by paying me, making it an even more sensible deal for him.)

Edited March 3, 2013 by cheeryble

[BSJ]

Where was it parked when the big flood hit Bangkok?

[aussiebebe]

To the OP, this Mirage sounds like a manual GLX - 300k is a great price. The car is small for someone as tall as you, this will leave you fatigued if you plan on travelling long distances. There's a cool video on youtube by Hongtong gas showing LPG conversion of a brand new Mirage. Bear in mind this voids the engine warranty, also that the governments policy is to support NGV, not LPG in the future, plus installers are only giving a warranty for the LPG equiptment, not engine-related damage (burnt valves and valve seat recession). Plus, there are times when you really need a trunk, like for grocery shopping!

[cheeryble]

Thankyou for the comments OZbebe

yes you are probably right it is fairly basic but not the most basic. Hey who needs a boot (that's the correct word for trunk) when there's a rear seat?

It actually feels rather smart, but basic's OK by me I never had anything like central lock and electric windows for many of my years of driving so I'm sure it will do, and the terrific fuel consumption is a real plus. Funny enough I have a Thai friend, rather hi-so actually was a classmate of the Princess and stays very much in touch, who unlike most Thais is completely oblivious to needing prestige possessions. She drives a Mira. If that wasn't economical enough it happens to have LPG. It's so cheap to run it nearly pays you for the pleasure of being driven. Anyway I don't know how the exhaust valves would perform on could only hope for the best as it's a modern engine, and I must say the engine looks tiny under the bonnet so I think it would be a really easy job to take out and work on, I reckon one man could lift it. Having said that I've had a replacement camshaft and cylinder head for a Suzuki Vitara and the parts alone were very dear indeed so I don't know what a half dozen valves or seats would cost.

So as the saying goes sod the warranty.

None of this will happen unless I can secure my purchase fully. I can ask if he has a chanoot which I can put a lien for 400k on, but I somehow reckon he might already be committed to fund his business.

Brainwaves needed in the next 24 hours (the deadline is the 5th).

Edited March 3, 2013 by cheeryble

[WhiteCadillac]

I would only buy the car if I were to get it in my name..

Any other type of scheme might end up you getting screwed, and no one wants that.

[cheeryble]

Well we had to tell the guy the harsh facts.

He was half expecting that and it turned out has gone to the bank with a chanoot and is waiting for word from them.

I had not expected him to have that available so I said to missus maybe we can offer him a secured loan and have the car in the deal.

But she tends to like things simple, and I think will forget it.

All a bit of a shame, I'm all in favour of these very small cars I think most vehicles are far too big for the good of the community not to mention the pocketbook, especially here in Thailand where status is everything.