Today, I accepted a cheque for S$44.2K for my Toyota Vios. It was a simple transaction – I removed all the personal belongings (CDs, carpark discs and cash cards) and handed the keys over to the agent.
In the past year, falling prices have made this car purchase probably the worst financial decision I have made in recent years. After purchasing it for S$64K only one year ago, I now have to write off nearly one third of the value of this vehicle. Ouch!
Lessons learnt:
- Never buy a first hand car. The premium you pay for the smell of new leather isn’t worth it.
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