[vvrchandra]

Hi,

I've a NHC 2006 Gxi and I'm planning to upgrade to Corolla with the 3 year scheme that is currently going on where in , you need to pay less interest and also the assured buy back of the car afer 3 years. Is going for a Corolla worth from NHC? If so, is this scheme a better one or any other options.... Pl. guide.

Mods.. If this is not the right place, pl. move to appropriate section.

Thanks

[CorsaLove]

vvrchandra - The NHC is a good car, but as you said the corolla is definitely an upgrade form it.

This entirely depends upon your choice of wheels, a TD of the corolla might help in deciding.

[Mpower]

Do they have a limit on how much kms you can clock in the 3 year period. This is essentially similar to leasing.

[V-16]

Originally Posted by vvrchandra

Hi,

I've a NHC 2006 Gxi and I'm planning to upgrade to Corolla with the 3 year scheme that is currently going on where in , you need to pay less interest and also the assured buy back of the car afer 3 years. Is going for a Corolla worth from NHC? If so, is this scheme a better one or any other options.... Pl. guide.

Mods.. If this is not the right place, pl. move to appropriate section.

Thanks

could you elaborate on what the scheme is and what is their buy back price? I have heard of no such scheme in Bombay but am curious.

[vvrchandra]

Originally Posted by V-16

could you elaborate on what the scheme is and what is their buy back price? I have heard of no such scheme in Bombay but am curious.

It is the Happy Plan from Toyota and the details can be found from TOyota's website at the address touchtoyota.com with the link as
corolla_plan . Snapshot of the scheme from the website..



Also, the advt. related to this scheme in yesterday's(11th Jan 08) TOI is below.

[vvrchandra]

Is the Happy Plan scheme worth it..?? Pl. help.

[snaronikar]

They are coming up with new corolla in Q2. Hence they are pushing the existing ones. Suggest you wait for new corolla that will be launched in Q2.

[vasudeva]

Upto you. As a car, I do not need to say much (see my profile). Corolla came out with a similar scheme in 2006. Of course, the new Corolla could be out after 6-8 mths.

[tanmay_ambre]

Off Topic here. Didnt see any post or pics on the forum on toyota's stall in Auto-Expo. Nothing special?

[khanak]

Whats Margin Money? Is that the DownPayment?

[jkdas]

Trying to clear old stocks ? Whats the cash back part?

[khanak]

Originally Posted by jkdas

Trying to clear old stocks ? Whats the cash back part?

I guess its so that you dont feel too bad while paying 1.8 lakhs extra while making the final payment before selling the car.

The whole scheme is pretty complicated eh? Or am I just being lazy?

[cooldude1988765]

So in effect you pay about 18000 per month for 3 years in which you can use the car for an unlimited distance (I guess so). And at the end of 3 years you have no car and get back very little money which is pretty sad.

Cost of leasing a corolla for 3 years is 635000INR isnt it a bit steep or are my calculations way off ??

Edit : IS the market resale value of a corolla so low ?? And is the interest rate of a car loan 15% ??

[vvrchandra]

If you want to sell the car, you have 2 options. All the values are for HE variant.

1) Pay the emi of 18375 for 35 months + 180000 for the last month(36th), and get back Rs. 342923 which is the min. assured value which is 38% of ex. showroom price.

2) Pay the emi of 18375 for 35 months and instead of paying 180000 for the last month(36th), get back Rs. 162923.

3) If you want to retain the car and do not want to sell, Pay the emi of 18375 for 35 months + 180000 for the last month(36th) and retain the car.

[vvrchandra]

Originally Posted by cooldude1988765

....And is the interest rate of a car loan 15% ??

When I enquired about the normal interest rate, the showroom guys quoted 11.5% for 5 years and 10.5% for 3 years.

When I compared Happy Plan(3 years only) to the normal plan for 3 years, the total interest being paid in the Happy Plan is very less compared to the normal plan.