NHC iDsi - take it or leave it?

cuttingcrew · 8th February 2010, 14:01

Hi,
I own(?) a 2007 May NHC bought through my current employer. I am taking up a new job and hence have to buy back the car from my current employer. Rough estimate is about 5.5 lac that I have to pay back to get the car in my name. I am inclined to do that. My question is -

Is this a decent option? Should I a buy a new car with 5.5 ( I will get a hatch, though I preffer a sedan)?

Thanks,

P.s. The on-road-price was 8 lac when I bought it

pmbabu · 8th February 2010, 14:13

Quote:

Originally Posted by cuttingcrew

Hi,
I own(?) a 2007 May NHC bought through my current employer. I am taking up a new job and hence have to buy back the car from my current employer. Rough estimate is about 5.5 lac that I have to pay back to get the car in my name. I am inclined to do that. My question is -

Is this a decent option? Should I a buy a new car with 5.5 ( I will get a hatch, though I preffer a sedan)?

Thanks,

P.s. The on-road-price was 8 lac when I bought it

You would have already paid so much EMI for this car (no IT of course). How does it make sense to forego it?

KALINGA · 8th February 2010, 14:31

At 5.5 if you get a NHC (You have knowledge about the car.), then its a great deal to keep the car with you. NHC is better then hatch any day. Go for it mate.

aaggoswami · 8th February 2010, 16:37

1) Basically you have to buy out the G2HC. This is a not a bad deal IMO, but definitely not good.

2) Consider your running, if you need a small diesel hatch, let this car go and get another small car with diesel heart.

The existing car that you will buy out from your company is May 2007, approximately 32 months old. 5.5 lakhs seems to be on the higher side for me, but since you know the car well and its more spacious than any car for Rs. 5.5 lakh you can buy brand new, stick to G3HC.

Only if you need diesel, change the car, else use G2HC for a few more years.

mobike008 · 8th February 2010, 16:59

Quote:

Originally Posted by aaggoswami

1) Basically you have to buy out the G2HC. This is a not a bad deal IMO, but definitely not good.

2) Consider your running, if you need a small diesel hatch, let this car go and get another small car with diesel heart.

The existing car that you will buy out from your company is May 2007, approximately 32 months old. 5.5 lakhs seems to be on the higher side for me, but since you know the car well and its more spacious than any car for Rs. 5.5 lakh you can buy brand new, stick to G3HC.

Only if you need diesel, change the car, else use G2HC for a few more years.

+1 here. AFAIK, there is no option of letting go the leased car as company does not accept it back.

It is mandatory that you need to clear the pending amount and transfer it in your name and then if you wish you can sell it.

Do correct me, if i am wrong here since i too own a car which is under company lease agreement.

pmbabu · 8th February 2010, 17:13

Quote:

Originally Posted by aaggoswami

The existing car that you will buy out from your company is May 2007, approximately 32 months old. 5.5 lakhs seems to be on the higher side for me, but since you know the car well and its more spacious than any car for Rs. 5.5 lakh you can buy brand new, stick to G3HC.

The "remaining amount to be paid" depends on the lease policy that he entered into with the company and the leasing company. Also add the IT on the perquisite value of the car as on today, the amount will go up.

spindoc · 9th February 2010, 02:07

@cuttingcrew, just in case you feel 5.5L is on the higher side or are interested in buying a new car:
Check if anyone in your company is interested in taking over the lease and if so, transfer the lease to them. They can continue paying the monthly installments and also enjoy the tax benefits.

cuttingcrew · 9th February 2010, 09:21

I have to pay back the remaining amount and all the related taxes before I can sell it. This will come to 5.5 L. My new company has agreed to pay the lion's share of this as interest free loan. So I guess I will keep this car atleast till I pay off this new loan. This makes bettrer businees sense to me (heart wants a new car, but will go with the head).

Thanks all for your suggestion.

8th February 2010, 14:01	#1
cuttingcrew BHPian Join Date: Apr 2009 Location: Bangalore Posts: 98 Thanked: Once	NHC iDsi - take it or leave it? Hi, I own(?) a 2007 May NHC bought through my current employer. I am taking up a new job and hence have to buy back the car from my current employer. Rough estimate is about 5.5 lac that I have to pay back to get the car in my name. I am inclined to do that. My question is - Is this a decent option? Should I a buy a new car with 5.5 ( I will get a hatch, though I preffer a sedan)? Thanks, P.s. The on-road-price was 8 lac when I bought it Last edited by cuttingcrew : 8th February 2010 at 14:03. Reason: Forget to add the original price
	() Thanks

8th February 2010, 14:31	#3
KALINGA BHPian Join Date: Dec 2009 Location: PUNE Posts: 724 Thanked: 374 Times	At 5.5 if you get a NHC (You have knowledge about the car.), then its a great deal to keep the car with you. NHC is better then hatch any day. Go for it mate.
	() Thanks

8th February 2010, 16:37	#4
aaggoswami Senior - BHPian Join Date: May 2007 Location: Vadodara Posts: 4,982 Thanked: 2,930 Times	1) Basically you have to buy out the G2HC. This is a not a bad deal IMO, but definitely not good. 2) Consider your running, if you need a small diesel hatch, let this car go and get another small car with diesel heart. The existing car that you will buy out from your company is May 2007, approximately 32 months old. 5.5 lakhs seems to be on the higher side for me, but since you know the car well and its more spacious than any car for Rs. 5.5 lakh you can buy brand new, stick to G3HC. Only if you need diesel, change the car, else use G2HC for a few more years.
	() Thanks

9th February 2010, 02:07	#7
spindoc BHPian Join Date: Apr 2007 Location: Madras Posts: 356 Thanked: 293 Times	Lease Transfer? @cuttingcrew, just in case you feel 5.5L is on the higher side or are interested in buying a new car: Check if anyone in your company is interested in taking over the lease and if so, transfer the lease to them. They can continue paying the monthly installments and also enjoy the tax benefits.
	() Thanks

9th February 2010, 09:21	#8
cuttingcrew BHPian Join Date: Apr 2009 Location: Bangalore Posts: 98 Thanked: Once	I have to pay back the remaining amount and all the related taxes before I can sell it. This will come to 5.5 L. My new company has agreed to pay the lion's share of this as interest free loan. So I guess I will keep this car atleast till I pay off this new loan. This makes bettrer businees sense to me (heart wants a new car, but will go with the head). Thanks all for your suggestion.
	() Thanks