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Old 23rd July 2019, 08:05   #16
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Default Re: The Car Conundrum : Won a Ford Figo in a competition, keep it or sell it?

Congratulations on the win!

Every year Mahindra Great Escape Finals happens, where the prize is a Mahindra Thar and this is the same conundrum some of the participants face who already own a Mahindra Thar.

The best alternative if you don’t want the car is to talk to the showroom and hand over (register) the car to someone interested as a first owner vehicle, with a little depreciation for the person and some advantage to the showroom . That way, you don’t lose out huge as a used car depreciation.

A different take on the matter is that it’s a trophy you have won in your life. Don’t sell it. I agree that upkeep of it is difficult, but if you can, use it and make some great memories.

Last edited by ajmat : 23rd July 2019 at 08:21. Reason: typo
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Old 23rd July 2019, 08:37   #17
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Default Re: The Car Conundrum : Won a Ford Figo in a competition, keep it or sell it?

Congrats MDED!

Quote:
Originally Posted by MDED View Post
A leading national daily is running competition and seeking participation from its readers on voluntary basis. As I am an avid reader of this newspaper, I kept on participating in the said competition on daily basis.
Which newspaper was this?

My suggestion:

- Your Jazz is a superior machine to the Figo, it's done merely 29,000 km and you are happy with it. Hence, there is no question of replacing it with the Figo.

- You don't need two cars, so keeping it with you is not an option.

- Hence, my first suggestion would be to send it to your Dad if he doesn't have a car (or if he drives a car that's smaller / inferior to the Figo). Make your folks happy! On the other hand, if they don't need a car, sell it and enjoy the moolah . Invest 75% of the profits and spend the balance 25% on an indulgence (a holiday / home theatre system etc.).
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Old 23rd July 2019, 10:00   #18
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Default Re: The Car Conundrum : Won a Ford Figo in a competition, keep it or sell it?

Please note that if you sell the car, you might be liable to pay tax on the profit you made.
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Old 23rd July 2019, 10:05   #19
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Default Re: The Car Conundrum : Won a Ford Figo in a competition, keep it or sell it?

Woah ! FIrstly congratulations on winning the car.

So, what you can do ??

1) Sell it off at close to OTR price and get a considerable amount in your bank as emergency fund or savings for a bigger, better car in the future
2) Sell it off and pay up any loan if you have
3) If you foresee no big spending or responsibility sell off both and get a new car

What you should probably not do ?
- Sell Jazz and keep the Figo
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Old 23rd July 2019, 10:14   #20
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Default Re: The Car Conundrum : Won a Ford Figo in a competition, keep it or sell it?

Quote:
Originally Posted by PearlJam View Post
Please note that if you sell the car, you might be liable to pay tax on the profit you made.
Is it? I thought personal movable assets are outside the purview of the capital assets definition (except Jewelry, drawing, painting, sculptures, archeological cars or any other work of art) and therefore no capital gains on them.
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Old 23rd July 2019, 10:23   #21
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Default Re: The Car Conundrum : Won a Ford Figo in a competition, keep it or sell it?

Quote:
Originally Posted by PearlJam View Post
Please note that if you sell the car, you might be liable to pay tax on the profit you made.
Why would he need to pay tax again when he has already paid gift tax of 30% of the value of the car?
There is no profit being made here - he received a gift of a certain value and paid gift tax on it. He owns the asset now at a cost price of the ex-showroom price. Whatever he sells it for will be less than that cost price!

Quote:
Originally Posted by MDED View Post

Any sort of advice will be Godsent!
My advice would be to sell it at the best price and invest your money elsewhere/treat yourself to a nice holiday! Keep it only if you were considering getting a 2nd car and not for any other reason.

Last edited by Shreyas_H : 23rd July 2019 at 10:24. Reason: Changed advise to advice
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Old 23rd July 2019, 10:48   #22
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Default Re: The Car Conundrum : Won a Ford Figo in a competition, keep it or sell it?

Quote:
Originally Posted by noopster View Post

That was you will feel you have actually WON something. Believe me, a car retained but not really needed tends to become a white elephant very quickly.
Thank you noopster! I totally agree with the white elephant concept.

Quote:
Originally Posted by padmrajravi View Post
Most financially logical thing to do here is to sell the car immediately and book the profit.

You are buying a car which you don't actually need just because they are offering you at a lower price. You have already spent 3 lakhs of your money , which was appreciating even if at SB interest rate. See this a business transaction in which you invested 3 lakhs to get a 60 percent profit. I am assuming you can sell the car at least for 5 lakhs.
I am also hoping that if I decide to sell the car, then the minimum which I should get is Rs.5 lakh.

Quote:
Originally Posted by Storm2.0 View Post
I suggest sell both the cars and shell out some money to upgrade to a higher segment if all conditions permit.

Just my two cents, all the best!
This thought never crossed my mind. Nonetheless, the idea is massive and probably I can upgrade to a premium AT.

Quote:
Originally Posted by landcruiser123 View Post
Do not replace the Jazz with the Figo. A Jazz that has run 29k km is still a virgin in my eyes and living with a (cramped) Figo won't be fun.
29000 on the ODO is indeed virgin. Jazz was purchased in 2016 on my first wedding anniversary and I haven't checked with my wife regarding the idea of selling the Jazz.

Quote:
Originally Posted by dhanushs View Post

The best alternative if you donít want the car is to talk to the showroom and hand over (register) the car to someone interested as a first owner vehicle, with a little depreciation for the person and some advantage to the showroom . That way, you donít lose out huge as a used car depreciation.
Since, this newspaper advertised that certain number of winners will be getting a Brand New Ford Figo in the said competition, I don't know whether the dealer will allow the vehicle to be registered in someone else's name. Moreover, the newspaper company will be transferring an amount of Rs.6 lakh to the dealer with an instruction to raise the invoice in my name for Ford Figo Titanium Petrol car. Having said that, I can very well try to convince the dealer and opt for a better Ford Car, lets say Ecosport
Quote:
Originally Posted by GTO View Post
Congrats MDED!

Which newspaper was this?

My suggestion:

- Your Jazz is a superior machine to the Figo, it's done merely 29,000 km and you are happy with it. Hence, there is no question of replacing it with the Figo.

- You don't need two cars, so keeping it with you is not an option.

- Hence, my first suggestion would be to send it to your Dad if he doesn't have a car (or if he drives a car that's smaller / inferior to the Figo). Make your folks happy! On the other hand, if they don't need a car, sell it and enjoy the moolah . Invest 75% of the profits and spend the balance 25% on an indulgence (a holiday / home theatre system etc.).
Thanks a ton Rush! Well, my father uses a 2008 model Maruti 800 AC model back in BR and have barely reached 11000 kms in the 11 years of ownership. Since my hometown is a Tier-III town and the city limits are within a radius of 3 kms, chances of my father using the machine to the fullest will be negligible.

I will certainly not sell Jazz over Figo and most likely I shall be selling the Figo to any colleague or friend or even to the same dealer for at least Rs 5 lakh. The other option would be to keep both the cars till December and sell both of these for a better and bigger car.

Thanks to all the BHPians for their invaluable inputs. I shall inform on the developments further upon hearing from the branding team of the newspaper.
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Old 23rd July 2019, 11:51   #23
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Default Re: The Car Conundrum : Won a Ford Figo in a competition, keep it or sell it?

Quote:
Originally Posted by MDED View Post
I will certainly not sell Jazz over Figo and most likely I shall be selling the Figo to any colleague or friend or even to the same dealer for at least Rs 5 lakh. The other option would be to keep both the cars till December and sell both of these for a better and bigger car.
If I were in your situation, I would rule out an upgrade unless I was already thinking about an upgrade. If you are happy with your Jazz, then why pay extra to upgrade?

I suggest selling the Figo for the best available deal, upgrading your dad's car (a safer used car perhaps), and using the remaining amount for anything you want.
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Old 23rd July 2019, 13:05   #24
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Default Re: The Car Conundrum : Won a Ford Figo in a competition, keep it or sell it?

Many congratulations mate on the win. One lucky guy you are & here I haven't won a chocolate till date in lottery
Quote:
Originally Posted by Reality View Post
Well, my father uses a 2008 model Maruti 800 AC model back in BR and have barely reached 11000 kms in the 11 years of ownership. Since my hometown is a Tier-III town and the city limits are within a radius of 3 kms, chances of my father using the machine to the fullest will be negligible.
Tell me about it. My previous car was actually with dad in a similar tier-III town in Jharkhand where it was used for meagerly 14k kms in 4.5 years. Yours' is actually far lesser. Moreover you need to see if Ford service is available there or not. Would be a hassle for senior citizens if no youngsters are around to deal with all this.

Quote:
Originally Posted by Reality View Post
I will certainly not sell Jazz over Figo and most likely I shall be selling the Figo to any colleague or friend or even to the same dealer for at least Rs 5 lakh.
Best option. And why 5 lakh? Am sure if the new car costs 7.4 OTR, you can get around 6 due to absolute showroom condition? For a good idea check with cars24 and likes first and then list the car for sale.

Quote:
Originally Posted by Reality View Post
The other option would be to keep both the cars till December and sell both of these for a better and bigger car.
This is one option, but are u sure you want to change just 29k run Jazz? Is it MT or CVT? Honda engines and cars are very reliable and selling them off with such low odo reading will be a financial loss for you, specially considering Jazz ain't a hot seller like Baleno in our market. I had to sell my previous car(Maruti Estilo) at just 39k odo because i needed an automatic. Trust me it was painful.

My suggestion : Sell the Figo in mint condition, pocket the profit and invest it in some high return fund. Run the Jazz till atleast 50k+ and then exchange it for a better car. By then all this BS-VI, electtric/hybrid mumbo jumbo would be clear and you will have better options. And the Figo's return would have increased a bit and would help in down-payment

Last edited by SoumenD : 23rd July 2019 at 13:09.
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Old 23rd July 2019, 14:00   #25
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Default Re: The Car Conundrum : Won a Ford Figo in a competition, keep it or sell it?

Hearty Congratulations MDED!. Not often we get a chance to meet a lucky guy like you. I have never won anything other than "Better Luck Next Time" scratch cards

My advice is, sell the car asap, pool in some more money (take a loan if you want) and buy an immovable asset like land (at an affordable place, like nearby hometown) or buy some gold which might give you more satisfaction down the line. Purely my view though, yours might be completely different.
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Old 23rd July 2019, 15:17   #26
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Default Re: The Car Conundrum : Won a Ford Figo in a competition, keep it or sell it?

Why dont you make a post on the used car thread and the offers / discounts thread?

A team-bhp looking to purchase a Figo can benefit and we will have a win-win.

I dont think any other option makes sence except selling the Figo at a little discount (say 50K) to a new car price and use the money. A car remains a depreciating asset, and a FORD is a very fast depreciating asset.
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Old 23rd July 2019, 17:20   #27
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Default Re: The Car Conundrum : Won a Ford Figo in a competition, keep it or sell it?

If your Jazz is a manual transmission, you may also consider buying an AT figo (by paying the difference) and Use the figo for your office commute and Jazz for your long drives. Your better half may also take a liking over time to the Figo AT. Just my 2 cents.
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Old 23rd July 2019, 17:43   #28
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Default Re: The Car Conundrum : Won a Ford Figo in a competition, keep it or sell it?

Quote:
Originally Posted by PearlJam View Post
Please note that if you sell the car, you might be liable to pay tax on the profit you made.

Irrespective whether he sells the car, he will be liable for a tax while receiving the car. As the selling price will not be lower than this receiving cost, there is no profit while selling.
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Old 23rd July 2019, 19:37   #29
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Default Re: The Car Conundrum : Won a Ford Figo in a competition, keep it or sell it?

Just one thing - post this on the Figo's review thread. You might be able to strike a deal with a prospective buyer there. Win-win for all parties!
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Old 24th July 2019, 11:42   #30
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Default Re: The Car Conundrum : Won a Ford Figo in a competition, keep it or sell it?

Quote:
Originally Posted by sharktale View Post
Congrats on your win!
This must be a first time I'm actually interacting with a prize winner!

My initial suggestion would be to let your father use the car in KA because the takers and their valuations for a "prize" car might be lower than your expectations. Plus, a new car is a new car. So, enjoy the gift!

Also, since this is a "Gift", you may not be allowed to cash in the prize at the dealership and go for an upgrade like the Ecosport or the Aspire. What's yours is yours in the eyes of the Govt.

Sidenote : If you're feeling generous by any chance, you could also post about it on the Giveaway thread ( to however pays your share of 30% )

I think you should keep the GIFT after all its your luck that played its part. I think you mentioned in point 4 of sending the car to your father.That would be the icing on the cake for me. Hearty Congratulations to you. Do post some pictures of your trophy.
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