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Old 22nd July 2019, 17:19   #1
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Default The Car Conundrum : Won a Ford Figo in a competition, keep it or sell it?

Dear T-BHP Friends,

For the past several weeks I am faced with a daunting task of keeping the car or selling the car. The genesis of this confusion is narrated herewith:
(Mods, if the post is inappropriate or at the wrong place, then do guide please.)'

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.

On a Saturday in the last week of June 2019, I received a call from the Brand Marketing office of this newspaper informing me that I have won the bumper prize, i.e, Brand New Ford Figo Titanium Petrol version

I was overwhelmed and was very happy. The newspaper brand team informed me that I will have to shell out 30% Gift Tax of the value of car's ex-showroom price and I agreed for the same. I also requested them to provide a hard copy of the letter informing the prize details and the modalities to be followed for obtainment of car in my name. Few days later, I did receive a written confirmation from the newspaper's branding team (verified to be genuine) confirming the prize won by me.

As per Govt. rules, I provided them with the DD of Rs.1.80 lakh (30% of ex-showroom price of Ford Figo Titanium Petrol, priced in Bengaluru at Rs.6 lakh) and a set of documents and now awaiting the confirmation from them regarding the dealer who shall be handing over the car to me post registration of the vehicle in my name. As per the prevalent Road Tax rules in KA, it works out to Rs.95,000/- and insurance shall cost Rs.25,000/-. So, in totality I need to shell out Rs.3 lakh for getting this car which is currently priced at Rs.7.40 lakh (OTR in Bengaluru).

The Conundrum

I currently own a TN registered Honda Jazz 1.2 litre ivtech engine with 29000 on the ODO and very happy with the performance of my Japanese machine. I checked with my wife and asked, whether she will be interested in keeping the car and use it for her office commute, and to my expectations she said NO (she keeps ranting about the number of speed breakers and potholes on the roads in Bengaluru and hence the blunt NO )

Now, in my mind I can think of the following things:

1. Sell the brand new Figo at a discount and still look to make some profit (any bhpians interested, then PM please)

2. Sell Jazz and keep the Figo (with a small boot, cramped space, etc)

3. Keep both the cars for the time being and see if I can get a good price for Jazz (TN registered) and use Figo in Bengaluru. I don't see myself going to TN again.

4. Obtain a temporary registration from the dealer and take the car to my native (BR) and register the car over there and let my father use it.

Any sort of advice will be Godsent!

Regards,
MDED
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Old 22nd July 2019, 17:43   #2
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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. I would keep the Jazz, send the figo to Bangalore if required there. Or else keep both for the time being and drive them alternatively. Do not sell the Jazz you will miss the space it offers.
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Old 22nd July 2019, 17:47   #3
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Default re: The Car Conundrum : Won a Ford Figo in a competition, keep it or sell it?

First: Congratulations on winning the competition.

So you got a brand-new car worth Rs.7.4 lakhs for Rs.3 lakhs. A few points to ask yourself before you decide what to do with the car:
  1. Do you like the car?
  2. If not: Can you exchange the car at the showroom for something different, say, an Ecosport or Aspire, by paying the difference?
  3. Do you need the Rs.6.5-7 lakhs as funds that you would get on selling the car?
  4. Were you planning to buy a new car in the next 6 months anyway?
  5. Does the car fit your parents' needs, or would they prefer something different (and cheaper, say, a WagonR, which may even be easier to service and maintain locally)? In the process you might save a lakh or two.
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Old 22nd July 2019, 17:51   #4
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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
Dear T-BHP Friends,
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% )

Last edited by sharktale : 22nd July 2019 at 17:53.
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Old 22nd July 2019, 17:54   #5
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Default Re: The Car Conundrum!

Are you going to live in Bangalore for substantial period of time?
Then, you have to get the Jazz regd. in KA RTO. Have you considered this expense in your calculation?

Also, how old is your Honda Jazz? If cabin and boot space is not that important, then do consider taking a TD of Figo and then decide.

And congratulations
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Old 22nd July 2019, 18:08   #6
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Default Re: The Car Conundrum : Won a Ford Figo in a competition, keep it or sell it?

Congratulations. Read similar story on TBHP an year ago or so when someone had won a car in lottery.

If your parents don't have a car back home in Bihar, then I think the best bet is to send the car there with a temporary registration. That will be a better use of the car and you will also save some money on registration as the road tax in BR is lower substantially than KA.

Regards.
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Old 22nd July 2019, 18:54   #7
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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 saket77 View Post
Congratulations. Read similar story on TBHP an year ago or so when someone had won a car in lottery.

If your parents don't have a car back home in Bihar, then I think the best bet is to send the car there with a temporary registration. That will be a better use of the car and you will also save some money on registration as the road tax in BR is lower substantially than KA.

Regards.
+1. Completely agree with Saket bhaiyya on this. If you really have no need for the extra car, and you don't want to switch over to it due to lesser boot space etc., it's best to send it to your father for his use.

Saket bhaiyya is talking about BHPian quickdraw, who won a Ford Ecosport in 2013. Coincidentally, he too had sent the car over to his father for his use! You can check out quickdraw's thread here (Urban Discoveries - I WON a Ford EcoSport).

Oh and by the way, congratulations!

Last edited by boniver : 22nd July 2019 at 18:57.
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Old 22nd July 2019, 20:08   #8
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Default Re: The Car Conundrum : Won a Ford Figo in a competition, keep it or sell it?

If you don't want/need the Figo in Bangalore, consider whether your parents can use the Figo practically in Bihar. I own a Fiesta so know that it isn't easy to get Ford service in many places. It may well be more practical to sell the Figo and get them a car that can be serviced easily in your hometown. Keeping the vehicle is good because you lose much less in depreciation due to the cheap price, but practicality should come first.
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Old 22nd July 2019, 20:18   #9
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Default Re: The Car Conundrum : Won a Ford Figo in a competition, keep it or sell it?

Congrats on winning the car!

Here's the thing: you do not need a second car, given your wife's flat refusal! So you need to sell one car. As others have mentioned, the Jazz wins out on space and you also say you are quite happy with it.

So the obvious solution is: sell the Figo at the best price you can get. Even with the depreciation hit, it will be quite a big amount and you can either save that or spend it on something you really have your heart set on: a new kitchen, a vacation abroad etc.

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.
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Old 22nd July 2019, 21:07   #10
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Default Re: The Car Conundrum : Won a Ford Figo in a competition, keep it or sell it?

If I was you, i would sell the Figo as the depreciation amount is going to be next to negligible and the save the money for the next car purchase. A purchase that you want!
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Old 22nd July 2019, 21:11   #11
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Default Re: The Car Conundrum : Won a Ford Figo in a competition, keep it or sell it?

Congratulations.
You are not the first one on team-bhp. Please see link for all suggestions.

https://www.team-bhp.com/forum/india...ucky-draw.html (I won a Honda BR-V in a lucky draw!)
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Old 22nd July 2019, 21:11   #12
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Default Re: The Car Conundrum : Won a Ford Figo in a competition, keep it or sell it?

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.
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Old 22nd July 2019, 21:42   #13
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Default Re: The Car Conundrum : Won a Ford Figo in a competition, keep it or sell it?

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!
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Old 23rd July 2019, 00:43   #14
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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 Storm2.0 View Post
I suggest sell both the cars...l the best!
I too feel this would be a good idea, however keep both the cars with you for now and in December you can drop both at showroom as one big downpayment and buy a new car at may be just a lakh or two extra (of your choice) and also you can opt for a 2019 model & save there too!

If you do the above what you get is:
1. You can enjoy the NEW car feel for next 5months & sell it off.
2. Selling off 1 old car (which will eventually get older and expensive to maintain)
3. If this entire deal gets you a profit of say 2Lakhs, that is like a big discount on your next new car.

All the best.

SS80 (Anand)
Please note: The resale value of your Jazz does not vary too much, whether you sell it now or in December. Dealers/ any buyer will always come up with enough points to pinch the deal.
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Old 23rd July 2019, 04:21   #15
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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
1. Sell the brand new Figo at a discount and still look to make some profit (any bhpians interested, then PM please)


4. Obtain a temporary registration from the dealer and take the car to my native (BR) and register the car over there and let my father use it.

Congratulations on winning your lucky draw! You have three options IMHO:
1. Sell both cars and upgrade to an AT, higher segment etc
2. Sell the Figo for a healthy profit
3. Send the Figo to your dad


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.
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