[blunder]

Cutting it short, I'm 19 with $18,000 looking to buy my first car.
I'm thinking of buying my mums 01 SP20 and convincing her to buy the SP23.

Reasons i want her car is to avoid paying stamp duty and higher insurance rates (keeping it in her name). Its done 70,000Ks, been in a semi-major accident ( guy ran red and hit back right wheel at speed, fully repaired though), otherwise its good.

With the 3 now out, how much do you think the SP20 it is worth?
Hopefully not much otherwise ill have to go buy a SSS pulsar or the like.

Thanks in advance.

 

[BeeF]

I'd ask your Mum for a family discount

http://www.redbook.com.au/Vehiclesearch/price.asp?key=MAZD01CW

 

[E-Gene]

Woah...that's a lot of money for a 19 year old. I would agree, start by doing some house work and cleaning out the garage. Get into her good books then ask for a family discount, if you're lucky, she may even give it to you.

 

[blunder]

Thanks for that beef, i saw that before but i doubt it takes into account a new model is in these days.
I dropped out of uni to work Full time in IT, dont regret it at all as the money comes thick and quick. BUT i never receive a cent from my parents and no chance of a family discount.
How much would you pay for an SP20?

 

[cmcdonald]

Reasons i want her car is to avoid paying stamp duty and higher insurance rates (keeping it in her name).

I would highly recommend not doing this... when you have to go out and get your own insurance (under your own name), you're going to regret it because you won't have much no-claim bonus under your belt. If you get the insurance in your name now, you start building up your credit.

It was one of the biggest things I wish i did differently when I was younger. I own an MR2 Turbo and 30% as compared to 50% off my insurance makes all the difference for such a high insurance costed car...

 

[BeeF]

Agree with cmcdonald there....your gonna take a hit on insurance it is just up to you when you wanna take the hit. Although if I was under 25 I think I would steer clear of anything with a Turbo. Some of the premiums are ridiculous.

Can't see the SP20 costing you that much to insure, no turbo and it has 4 doors.

$18,000 is a fair price considering you know the history of the car (assuming you like the history of the car as well).

I don't think that the SP23 coming out will make much difference, the car is getting close to the magical 3 year barrier (running out of warranty)

My Advice: Take it to the dealer and see what they will offer for it. If your Mum is in a good mood she might let you buy it off her for the same price

 

[Spook]

Agree with above sentiments, blunder. You'll need to start your own motor history and work towards the max no-claim bonus. Not sure if having that SP20 registered in both you and your mum's name will help with the premiums because the insurance co will prob just go by the age of the youngest driver. An online quote from NRMA or AAMI will be a useful guide to help determine your premium. If you decided to keep the SP20 in your mum's name, just be sure that you are listed as an 'occasional' driver. Not sure if that will affect the premium but if you are involved in any accidents, at least your name is on the policy. Having your name as a driver may also help your driving history, but then again, I do not know if the premium will be affected.

BeeF's got good advice re the valuation - dealers typically undervalue potential trade-ins (or they'll inflate to cover discounts on prestige cars, but the SP23 is hardly a prestige car), so you'll probably be given a lower-than-market price. Just don't tell her you heard it from us.
Also, if your mum falls in love with the SP23, she may be more willing to let go of the SP20 at a lower price.

 

[RaVe]

With regards to insurance, Im 22 and have been driving nearly 5 years. I don't own a car so I've never had insurance. How ever I recently went and got a quote from the NRMA for the SP23. Because of the years I have been driving I get a 55% no cliams bonus, which makes the insurance for the SP23 for me about $1020 a year.

When I was talking to the woman who did the quote for me, I said I had been driving on my parents insurance and she told me it didn't matter as it's the number of years you have been driving.

 

[BeeF]

Possibly your parents have been paying slighter higher premiums because you are listed on their policies.

Some insurance companies offer this as a loyalty discount, to keep your business with them.

If you got 55% offered...take it. It takes forever to build up that no claim bonus

 

[RaVe]

Yeah they have, but my sister is also on it and is younger than me so its based on her age.

One other thing that I forgot to mention is that there is a $850 excess on the car. $400 which is normal for everyone, then another $450 because Im under 25. So thats where they get me....

 

[Spook]

Ahh.. ok. So best advice, blunder, will be to keep the insurance on the SP20 under your mum's name, have you listed as a driver (ie under your parents' policy, like RaVe), sit back and wait for 6 years or so and voilá, max no claim bonus. Then you can transfer the policy to be in your own name.

Note that most insurers now give you max no-claim bonus for life if you do not make a claim whilst on max no-claim % for 3 years or so.

 

[cmcdonald]

I'll also add that NRMA seem to be a bit laxer in the checking ur driving history department... AAMI request proof.

Not sure about the others...

 

[RaVe]

I think NRMA work on trust, you tell them everything and you wont get screwed. If you don't tell them about a conviction be it speeding or otherwise they can refuse to payout in the event of an accident.

With things like speeding I know with the NRMA its on record for 5 years. So if you have gotten a ticket in the last 5 years its best to tell them, sure your insurance might go up $20 but you know they will pay out.

So yeah insurance its a funny thing, you have to be pretty carful. Just ask the person behind the desk to make sure, the last thing you want is to be involed in a prang and then find your insurance company wont pay out.