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Mike48
Joined: 24 Oct 2009
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 Posted: Sat Nov 14, 2009 9:43 am Post subject: How much do I need for my automobile allowance? |
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I am in negotiations with my future employer over an Automobile allowance. They say I will need to have a vehicle. I have no idea what it will cost to buy, register, insure (1 million USD liability) and fill up one tank of gasoline/ week. I will need either a car the size of a Camry or a small SUV. I am hoping some of you might have an idea of how much I will need to ask for this automobile allowance. Anyone know where to get a good price on a vehicle?
Thanks
EDIT I will need the vehicle for at least two years.
Last edited by Mike48 on Sat Nov 14, 2009 2:37 pm; edited 1 time in total |
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andrewchon
Joined: 16 Nov 2008
Location: Back in Oz. Living in ISIS Aust.
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| Posted: Sat Nov 14, 2009 1:40 pm Post subject: |
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| You could also rent one for about 1 mil won/month. |
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Mike48
Joined: 24 Oct 2009
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| Posted: Sat Nov 14, 2009 2:36 pm Post subject: |
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Thanks 1 million Won is $865.00. Are you suggesting renting from someone like Hertz or Avis? Or is that the cost for something like a 24 month lease?
I neglected to mention in my earlier post that it is for a period of at least two years. Perhaps you thought I was only coming for a couple of months.
Still sounds very expensive. |
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andrewchon
Joined: 16 Nov 2008
Location: Back in Oz. Living in ISIS Aust.
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| Posted: Sat Nov 14, 2009 4:31 pm Post subject: |
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It's just a figure I kept in my head.
I think the car was Hyundai Sonata.
New cars are around $25,000+
Used cars can be bought for less than 10,000
As for renting, there are long term leases etc. like in western countries, pretty much the same system.
Insurance: around $300/year
petrol is 1,600 won/litre
I don't have personal experience of renting a car in Korea. |
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wormholes101
Joined: 11 Mar 2003
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| Posted: Sat Nov 14, 2009 7:52 pm Post subject: |
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| andrewchon wrote: |
It's just a figure I kept in my head.
I think the car was Hyundai Sonata.
New cars are around $25,000+
Used cars can be bought for less than 10,000
As for renting, there are long term leases etc. like in western countries, pretty much the same system.
Insurance: around $300/year
petrol is 1,600 won/litre
I don't have personal experience of renting a car in Korea. |
I would budget a little more on insurance than this, perhaps US$400? But you could find a cheaper car than $10,000. An old SUV like Korando (http://www.google.com/search?hl=en&q=Korando&aq=f&oq=&aqi=) you will easily be able to pick up for less than 5 million. |
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kprrok
Joined: 06 Apr 2004
Location: KC
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| Posted: Sat Nov 14, 2009 10:37 pm Post subject: |
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| Just have your boss buy you the car and set up the insurance. No need for you to negotiate an amount. Just tell them what you want and make them get it. |
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definitely maybe
Joined: 16 Feb 2008
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| Posted: Sat Nov 14, 2009 10:42 pm Post subject: |
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| wormholes101 wrote: |
| andrewchon wrote: |
It's just a figure I kept in my head.
I think the car was Hyundai Sonata.
New cars are around $25,000+
Used cars can be bought for less than 10,000
As for renting, there are long term leases etc. like in western countries, pretty much the same system.
Insurance: around $300/year
petrol is 1,600 won/litre
I don't have personal experience of renting a car in Korea. |
I would budget a little more on insurance than this, perhaps US$400? But you could find a cheaper car than $10,000. An old SUV like Korando (http://www.google.com/search?hl=en&q=Korando&aq=f&oq=&aqi=) you will easily be able to pick up for less than 5 million. |
A Korando is a lot closer to a Jeep Wrangler. I had one and I liked it, but it may not be what he's looking for. |
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wormholes101
Joined: 11 Mar 2003
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| Posted: Sat Nov 14, 2009 10:43 pm Post subject: |
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| definitely maybe wrote: |
| A Korando is a lot closer to a Jeep Wrangler. I had one and I liked it, but it may not be what he's looking for. |
Have a suggestion for what he is looking for? |
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definitely maybe
Joined: 16 Feb 2008
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| Posted: Sun Nov 15, 2009 4:07 am Post subject: |
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| wormholes101 wrote: |
| definitely maybe wrote: |
| A Korando is a lot closer to a Jeep Wrangler. I had one and I liked it, but it may not be what he's looking for. |
Have a suggestion for what he is looking for? |
There are tons of 4-door sedans out there that should do the job nicely. A 2-door Korando, while fun to drive, does not necessarily accomodate driving more than two people. I don't know what his job will be, but it's not an ideal care if he needs to drive clients around. Perhaps, if he only needs to drive himself, a Korando would be a good idea. They're wonderful for parking.
This is what I drive now, and I'm pretty pleased with it:
http://www.kia-cerato.com/ |
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definitely maybe
Joined: 16 Feb 2008
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| Posted: Sun Nov 15, 2009 4:09 am Post subject: |
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| kprrok wrote: |
| Just have your boss buy you the car and set up the insurance. No need for you to negotiate an amount. Just tell them what you want and make them get it. |
This sounds like a pretty good idea to me. |
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Mike48
Joined: 24 Oct 2009
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| Posted: Sun Nov 15, 2009 9:24 am Post subject: |
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That KIA Cerato is a nice looking car. Is it about the same size as a Toyota Corolla? Larger/ smaller? I have driven the Corolla and I didn't like the ride.. I bounced along the road with a very stiff suspension. I loved the Camry with it's soft shock absorbing ride.
I can't tell them to buy my a car. They were supposed to "supply" me with the car but now for "liability" and I suppose "potential cost savings" They will instead will give me a monthly allowance. It's up to me to make sure that I am getting enough to cover the costs. That's why I am asking about it here.
Does anyone know what it would cost to lease a car like the Cerato on a 24 month lease. Up front costs and monthly payment?
What are you paying for the insurance on that new KIA Cerato? Did you lease or buy? What are the monthly payments? Can an Ex-pat get a loan? |
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Illysook
Joined: 30 Jun 2008
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| Posted: Sun Nov 15, 2009 11:10 am Post subject: |
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How many teachers really drive in Korea?
I didn't know too many. This might not be the best place to find out this stuff. However, if you wanted a used car, the parking lot at the Dragon Lodge might be a good place to look. People get ordered to go elsewhere and they become very motivated sellers. |
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big_fella1
Joined: 08 Dec 2005
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| Posted: Sun Nov 15, 2009 2:33 pm Post subject: |
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| Mike48 wrote: |
| Can an Ex-pat get a loan? |
Usually, no.
If you are working in a professional job (they don't accept teachers) for a fortune 500 company or a listed Korean company then SC Firstbank, or Korea Exchange Bank MIGHT do an unsecured loan for you.
Mercedes Benz in Korea will do leases for Expats but the B series would require 12 million down and about 1.4 million a month (sorry these figures are very approximate as putting 12 mill down to drive a taxi made me lose interest quickly).
The easiest thing to do is to tell your employer that if you need a car they had better supply it. Yes I know they will be reluctant, but getting finance here is nearly impossible. There is a good reason they have liability issues with the standard of driving here. Which is why many expats have drivers.
If I needed a car to work here and the company wouldn't supply it, I would be reconsidering the position, unless the allowance was enough to rent a car long term (i.e. over 1 million per month.) |
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