Health insurance and selling the Pajero
Feb 23rd 2009, 3:47 pm
#1
Account Closed
Thread Starter
Joined: Oct 2008
Posts: 2,502
Health insurance and selling the Pajero
Weird title, but it does cover the two issues I have questions for:
1) my company is canceling health insurance as a cost-saving measure. Any suggestions as to what are the good health insurance policies I can look into that will cover me both here and in the US (my home base although I do have UK citizenship as well, but as we all know, NHS doesn't apply in the US).
2) although I have a job with some degree of security (notwithstanding the loss of health insurance, a 10% pay cut, and 20% staff layoff last month), I have decided to sell the Pajero which I bought in November, 2008, just as a security precaution in case things really do go into the crapper for me.
My total expenditure on the car (car price, insurance plus interest on the loan paid to date) is 95,000.
I have found a buyer willing to pay 75,000 for the Pajero.
On face, it looks like a 20,000 AED loss to sell a four month old Pajero. However, had I not bought the car, I would have kept the monthly car rental at 2200 AED/month, which at 4 months is 8800 AED. So the actual real loss for selling the car is 11,000 AED, or roughly $3,000 USD.
Should I accept the offer? I figure if I survive and in 8 months' time the company is in a smaller and more sustainable position, there are going to be so many nearly new 4x4s floating around Dubai that I should be able to pick up a one year old Pajero for 60,000 or even less.
1) my company is canceling health insurance as a cost-saving measure. Any suggestions as to what are the good health insurance policies I can look into that will cover me both here and in the US (my home base although I do have UK citizenship as well, but as we all know, NHS doesn't apply in the US).
2) although I have a job with some degree of security (notwithstanding the loss of health insurance, a 10% pay cut, and 20% staff layoff last month), I have decided to sell the Pajero which I bought in November, 2008, just as a security precaution in case things really do go into the crapper for me.
My total expenditure on the car (car price, insurance plus interest on the loan paid to date) is 95,000.
I have found a buyer willing to pay 75,000 for the Pajero.
On face, it looks like a 20,000 AED loss to sell a four month old Pajero. However, had I not bought the car, I would have kept the monthly car rental at 2200 AED/month, which at 4 months is 8800 AED. So the actual real loss for selling the car is 11,000 AED, or roughly $3,000 USD.
Should I accept the offer? I figure if I survive and in 8 months' time the company is in a smaller and more sustainable position, there are going to be so many nearly new 4x4s floating around Dubai that I should be able to pick up a one year old Pajero for 60,000 or even less.
Feb 23rd 2009, 4:02 pm
#2
ex-expat
Joined: Nov 2008
Location: in front of my computer - in sunny Sussex!
Posts: 2,162
Re: Health insurance and selling the Pajero
that's certainly the kind of loss that you get when you drive a new car off the forecourt, so not horrendous.
Feb 23rd 2009, 4:22 pm
#3
If I have to explain...
Joined: Sep 2008
Location: Where ever the road takes me
Posts: 3,999
Re: Health insurance and selling the Pajero
Weird title, but it does cover the two issues I have questions for:
1) my company is canceling health insurance as a cost-saving measure. Any suggestions as to what are the good health insurance policies I can look into that will cover me both here and in the US (my home base although I do have UK citizenship as well, but as we all know, NHS doesn't apply in the US).
2) although I have a job with some degree of security (notwithstanding the loss of health insurance, a 10% pay cut, and 20% staff layoff last month), I have decided to sell the Pajero which I bought in November, 2008, just as a security precaution in case things really do go into the crapper for me.
My total expenditure on the car (car price, insurance plus interest on the loan paid to date) is 95,000.
I have found a buyer willing to pay 75,000 for the Pajero.
On face, it looks like a 20,000 AED loss to sell a four month old Pajero. However, had I not bought the car, I would have kept the monthly car rental at 2200 AED/month, which at 4 months is 8800 AED. So the actual real loss for selling the car is 11,000 AED, or roughly $3,000 USD.
Should I accept the offer? I figure if I survive and in 8 months' time the company is in a smaller and more sustainable position, there are going to be so many nearly new 4x4s floating around Dubai that I should be able to pick up a one year old Pajero for 60,000 or even less.
1) my company is canceling health insurance as a cost-saving measure. Any suggestions as to what are the good health insurance policies I can look into that will cover me both here and in the US (my home base although I do have UK citizenship as well, but as we all know, NHS doesn't apply in the US).
2) although I have a job with some degree of security (notwithstanding the loss of health insurance, a 10% pay cut, and 20% staff layoff last month), I have decided to sell the Pajero which I bought in November, 2008, just as a security precaution in case things really do go into the crapper for me.
My total expenditure on the car (car price, insurance plus interest on the loan paid to date) is 95,000.
I have found a buyer willing to pay 75,000 for the Pajero.
On face, it looks like a 20,000 AED loss to sell a four month old Pajero. However, had I not bought the car, I would have kept the monthly car rental at 2200 AED/month, which at 4 months is 8800 AED. So the actual real loss for selling the car is 11,000 AED, or roughly $3,000 USD.
Should I accept the offer? I figure if I survive and in 8 months' time the company is in a smaller and more sustainable position, there are going to be so many nearly new 4x4s floating around Dubai that I should be able to pick up a one year old Pajero for 60,000 or even less.
However, I wouldn't hold out great hopes for really cheap cars in the future. Margins on new cars in this part of the world are generally slim and used car values don't move much despite changes in market conditions.
However, one thing to consider; do you need a car? You've already taken a hit on the Pajero which probably won't devalue much over the next 2-4 months. Rental cars are becoming more expensive. Do the maths...
Feb 24th 2009, 5:42 am
#4
Bored liberal
Joined: Feb 2007
Location: Over there ----->
Posts: 13,713
Re: Health insurance and selling the Pajero
Weird title, but it does cover the two issues I have questions for:
1) my company is canceling health insurance as a cost-saving measure. Any suggestions as to what are the good health insurance policies I can look into that will cover me both here and in the US (my home base although I do have UK citizenship as well, but as we all know, NHS doesn't apply in the US).
2) although I have a job with some degree of security (notwithstanding the loss of health insurance, a 10% pay cut, and 20% staff layoff last month), I have decided to sell the Pajero which I bought in November, 2008, just as a security precaution in case things really do go into the crapper for me.
My total expenditure on the car (car price, insurance plus interest on the loan paid to date) is 95,000.
I have found a buyer willing to pay 75,000 for the Pajero.
On face, it looks like a 20,000 AED loss to sell a four month old Pajero. However, had I not bought the car, I would have kept the monthly car rental at 2200 AED/month, which at 4 months is 8800 AED. So the actual real loss for selling the car is 11,000 AED, or roughly $3,000 USD.
Should I accept the offer? I figure if I survive and in 8 months' time the company is in a smaller and more sustainable position, there are going to be so many nearly new 4x4s floating around Dubai that I should be able to pick up a one year old Pajero for 60,000 or even less.
1) my company is canceling health insurance as a cost-saving measure. Any suggestions as to what are the good health insurance policies I can look into that will cover me both here and in the US (my home base although I do have UK citizenship as well, but as we all know, NHS doesn't apply in the US).
2) although I have a job with some degree of security (notwithstanding the loss of health insurance, a 10% pay cut, and 20% staff layoff last month), I have decided to sell the Pajero which I bought in November, 2008, just as a security precaution in case things really do go into the crapper for me.
My total expenditure on the car (car price, insurance plus interest on the loan paid to date) is 95,000.
I have found a buyer willing to pay 75,000 for the Pajero.
On face, it looks like a 20,000 AED loss to sell a four month old Pajero. However, had I not bought the car, I would have kept the monthly car rental at 2200 AED/month, which at 4 months is 8800 AED. So the actual real loss for selling the car is 11,000 AED, or roughly $3,000 USD.
Should I accept the offer? I figure if I survive and in 8 months' time the company is in a smaller and more sustainable position, there are going to be so many nearly new 4x4s floating around Dubai that I should be able to pick up a one year old Pajero for 60,000 or even less.
For the health insurance info, please PM me. Without knowing full circumstances, I cannot make a recomendation,
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Feb 24th 2009, 5:56 am
#5
Account Closed
Joined: Jul 2007
Posts: 7,028
Re: Health insurance and selling the Pajero
On the Health Insurance issue, wasn't there some regulation requiring that all employees be given Health Insurance from January 2009 or was that only in Abu Dhabi? On the car selling front, see if you can squeeze the buyer up to nearer 80K as it will probably cost you over 3,500 per month to rent another car of that size and quality.
