Posted 26 September 2009 - 11:47 PM
With COE quota expected to be cut further, I am fearful that Cat A COE prices may exceed $20,000 or even $30,000.
I regret not renewing COE in April at only $3800.
I thought the economy was getting worse and since I had almost 3 years to go before my COE expired, I could afford to wait.
Now, only 5 months later, I have to pay an extra $10,000 to renew my COE.
So please give me your honest opinion whether I should renew my COE now or wait until next year to see how?
Do you foresee COE prices rising further above $20,000 or hovering around $15,000?
I am confirmed renewing my COE.
Posted 27 September 2009 - 12:52 AM
1) If now renew, you loss the remaining 3 yrs of your existing COE
2) If 2-3 yrs later COE about the same... you sure hard pain for giving up your 3 yrs COE
3) are you sure you willing to drive your car for the next 10 yrs ? You see everyones change cars.. your backside itchy how ? Worst if you change car say 12 yrs old (5yrs from now), you loss your scrape value... (no more rebate from Govt). Maybe 2nd hand dealer give you $300 to $1000 for the body
4) If 5yrs later, COE like now… your worry come back again… do you need to buy new car… as car getting older… parts giving problem…. you may face the problem should buy new car or repair or buy 2nd hand ....
I have just went through all these… 8yrs old, renew COE at $18444, loss 2 yrs COE ($5000 plus), backside start itchy just after few yrs. No alternative, have to drive until June then decided to buy new car because worry COE goes up and up. And also worry my 16 yrs old car gives problem later on.
Posted 27 September 2009 - 01:33 AM
1) condition of the car. Can it last another 10 yrs?
2) the scrap value of the car. PARF + remaining COE.
3) Current value of Lancer (in this case, u should take GLX instead of EX to compare cos thats closer to your current ride)
4) the current COE price.
with the info above, compare it yourself... from my estimation... i believe the better way should be sell your old car, and get a new one instead of renewing the COE... you pay a few thousands more to get a new car... instead of a few thousand less and stuck with an old lancer...
Edited by Tigershark1976, 27 September 2009 - 01:34 AM.
Posted 27 September 2009 - 04:20 PM
I am not the kind to change car often and I intend to use this car till it cannot last any longer.
So far it has never broken down at all and no problem mechanically.
Looking at the past COE prices since 2005, it never seemed to past $18,000.
So is it worth to renew now at $13,500, with my car COE left 2 more years to go.
Edited by Vinceng, 27 September 2009 - 04:21 PM.
Posted 27 September 2009 - 05:51 PM
and with the economy supposingly picking up.......demand will still be there or even increase...coz pple making killing at recent bull run.
so if your car is still pls go ahead....and save yourself some $$$
Posted 27 September 2009 - 06:37 PM
1.Have the installment of the car being fully paid before the current lifespan of vehicle ends ?
2.What is the cost of dep (eg scape value+ coe now to end of 10yrs)
3.Do you maintain the veh well ( for me scv every 6mth)
I would expect the COE PQP to increase to 15k next mth and end of the year 17k.. cause PQP is peg on 3 mths average and new car COE is going up.. Dont think that tis year cny price will drop. .. For TS , think that you just need a transport for to and fro
Posted 28 September 2009 - 09:50 AM
In this case, renewing might be a good choice.
For the next 1 year (as far as i can see), unless something drastic happens to the world economy, I don't see any reason for COE to drop drastically to the level early part of this year.
However, if u want to wait till it expires, then its a gamble. 2 years is too far ahead to predict anything nowadays.
Edited by Rickster, 28 September 2009 - 09:51 AM.
Posted 28 September 2009 - 10:57 AM
Rickster, not that I "like" my car a lot, but rather a budget constrain that I need to continue using it.
If I renew COE now, it adds up to paper value $23,400 + COE prevailing quota premium $13,500 = $36,900.
Where can I get a guaranteed good condition used 1600cc Japanese car to use for the next 10 years at an annual depreciation of $3,690?
As I have owned this car from new, I know its condition well.
But I am still considering whether to renew COE.
By this Wednesday, I must make a decision.
Otherwise next month, the prevailing quota premium will go up by another $2,000.
Do you think COE quota will be increased in 2011 when the current batch of $18,444 COE renewals car owners (when COE fell to $101 in JUne 2001) scrap their old cars?
Edited by Vinceng, 28 September 2009 - 11:02 AM.
Posted 28 September 2009 - 11:08 AM
It's only worth to renew a COE car when in those days a Jap/kor cars cost $70K, does not make sense when Govt reduce car import taxes etc with much lower car prices, unless due to sentimental or collector cars, eg a Toyota Sera etc.
Btw, a friend of mine just bought a 3 yrs old Civic 1.8 at $50K and is trying to sell his 4 yrs old Kia Cerato OPC car at $13K. At the end of 10 yrs, still can get back $5.5K effectively, losing $1K+ per year depreciation. The car is in perfect condition and I am still thinking whether to buy it over and just park it at my car park as I have another car for use. Not all used cars are lemon, just need to be hardworking and start looking around, else suggest you just drive it till the 10th yr mark.
Edited by Amazon777, 28 September 2009 - 11:29 AM.
Posted 28 September 2009 - 11:21 AM
1) PQP value = $15k
2) Lost of scrap value = $12k (assuming your parf value is 130% of OMV)
3) Lost in value of your existing COE(2 yrs) = $5k (assuming your COE was 25k)
Total cost = $32k to drive your Lancer for the next 10yrs.
New car price for Forte is 50k, Avante is 49k, Lancer GLX is 53k. Frankly speaking your saving is <50% if you decide to renew COE for your Lancer. Since you have already missed the boat for the lowest COE, my advise is to wait and see or change to a new car.
Posted 28 September 2009 - 12:15 PM
wait for 2 years. now price high because previously lesser people deregistered their cars. 2 years later should be ok. i also wanna renew. i still got 5 years more. i love my pig karp. it is like driving in god mode.
Thanks for your comments.
How do you foresee that more cars will be deregistered 2 years from now?
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