Jump to content

MyCarForum Logo
Search
Magnifying glass
  • Search this thread
  • Reply to this topic
204 replies to this topic | 328 praises

#1

Posted 31 January 2012 - 11:03 PM

Wintersonata
  • THREAD STARTER
  • Premium member
    Wintersonata
    4th Gear
    The points of the user determines the rank. The higher the points, the higher the rank.
    Author Image
    The bar represents the rank and points of the user. The longer the bar, the higher the rank and points.
     
    Points:
    Points are accumulated from other users who Praise or Disliked this users' posts.
    558
      Joined: 19 November 2002
      Posts: 550
     

Current car COE expiring in Early 2013.
If scrap, should take back about $13k.
Aiming for 2014 - 2016 if COE goes down due to De-registration to buy new car.
Hence, buying a new car now doesn't seem to be a good decision.

For COE cars, the previous OMV rebates is lost right? Is my calculation correct?
Seems like buying a pre-owned car with depreciation less than $9k will be a better option? Thanks in advance.

If Renew COE (5yrs)
No scrap value
5 yrs COE at ~$25k at 50% off (No loan, full cash)
Increasing road tax every year
Potentially high maintenance cost
Estimate depreciation of about $5k (COE) + $3k (OMV) + $1k (potential maintenance) = $9k

If buy Used
<3 yrs old car : Pay depreciation for previous owner
<5 yrs old car : Also pay depreciation for previous owner but maybe lesser
<7 yrs old car : Could be high maintenance due to major wear & tear, but lesser depreciation
>7 yrs old car : Could be even high maintenance due to major wear & tear, but least depreciation


Edited by pChou, 19 January 2015 - 04:48 PM.

Freeder and 1 Anonymous member praised this

#2

Posted 01 February 2012 - 10:46 AM

Wintersonata
  • THREAD STARTER
  • Premium member
    Wintersonata
    4th Gear
    The points of the user determines the rank. The higher the points, the higher the rank.
    Author Image
    The bar represents the rank and points of the user. The longer the bar, the higher the rank and points.
     
    Points:
    Points are accumulated from other users who Praise or Disliked this users' posts.
    558
      Joined: 19 November 2002
      Posts: 550
     
Any ideas? Thanks in advance.
1 Anonymous member praised this

#3

Posted 01 February 2012 - 10:57 AM

SimonTan
  • SimonTan
    Banned
      Joined: 21 April 2010
      Posts: 8,888
     
Money wise....always better to keep old cars.


Freeder and 1 Anonymous member praised this

#4

Posted 01 February 2012 - 10:57 AM

Unfair
  • Premium member
    Unfair
    5th Gear
    The points of the user determines the rank. The higher the points, the higher the rank.
    Author Image
    The bar represents the rank and points of the user. The longer the bar, the higher the rank and points.
     
    Points:
    Points are accumulated from other users who Praise or Disliked this users' posts.
    2,318
      Joined: 08 August 2008
      Posts: 2,258
     
How is your current car doing ?
Is its not falling apart, renew coe is the best.

If coe falls then just scrap it and can buy another car
2 Anonymous members praised this

Pepi18022009 (For Fifa14/GTA V)


#5

Posted 01 February 2012 - 10:59 AM

Richard_Peh
  • Premium member
    Richard_Peh
    4th Gear
    The points of the user determines the rank. The higher the points, the higher the rank.
    Author Image
    The bar represents the rank and points of the user. The longer the bar, the higher the rank and points.
     
    Points:
    Points are accumulated from other users who Praise or Disliked this users' posts.
    509
      Joined: 25 June 2011
      Posts: 508
     
Well give up driving car 1st if u ask me. Wait another 2 or 3 years for COE to drop then buy agian. No point paying so much to the gov & 2nd hand car quite risky u don't know y the previous owner wanted sell the car. The defect cannot see by one day in test drive, depend on ur luck oso.

Edited by Richard_Peh, 01 February 2012 - 11:00 AM.

2 Anonymous members praised this

#6

Posted 01 February 2012 - 10:59 AM

Richard_Peh
  • Premium member
    Richard_Peh
    4th Gear
    The points of the user determines the rank. The higher the points, the higher the rank.
    Author Image
    The bar represents the rank and points of the user. The longer the bar, the higher the rank and points.
     
    Points:
    Points are accumulated from other users who Praise or Disliked this users' posts.
    509
      Joined: 25 June 2011
      Posts: 508
     
wrong post

Edited by Richard_Peh, 01 February 2012 - 11:00 AM.

1 Anonymous member praised this

#7

Posted 01 February 2012 - 11:12 AM

Old-driver
  • Old-driver
    5th Gear
    The points of the user determines the rank. The higher the points, the higher the rank.
    Author Image
    The bar represents the rank and points of the user. The longer the bar, the higher the rank and points.
     
    Points:
    Points are accumulated from other users who Praise or Disliked this users' posts.
    2,273
      Joined: 14 April 2011
      Posts: 1,995
     

Current car COE expiring in Early 2013.
If scrap, should take back about $13k.
Aiming for 2014 - 2016 if COE goes down due to De-registration to buy new car.
Hence, buying a new car now doesn't seem to be a good decision.

For COE cars, the previous OMV rebates is lost right? Is my calculation correct?
Seems like buying a pre-owned car with depreciation less than $9k will be a better option? Thanks in advance.

If Renew COE (5yrs)
No scrap value
5 yrs COE at ~$25k at 50% off (No loan, full cash)
Increasing road tax every year
Potentially high maintenance cost
Estimate depreciation of about $5k (COE) + $3k (OMV) + $1k (potential maintenance) = $9k

If buy Used
<3 yrs old car : Pay depreciation for previous owner
<5 yrs old car : Also pay depreciation for previous owner but maybe lesser
<7 yrs old car : Could be high maintenance due to major wear & tear, but lesser depreciation
>7 yrs old car : Could be even high maintenance due to major wear & tear, but least depreciation

Renew COE depends on the make of the car... durability, parts availability, maintanence etc. If all are easily available, u maybe consider if the COE is lower.

TO buy a used car all depends on luck... a 5-year old seems to be the best of all the so-called options
2 Anonymous members praised this

#8

Posted 01 February 2012 - 11:20 AM

Mockngbrd
  • Mockngbrd
    2Fast2Furious
    The points of the user determines the rank. The higher the points, the higher the rank.
    Author Image
    The bar represents the rank and points of the user. The longer the bar, the higher the rank and points.
     
    Points:
    Points are accumulated from other users who Praise or Disliked this users' posts.
    37,212
      Joined: 07 June 2007
      Posts: 16,761
     
if renew for only 5 yrs, i rather u scrap it now and get something back then scrap after extending a 5yr coe and get nothing much back.
go for a pre-owned from 2008 or soemthing

Edited by Mockngbrd, 01 February 2012 - 11:21 AM.

2 Anonymous members praised this
Garage36.com

#9

Posted 01 February 2012 - 01:10 PM

Bomby929
  • Bomby929
    2nd Gear
    The points of the user determines the rank. The higher the points, the higher the rank.
    Author Image
    The bar represents the rank and points of the user. The longer the bar, the higher the rank and points.
     
    Points:
    Points are accumulated from other users who Praise or Disliked this users' posts.
    184
      Joined: 17 October 2011
      Posts: 203
     
IMHO... scrape now get $$ + amount you will pay for COE renewal can get a good 2nd hand.. drive till COE drop, scrape.. get $$ back as well..

Rather than pay COE renewal... COE no drop.. drive until new COE expiry.. $0 dollar back. You lose you COE renewal + parf value.
2 Anonymous members praised this

#10

Posted 01 February 2012 - 01:48 PM

13177
  • 13177
    2Fast2Furious
    The points of the user determines the rank. The higher the points, the higher the rank.
    Author Image
    The bar represents the rank and points of the user. The longer the bar, the higher the rank and points.
     
    Points:
    Points are accumulated from other users who Praise or Disliked this users' posts.
    22,041
      Joined: 07 September 2010
      Posts: 20,880
     

Money wise....always better to keep old cars.

Old cars quite expensive to keep in s'pore. High road tax etc! Also you would not know when the old car will fall apart! What if you already renewed the COE for your old car, and it give major problem after 1-2 years then how?
2 Anonymous members praised this
Clothe yourselves with compassion, kindness, humility, gentleness and patience.
Life is very fragile. Nobody knows what's gonna happen next.

#11

Posted 01 February 2012 - 01:54 PM

Steptronic
  • Steptronic
    Supercharged
    The points of the user determines the rank. The higher the points, the higher the rank.
    Author Image
    The bar represents the rank and points of the user. The longer the bar, the higher the rank and points.
     
    Points:
    Points are accumulated from other users who Praise or Disliked this users' posts.
    5,326
      Joined: 09 May 2011
      Posts: 3,499
     
There is no gurantee that COE would drop in 2014-15 and all. Better do not take a chance. Just scrap, get PARF refund, add your 5 year COE cost and PARF refund from the new pre-owned car and body values of both car. If you have more money in hand to put, add that too. This final amount would let you decide the budget of the new pre-owned car!
2 Anonymous members praised this

#12

Posted 01 February 2012 - 02:02 PM

Roh96
  • Roh96
    Supercharged
    The points of the user determines the rank. The higher the points, the higher the rank.
    Author Image
    The bar represents the rank and points of the user. The longer the bar, the higher the rank and points.
     
    Points:
    Points are accumulated from other users who Praise or Disliked this users' posts.
    5,485
      Joined: 28 June 2006
      Posts: 4,555
     

Current car COE expiring in Early 2013.
If scrap, should take back about $13k.
Aiming for 2014 - 2016 if COE goes down due to De-registration to buy new car.
Hence, buying a new car now doesn't seem to be a good decision.

For COE cars, the previous OMV rebates is lost right? Is my calculation correct?
Seems like buying a pre-owned car with depreciation less than $9k will be a better option? Thanks in advance.

If Renew COE (5yrs)
No scrap value
5 yrs COE at ~$25k at 50% off (No loan, full cash)
Increasing road tax every year
Potentially high maintenance cost
Estimate depreciation of about $5k (COE) + $3k (OMV) + $1k (potential maintenance) = $9k

If buy Used
<3 yrs old car : Pay depreciation for previous owner
<5 yrs old car : Also pay depreciation for previous owner but maybe lesser
<7 yrs old car : Could be high maintenance due to major wear & tear, but lesser depreciation
>7 yrs old car : Could be even high maintenance due to major wear & tear, but least depreciation



If u want to renew, do it with 10 yrs COE. Your loss in parf value can spread out across 10 yrs. My advise is to renew COE than buying 2nd hand, if COE really drop in the next few yrs, u can scrap and get back higher paper value.
2 Anonymous members praised this

#13

Posted 01 February 2012 - 02:16 PM

Richard_Peh
  • Premium member
    Richard_Peh
    4th Gear
    The points of the user determines the rank. The higher the points, the higher the rank.
    Author Image
    The bar represents the rank and points of the user. The longer the bar, the higher the rank and points.
     
    Points:
    Points are accumulated from other users who Praise or Disliked this users' posts.
    509
      Joined: 25 June 2011
      Posts: 508
     

There is no gurantee that COE would drop in 2014-15 and all. Better do not take a chance. Just scrap, get PARF refund, add your 5 year COE cost and PARF refund from the new pre-owned car and body values of both car. If you have more money in hand to put, add that too. This final amount would let you decide the budget of the new pre-owned car!

What for? unless u really need the car. I don't see current COE is good to renew. What made u think will stable all the way?

#14

Posted 01 February 2012 - 02:23 PM

Steptronic
  • Steptronic
    Supercharged
    The points of the user determines the rank. The higher the points, the higher the rank.
    Author Image
    The bar represents the rank and points of the user. The longer the bar, the higher the rank and points.
     
    Points:
    Points are accumulated from other users who Praise or Disliked this users' posts.
    5,326
      Joined: 09 May 2011
      Posts: 3,499
     

What for? unless u really need the car. I don't see current COE is good to renew. What made u think will stable all the way?

I am not askim to renew. I am recommending to buy a pre-owned car. What I was implying is there is no guarantee that COE would go down in 2014-15
1 Anonymous member praised this

#15

Posted 01 February 2012 - 02:25 PM

Soya
  • Soya
    2Fast2Furious
    The points of the user determines the rank. The higher the points, the higher the rank.
    Author Image
    The bar represents the rank and points of the user. The longer the bar, the higher the rank and points.
     
    Points:
    Points are accumulated from other users who Praise or Disliked this users' posts.
    22,857
      Joined: 16 August 2002
      Posts: 16,751
     

Any ideas? Thanks in advance.



depends on what car. if it's a sonata, better to take the $$ and scrap.
2 Anonymous members praised this

#16

Posted 01 February 2012 - 11:37 PM

Audioniche
  • Audioniche
    2nd Gear
    The points of the user determines the rank. The higher the points, the higher the rank.
    Author Image
    The bar represents the rank and points of the user. The longer the bar, the higher the rank and points.
     
    Points:
    Points are accumulated from other users who Praise or Disliked this users' posts.
    140
      Joined: 09 March 2011
      Posts: 141
     
My suggestion is sell and do long term rental. Could be better for the pocket in long run since COE is rocket high now.
2 Anonymous members praised this
HU - Clarion HX-D2 (with upgraded Power Supply)
Front 3 Way Active - Hybrid Audio Legatia L1 / L4 / L6
Amps - 3 X Genesis Dual Mono
Sub - Genesis A30.1
Monoblock - DLS A6
RCAs - Mogami

Photos can be found in Facebook under Audioniche

#17

Posted 02 February 2012 - 01:00 AM

Wintersonata
  • THREAD STARTER
  • Premium member
    Wintersonata
    4th Gear
    The points of the user determines the rank. The higher the points, the higher the rank.
    Author Image
    The bar represents the rank and points of the user. The longer the bar, the higher the rank and points.
     
    Points:
    Points are accumulated from other users who Praise or Disliked this users' posts.
    558
      Joined: 19 November 2002
      Posts: 550
     

How is your current car doing ?
Is its not falling apart, renew coe is the best.

If coe falls then just scrap it and can buy another car


Car is doing very well and minimum maintenance so far.
Have been driving the car since day 1 so i am fully aware of the car history.

Early 2013 is the deadline, so need to decide by then.
COE is drifting down, but unlikely to drop much by Early 2013.
1 Anonymous member praised this

#18

Posted 02 February 2012 - 01:01 AM

Wintersonata
  • THREAD STARTER
  • Premium member
    Wintersonata
    4th Gear
    The points of the user determines the rank. The higher the points, the higher the rank.
    Author Image
    The bar represents the rank and points of the user. The longer the bar, the higher the rank and points.
     
    Points:
    Points are accumulated from other users who Praise or Disliked this users' posts.
    558
      Joined: 19 November 2002
      Posts: 550
     

Well give up driving car 1st if u ask me. Wait another 2 or 3 years for COE to drop then buy agian.
No point paying so much to the gov & 2nd hand car quite risky u don't know y the previous owner wanted sell the car.
The defect cannot see by one day in test drive, depend on ur luck oso.


That's also a potential solution to just scrap, get PARF back and go BMW.
With 2 small kids and one more baby on the way, need to consider the inconveniences.

#19

Posted 02 February 2012 - 01:04 AM

Wintersonata
  • THREAD STARTER
  • Premium member
    Wintersonata
    4th Gear
    The points of the user determines the rank. The higher the points, the higher the rank.
    Author Image
    The bar represents the rank and points of the user. The longer the bar, the higher the rank and points.
     
    Points:
    Points are accumulated from other users who Praise or Disliked this users' posts.
    558
      Joined: 19 November 2002
      Posts: 550
     

If u want to renew, do it with 10 yrs COE. Your loss in parf value can spread out across 10 yrs. My advise is to renew COE than buying 2nd hand, if COE really drop in the next few yrs, u can scrap and get back higher paper value.


10 year COE based on current price is too much cash up-front.
Can't really take a car loan just for COE. Have to take more expensive personal loan.
Really not much difference whether it's 5 or 10 years.
Depreciation per year is the same, but the risk is that COE only drop from after the 5th year onwards.

#20

Posted 02 February 2012 - 01:07 AM

Wintersonata
  • THREAD STARTER
  • Premium member
    Wintersonata
    4th Gear
    The points of the user determines the rank. The higher the points, the higher the rank.
    Author Image
    The bar represents the rank and points of the user. The longer the bar, the higher the rank and points.
     
    Points:
    Points are accumulated from other users who Praise or Disliked this users' posts.
    558
      Joined: 19 November 2002
      Posts: 550
     

Old cars quite expensive to keep in s'pore. High road tax etc! Also you would not know when the old car will fall apart! What if you already renewed the COE for your old car, and it give major problem after 1-2 years then how?


2L car road tax is about $1.2k per annual.
Give it another 50% more, about $1.8k per annual, increase of $600 per annual.
Extending COE will need to factor in another $1k per annual for replacement.
But getting another used car with unknown history will also require certain amount set aside for maintenance.


Back to General Car Discussion  ·  Cars Top Reply to this topic
SgCarMart Quotz



Quick Reply



Tags: renew coe, coe, singapore coe and 2 more...

2 user(s) are reading this topic

0 members, 2 guests, 0 anonymous users