Wintersonata Clutched January 31, 2012 Share January 31, 2012 (edited) 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 value5 yrs COE at ~$25k at 50% off (No loan, full cash)Increasing road tax every yearPotentially high maintenance costEstimate depreciation of about $5k (COE) + $3k (OMV) + $1k (potential maintenance) = $9kIf 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 January 19, 2015 by pChou ↡ Advertisement 3 Link to post Share on other sites More sharing options...
Wintersonata Clutched February 1, 2012 Author Share February 1, 2012 Any ideas? Thanks in advance. 1 Link to post Share on other sites More sharing options...
SimonTan 2nd Gear February 1, 2012 Share February 1, 2012 Money wise....always better to keep old cars. 3 Link to post Share on other sites More sharing options...
Unfair 3rd Gear February 1, 2012 Share February 1, 2012 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 3 Link to post Share on other sites More sharing options...
Richard_Peh 1st Gear February 1, 2012 Share February 1, 2012 (edited) 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 February 1, 2012 by Richard_Peh 3 Link to post Share on other sites More sharing options...
Richard_Peh 1st Gear February 1, 2012 Share February 1, 2012 (edited) wrong post Edited February 1, 2012 by Richard_Peh 1 Link to post Share on other sites More sharing options...
Old-driver 5th Gear February 1, 2012 Share February 1, 2012 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 3 Link to post Share on other sites More sharing options...
Mockngbrd Supersonic February 1, 2012 Share February 1, 2012 (edited) 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 February 1, 2012 by Mockngbrd 2 Link to post Share on other sites More sharing options...
Bomby929 1st Gear February 1, 2012 Share February 1, 2012 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. 3 Link to post Share on other sites More sharing options...
13177 Supersonic February 1, 2012 Share February 1, 2012 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 Link to post Share on other sites More sharing options...
Steptronic Supercharged February 1, 2012 Share February 1, 2012 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 Link to post Share on other sites More sharing options...
Roh96 6th Gear February 1, 2012 Share February 1, 2012 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 Link to post Share on other sites More sharing options...
Richard_Peh 1st Gear February 1, 2012 Share February 1, 2012 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? Link to post Share on other sites More sharing options...
Steptronic Supercharged February 1, 2012 Share February 1, 2012 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 Link to post Share on other sites More sharing options...
Soya Supersonic February 1, 2012 Share February 1, 2012 Any ideas? Thanks in advance. depends on what car. if it's a sonata, better to take the $$ and scrap. 2 Link to post Share on other sites More sharing options...
Audioniche 1st Gear February 1, 2012 Share February 1, 2012 My suggestion is sell and do long term rental. Could be better for the pocket in long run since COE is rocket high now. 3 Link to post Share on other sites More sharing options...
Wintersonata Clutched February 1, 2012 Author Share February 1, 2012 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 Link to post Share on other sites More sharing options...
Wintersonata Clutched February 1, 2012 Author Share February 1, 2012 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. ↡ Advertisement 1 Link to post Share on other sites More sharing options...
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