COE Extension, Buy used/new car, Take bus?

[mixedccr]

There is a previous discussion, but the individual situation is different so the advice could be different.

52 year old guy middle income owning a 2008 Sti purchased new in 2009 at $124,000. The COE was $12,901 at that time ... Last year, i "blew up" the engine [thats another story] at a cost of $22,000. So the entire block is new, rad, air con compressor .... I honestly don't think i can afford the same "kind" of car at todays prices and although i drive to work everyday, driving is a hobby to me rather than a necessity. So perhaps from an "approaching retirement" point of view, what do you guys think?

[Andyngps]

Stash your money aside to go into property when time is right. If you already have plenty of reserves, but a 2010/11 sti to continue enjoying your driving.

[evidence]

There is a previous discussion, but the individual situation is different so the advice could be different.

52 year old guy middle income owning a 2008 Sti purchased new in 2009 at $124,000. The COE was $12,901 at that time ... Last year, i "blew up" the engine [thats another story] at a cost of $22,000. So the entire block is new, rad, air con compressor .... I honestly don't think i can afford the same "kind" of car at todays prices and although i drive to work everyday, driving is a hobby to me rather than a necessity. So perhaps from an "approaching retirement" point of view, what do you guys think?

Drive an opc car... Since its a hobby n not a necessity

[Ingenius]

2008 still have three years to go. Status quo then.

[Coolpica]

Not worth to sell, since u have spent $22k on the new parts last year. Drive till COE expires.

[Thaiyotakamli]

Last year u spent 22k on the engine, then u shud continue to drive another 3 years

[Azzurro]

Should just keep driving and decide later. 3 years is a long time. Consider that you have just rebuilt the engine for 22k, selling now would not gain much profit.

 

3 years later you should be more worried planning a comfortable retirement income rather than whether or not buy another car.

[Kangadrool]

Enjoy fully your current car while it lasts. Meantime, save $$$ for next car. Pick one small simple manual car for driving pleasure rather than showing off piece.

 

 

[Matrix0405]

Buy a new car in June as COE will ease a little. Maybe update the image with a Kia Koupe, it is a 'younger' car, and maybe u can feel 25 yo again. YOLO.

 

 

[NightWind]

Your coe is 2009? U have afew years left on your ride. I m in same situation. As u already replaced much of the engine, try to hold it n just extend the coe when it expires.

 

Cars r built to last for decades, its only in singapore that the coe tags an artificial 10yr lease on it.

 

There is a previous discussion, but the individual situation is different so the advice could be different.

52 year old guy middle income owning a 2008 Sti purchased new in 2009 at $124,000. The COE was $12,901 at that time ... Last year, i "blew up" the engine [thats another story] at a cost of $22,000. So the entire block is new, rad, air con compressor .... I honestly don't think i can afford the same "kind" of car at todays prices and although i drive to work everyday, driving is a hobby to me rather than a necessity. So perhaps from an "approaching retirement" point of view, what do you guys think?

[Shadowdad]

Your coe is 2009? U have afew years left on your ride. I m in same situation. As u already replaced much of the engine, try to hold it n just extend the coe when it expires.

 

Cars r built to last for decades, its only in singapore that the coe tags an artificial 10yr lease on it.

 

 

At your age, once you are out of job ( and very high chance when company want to cut cost), it is very difficult to get employ again. If yoy still have mortage to pay, spent your money to pay it up. Once you settle the mortage and still have cash to spent, put some for retirement, and if still have money to spent then you can consider buying that new car. Cheer ..

[Civic6228]

2009 ???? Another 3-4 years to go .... I would not even bother about it now ....

 

But if COE drop to 30k range, I would consider ... extending the COE.

[Watwheels]

A few of the ppl I know at this age usually stop driving and find opportunity to invest their money. When they have made good returns they would save it for future use. Even if they had made excess the most they would spend is in a small used car. For me I would likely do the same.

[efssc]

There is a previous discussion, but the individual situation is different so the advice could be different.

52 year old guy middle income owning a 2008 Sti purchased new in 2009 at $124,000. The COE was $12,901 at that time ... Last year, i "blew up" the engine [thats another story] at a cost of $22,000. So the entire block is new, rad, air con compressor .... I honestly don't think i can afford the same "kind" of car at todays prices and although i drive to work everyday, driving is a hobby to me rather than a necessity. So perhaps from an "approaching retirement" point of view, what do you guys think?

 

Since you're coming from an "approaching retirement" point of view, then the question you first need to ask yourself is; how soon, and how ready are you for retirement?

 

Then the second question you need to ask is, for how much longer, especially after you've actually retired, do you intend to keep driving, and how frequently?

 

Since your current COE expires in 2019, let's use that as a benchmark.

 

Will you be retired by then? if not, then how many years more do you think you'll keep working? And would you still be driving as much as you do by then?

 

If finances (including retirement nest egg) is no issue, and you see yourself still actively driving for more than 10 ~ 13 years to come, then getting a new car is definitely a worthy option.

 

If you still have some way to go in terms of being financially ready for retirement, then maybe throwing money into a new car is not the wisest option for you right now.

 

And if you do not see yourself driving as much as you do in the coming years, and you just had a new engine put in your current ride with everything else in good condition, then an extension is definitely well worth the consideration.

 

Personally I am not inclined towards 2nd hand cars so I won't include that as an option (I never had any luck with pre-owned, I seem to attract a lot of lemons for whatever reason), but if it works for you by all means count it in as an alternative.

 

Like you, I'm getting ready for my retirement, ETA 10 years from now. My current COE is expiring soon so I'm looking at getting a new car (my current car is not in bad shape but it's not top notch by any means either). And I do plan on driving even after retiring, though I anticipate doing it a lot less (mainly just for grocery shopping and the occasional visits to family or friends). So my next car which I am looking for right now should ideally be able to last me through the next 15~20 years, so that when the new COE expires in 10 years, I can extend it and drive for another 5 to 10. After that it'll purely be buses and trains with my senior citizen card.

Edited February 9, 2015 by efssc

[Roh96]

TS, I think you have answered your own questions.

1) you cannot afford a new car of same performance at today's price.

2) you enjoy driving a performance car.

3) you are approaching retirement

4) you spent $22K rebuilding the engine of your STI.

 

Well, I think the choice is obvious lah. Drive your STI till COE expired, if you still find it hard to afford a new performance car by 2019, renew COE lor.

 

[Forte3737]

There is a previous discussion, but the individual situation is different so the advice could be different.

52 year old guy middle income owning a 2008 Sti purchased new in 2009 at $124,000. The COE was $12,901 at that time ... Last year, i "blew up" the engine [thats another story] at a cost of $22,000. So the entire block is new, rad, air con compressor .... I honestly don't think i can afford the same "kind" of car at todays prices and although i drive to work everyday, driving is a hobby to me rather than a necessity. So perhaps from an "approaching retirement" point of view, what do you guys think?

Do you have kid? If they are good, they can give u a certain amount every month for your expenses

[Complexkid]

There is a previous discussion, but the individual situation is different so the advice could be different.

52 year old guy middle income owning a 2008 Sti purchased new in 2009 at $124,000. The COE was $12,901 at that time ... Last year, i "blew up" the engine [thats another story] at a cost of $22,000. So the entire block is new, rad, air con compressor .... I honestly don't think i can afford the same "kind" of car at todays prices and although i drive to work everyday, driving is a hobby to me rather than a necessity. So perhaps from an "approaching retirement" point of view, what do you guys think?

[Pms]

Keep the car, give it a new coat of paint and there you go. Good as new.