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46 replies to this topic | 26 praises

#1

Posted 22 August 2015 - 10:48 AM

Heluim
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Hi all,

 

I would like to check and discuss on this topic.

 

Mitsubishi Lancer GLX CS3 MANUAL, due 2016 October..

 

Is it better to sell your car 6 months before due date or just drive till end of 10 years and scrap?

 

I heard is better to sell 6 months before scrap date, you will have a much higher value... 

 

Come lets discuss!

Cheers


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#2

Posted 22 August 2015 - 12:47 PM

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From my understanding, it is only good if your car is more than one year left, due to the car loan concern.

You can only look at direct sellers who are keen on full payment.

 

If you are a 2nd hand car dealer, how much will you offer on your car left six months?

It is pretty clear that they will accept trade-in and offer you based on scrap value and maybe top a little on the body value about 200$-500$?

 

There isn't much to discuss actually. Drive till scrap unless you are feeling rich to change now.


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#3

Posted 22 August 2015 - 02:09 PM

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Hi all,

 

I would like to check and discuss on this topic.

 

Mitsubishi Lancer GLX CS3 MANUAL, due 2016 October..

 

Is it better to sell your car 6 months before due date or just drive till end of 10 years and scrap?

 

I heard is better to sell 6 months before scrap date, you will have a much higher value... 

 

Come lets discuss!

Cheers

 

I feel Manual cars might fetch a slightly lower value. Anyway I found out that car insurance coverage is minimum 7 months. Also if you sell to dealer, they will likely give you rock bottom price and then resell it with a profit. If you sell direct, you have to be free to entertain lots of queries, among them lots of dealers.

I drove my last car to one day before end of COE and scrap.

Just sharing....


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#4

Posted 22 August 2015 - 02:33 PM

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oh ic.. but how come i heard people saying if u scrap 6 months before due date, u will get back close to the full OMV, while u scrap at the point of expiry u can get only the parf plus abit only..



#5

Posted 22 August 2015 - 02:39 PM

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oh ic.. but how come i heard people saying if u scrap 6 months before due date, u will get back close to the full OMV, while u scrap at the point of expiry u can get only the parf plus abit only..

 

Kind of think PARF rebate depends on how many years left rather than months... think 6 months only adds like 5% OMV? I'm probably wrong leh.
 
When you scrap at expiry you get 0 of COE return. They give you PARF rebate and maybe you get some body value money. If a Mercedes E-class body can be $2, I don't know what a Lex GS will be... [hur]
 
Alternatively you can enquire your exact current paper value (PARF + COE) and sell to someone looking for an interim ride here!

As long as your price is reasonable, someone will not mind taking your car for 4~6 months.


Driving car, not funny, bid for car with COE, ERP, road tax, PARF until you want to barf

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#6

Posted 22 August 2015 - 05:19 PM

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PARF value goes by year, you get the same PARF rebate whether you scrap on day 1 of the 9th year or last day of COE. But if you scrap earlier you will get more prorated COE
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#7

Posted 22 August 2015 - 09:19 PM

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Selling to dealer will most likely get you just the paper value (and most likely they deduct 2% because "hey, I have to come out cash for your PARF.... you scrap yourself you have to wait a few months, you know... ")

 

And I don't think they will refund you the residual road tax, let alone body value.

 

And after a while, you will see your car being sold in SGCM with a brand new 5-year COE with high mark up.



#8

Posted 01 April 2016 - 08:49 PM

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Hi all,

I will buy a new car within 1yr,
But can't decide to renew Coe or buy left one yr civic or to rent car for one yr

damm sian when KM sales supervisor say new 2016 civic wil cost 120-130k at current Coe levels

Apr PQP is 47,500
My parf is 10.3k.

If renew 10yrs is 57,800
depreciation is 5,780 (if drive entire 10yrs)

If renew 5yrs is 34,050
depreciation is 6,810 (if drive entire 5yrs)

depreciation of a left one yr civic is fr 10k+ onwards…

Pros of renew 10yr is lower depr compared to renew 5yr.
Cons of renew 10ys is harder to sell coz higher upfront cost for buyers

Since I will buy a new car within 1yr, should I scrap & buy a left one yr civic?
Or renew coe? If renew, should renew 5 or 10yrs?
Or rent car for one yr?

many tks

Current ride: Civic FD1manual
Registered 26 Apr 2006
original Kah Motor fitted Mugen Kit
123,000km
Scrap body value estimated $500 - 1000+ ?

Edited by Athrin, 01 April 2016 - 09:01 PM.

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#9

Posted 01 April 2016 - 08:57 PM

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Manual..... MTL...., renew COE. :D



#10

Posted 01 April 2016 - 09:23 PM

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Since I will buy a new car within 1yr, should I scrap & buy a left one yr civic?
Or renew coe? If renew, should renew 5 or 10yrs?
Or rent car for one yr?

 

 

SINCE I WILL BUY, you oready state your decision, why ask here shd renew 5 or 10 yrs coe and do comparison table?

 


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#11

Posted 01 April 2016 - 09:33 PM

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Why not you give the korean a try.  I did it and it is OK.

 

I bought a lot of diagnostics,in the end, everything turn out OK.

 

 

 

Hi all,

I will buy a new car within 1yr,
But can't decide to renew Coe or buy left one yr civic or to rent car for one yr

damm sian when KM sales supervisor say new 2016 civic wil cost 120-130k at current Coe levels

Apr PQP is 47,500
My parf is 10.3k.

If renew 10yrs is 57,800
depreciation is 5,780 (if drive entire 10yrs)

If renew 5yrs is 34,050
depreciation is 6,810 (if drive entire 5yrs)

depreciation of a left one yr civic is fr 10k+ onwards…

Pros of renew 10yr is lower depr compared to renew 5yr.
Cons of renew 10ys is harder to sell coz higher upfront cost for buyers

Since I will buy a new car within 1yr, should I scrap & buy a left one yr civic?
Or renew coe? If renew, should renew 5 or 10yrs?
Or rent car for one yr?

many tks

Current ride: Civic FD1manual
Registered 26 Apr 2006
original Kah Motor fitted Mugen Kit
123,000km
Scrap body value estimated $500 - 1000+ ?

 


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#12

Posted 02 April 2016 - 08:38 AM

Karoon
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if car still good why scrap now?

 

drive till the end and make your decision when current coe finish. COE might drop more by then.

 

especially dun understand why you want to scrap and then buy a 9 years old civic. For a start the maintenance costs might wipe up all theoretical savings.


Edited by Karoon, 02 April 2016 - 08:39 AM.

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#13

Posted 02 April 2016 - 08:59 AM

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if car still good why scrap now?

drive till the end and make your decision when current coe finish. COE might drop more by then.

especially dun understand why you want to scrap and then buy a 9 years old civic. For a start the maintenance costs might wipe up all theoretical savings.

He wants to buy the new model civic which will only come towards the year end or early next year. His car is due on 25april 2016. So need a car to bridge till next year. So either buy a used car or renew. Simple?

#14

Posted 02 April 2016 - 10:42 AM

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Why not uber for a year and take a wait see approach? Shld Coe fall within your expectation in, say, July, u can immediately enter new car. If Coe continues, u can still wait till December.

If Coe holds steady till next year, u can still buy next year. I believe the cost of uber will not outweigh the cost of renewal along with the problems later of selling. If scrap, u lose $10k parf. I rather use this $10k parf on uber to wait and see
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#15

Posted 02 April 2016 - 10:48 AM

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Hi all,

I will buy a new car within 1yr,
But can't decide to renew Coe or buy left one yr civic or to rent car for one yr

damm sian when KM sales supervisor say new 2016 civic wil cost 120-130k at current Coe levels

Apr PQP is 47,500
My parf is 10.3k.

If renew 10yrs is 57,800
depreciation is 5,780 (if drive entire 10yrs)

If renew 5yrs is 34,050
depreciation is 6,810 (if drive entire 5yrs)

depreciation of a left one yr civic is fr 10k+ onwardsâ¦

Pros of renew 10yr is lower depr compared to renew 5yr.
Cons of renew 10ys is harder to sell coz higher upfront cost for buyers

Since I will buy a new car within 1yr, should I scrap & buy a left one yr civic?
Or renew coe? If renew, should renew 5 or 10yrs?
Or rent car for one yr?

many tks

Current ride: Civic FD1manual
Registered 26 Apr 2006
original Kah Motor fitted Mugen Kit
123,000km
Scrap body value estimated $500 - 1000+ ?

Your mileage is Low and for a manual transmission Honda, your ride will be sought after. Why not just renew Coe for 10years? And dun buy a new car, your depreciation is less than $6k where to find in this market. Even cheapest Mitsubishi will cost more than $7k pa in depreciation.

#16

Posted 05 April 2016 - 05:35 PM

Athrin
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Hi all,

 

tks for all your advice.

 

Due to work, I'm required to drive...

otherwise I know probably d best option for my situation of I will buy a new car within 1yr

will be to scrap my current car & take public transport until COE is within budget...

 

May i ask what's the cost difference between long term renting a car & doing Uber?

 

Don't think my company will allow me to do Uber...

 

thanks in advance



#17

Posted 05 April 2016 - 05:38 PM

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What job need you to drive your car?

#18

Posted 05 April 2016 - 06:26 PM

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Scrap and try living without car for a while. I have 2 relatives who scrapped their cars and never buy immediately cuz waiting for COE to drop(that was when COE around 70-80k period). Within a few weeks, they decided that car isn't a need and will continue taking public transport until they feel like spending money. Lol.



#19

Posted 05 April 2016 - 06:53 PM

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Seriously 120-130k for a civic u willingly to pay huh? I will not.

#20

Posted 05 April 2016 - 07:28 PM

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Hi BenTong,

im doing corporate sales, with proper planing can see clients in one or two district per day

eg cover north on mon, south on tue, east on wed, west on thu & central on fri...

hence my mileage is only 123k for an almost 10 yrs old car...

 

Hi Nzy,

I cant scrap and try living without car coz it's my work requirement...

 

Hi Camrytron,

i agree with u, 120-130 for a civic is an overkill.

Any suggestions? Mazda 3 etc?

 

 

 

 


Edited by Athrin, 05 April 2016 - 07:34 PM.



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