COE bidding - 2nd round of Feb 2017 delayed with change

[TangoElite]

new Ody owner here too! but didnt manage to get COE the last round, needa wait till 8th march now. anyway where can i join the club and forum? doesnt seem too active haha

 

 

i think next round very very high chance for you bro

 

next round we all come and support you   

 

 

 

i also no idea about where to find the SG Ody club, yes like no action there.  

 

so i guess will be using MCF Ody thread but here like no action from the old birds. 

think we new birds have to contribute and share our experience our selves

CAT B CIVIC

 

 

woot, nice car.

 

turbo and iVTEC kick in yo!

 

next round we also come in and support you too!!   

Edited February 27, 2017 by TangoElite

[Wyfitms]

Actually what's wrong with waiting for economic crisis before buying? If I am indeed hit hard, then won't it be much worse if I had bought when times are good?

Lol

Exactly the same weird thinking ppl have about not buying a condo at 700psf during recession cos not safe

But 1200 psf for the same condo during good times is ok

I scratch my head cos they would be taking 30 yr loan in both cases

[Atrecord]

Hi Arch1984,

 

You got a point there that the trade in value of 39K seems to have gone missing in my calculation.

 

When SKtan10 noted that he got back 11K, I took it to mean that when he redeemed his 6-year flat rate loan early he ended up paying 11K less than what he would have to pay if the loan were not redeemed earlier. So total he ended up paying for his 2003 car = 20K (down payment) + 48K (loan principle) + 48K * 2% * 6 (total interest for 6-year) - 11K (amount he got back when redeeming the loan earlier) = 62.76K.

 

When he purchase his 2006 car at 46K and traded in his old car at 39K he mentioned he paid 10K down payment and then take 36K loan for 5 year. Now I think about it this math does not make sense as 46K - 39K is only 7K ... Unless he was cashing out and the 36K loan money went to him to put in the bank or other use (i.e. Not to pay the car dealer). In which case a further 36K would have to be deducted from the total amount which would then = 111.36K - 36K = 75.36K over 13 years = 5.80K/year depreciation ... A very good deal indeed.

If this is the case then I stand corrected. 

 

I applaud your efforts at trying to compare whether it's better to drive a car all the way to scrap, or to change car half way. I had tried myself too, and it was rather inconclusive, as there is always the question of when do you 'end', and how to do you factor that part in for an 'apple to apple' comparison.

 

If you take 2003 car drive 10 yr, then what happens after 2012? Buy another car and drive 10 more yr to 2022?

Then comparing it with switching car in 2006, same question: drive 10 yr till 2015? And from there 10 more yr to 2025? Need to factor in the 3 yr difference - and i'm not sure how to do that...

[plim8888]

i think next round very very high chance for you bro

 

next round we all come and support you

 

 

 

i also no idea about where to find the SG Ody club, yes like no action there.

 

so i guess will be using MCF Ody thread but here like no action from the old birds.

think we new birds have to contribute and share our experience our selves

 

 

 

woot, nice car.

 

turbo and iVTEC kick in yo!

 

next round we also come in and support you too!!

Talking about Ody forum (may be I should bring this to another thread ... But where?). I like the Ody overall but do find quite a bit of engine noise invading the cabin especially when revved hard.

 

Any thought on good effective soundproofing that does not interfere with the 5 year warranty?

 

What about paint protection system (PPS)? Since I ended up paying extra $$$ to get the Carnelian Red Pearl, perhaps I should protect it. Which product would you recommend? Something that will effectively keep original showroom wet look shine for years with minimal maintenance? I have read about cQuartz, Ceramic Pro etc ... At a loss how to decide. Thoughts? Experience?

[Teo1606]

new Ody owner here too! but didnt manage to get COE the last round, needa wait till 8th march now. anyway where can i join the club and forum? doesnt seem too active haha

Is this your first bid?

[Atrecord]

LOL ..... most ppl want low COE, no? Anyone wish for economic crisis can have it, but no for me.

 

Any taker for more fruity pastries?

 

I know of people who holds cash, and are just hoping for some big crisis, then they go in and buy ....

 

 

 

 

 

 

 

 

 

 

 

not car, as this one will only lose $$,

 

 

but house that can then help them to make more $$...

[Dspoh]

Lol

Exactly the same weird thinking ppl have about not buying a condo at 700psf during recession cos not safe

But 1200 psf for the same condo during good times is ok

I scratch my head cos they would be taking 30 yr loan in both cases

 

Its always the fear of unknown that drove price up or down. IMO the best time to find good deals is when times is bad, where everyone stand clear of it. ie housing, stocks or cars.

So at good times, save up. At bad times, its harvest time.  

[Lincoln]

In 2016, 29k renewed their COEs

In 2016, 87k purchased new cars

 

Looks like we are saying renew is using head and some says its bo bian. While buying new is using heart and some says its bo chap, no need to count peanuts.

 

The ratio is 1:3

 

Each camp is fairly big. Using heart is winning at the moment becos COE is high. However, when COE is lower, perhaps those who are using head will join them in the "buy new" camp!

Edited February 27, 2017 by Lincoln

[Tianmo]

有钱就任性，没钱就认命. 

 

those got some cash for the car will use their heart, those otherwise will always say use their head. 

 

I am actually quite glad i am poor, because it forces me to stay clear and use my head many times. If i had been rich, i would have made alot of impulse buy govern by my heart.     

[flashbang]

Lol

Exactly the same weird thinking ppl have about not buying a condo at 700psf during recession cos not safe

But 1200 psf for the same condo during good times is ok

I scratch my head cos they would be taking 30 yr loan in both cases

This is fear and to be expected especially if no savings and job security is question mark. Who dare to buy 700psf knowing next day could be retrenched? Only if got sufficient savings or iron rice bowl then can be daring.

[Enye]

æé±å°±ä»»æ§ï¼æ²¡é±å°±è®¤å½.

 

those got some cash for the car will use their heart, those otherwise will always say use their head.

 

I am actually quite glad i am poor, because it forces me to stay clear and use my head many times. If i had been rich, i would have made alot of impulse buy govern by my heart.

瑜瑜 it is ok to be rich

 

 

but not ok to act poor

 

@sunny say one

 

 

[Tianmo]

瑜瑜 it is ok to be rich

 

 

but not ok to act poor

 

@sunny say one

 

 

[Vratenza]

So say the 700k elite.....

 

 

瑜瑜 it is ok to be rich


but not ok to act poor

@sunny say one

[Kusje]

This is fear and to be expected especially if no savings and job security is question mark. Who dare to buy 700psf knowing next day could be retrenched? Only if got sufficient savings or iron rice bowl then can be daring.

 

Point is that same fellow buying at 1200 psf is still the same fellow who could be retrenched the next day when times are bad....

[Sunny]

瑜瑜 it is ok to be rich

 

 

but not ok to act poor

 

@sunny say one

 

 

[flashbang]

Point is that same fellow buying at 1200 psf is still the same fellow who could be retrenched the next day when times are bad....

 

All things equal, good economic times are still more favourable. Even if retrenched, likely to be able to find another job within a short period of time if the person has good skills and experience. During economic downturn, more companies firing than hiring, have to fight with many people for a job.

 

When discussing in theory anything is possible but when it comes to the real life hell who dare to do what they planned? If it were so easy in real life everyone would be millionaires after 2008 GFC... reality is that only some profited from GFC, most rode it out, and some got totally burned. Even if ask me do I dare to buy stocks and property when whole market is crashing, now in good times I tell you confirm whack all my cash and reserves in, but in real life when next crisis come I may humji again....

[mcflhw]

All things equal, good economic times are still more favourable. Even if retrenched, likely to be able to find another job within a short period of time if the person has good skills and experience. During economic downturn, more companies firing than hiring, have to fight with many people for a job.

 

When discussing in theory anything is possible but when it comes to the real life hell who dare to do what they planned? If it were so easy in real life everyone would be millionaires after 2008 GFC... reality is that only some profited from GFC, most rode it out, and some got totally burned. Even if ask me do I dare to buy stocks and property when whole market is crashing, now in good times I tell you confirm whack all my cash and reserves in, but in real life when next crisis come I may humji again....

Agree, instead of waiting for economy crash, we can always balance our income and spending. If affordable, 10k coe is not an issue, otherwise try not make your life harder. Wisdom is about balancing, enjoy our short lives.

In the current climate, if owner have mentality of car as a transport point A to B, renewing COE will always be a most cost effective solution. Renew on a "correct car" will always be cheaper den buying brand new car ( in current climate ). Of cos, if pocket permits, spend a bit more for the "brand new smell of a brand new car". Brand new altis at $100k, how much does a renewed altis cost ?? Factor few thousand for maintenance and repairs! Easily, massive savings in the pocket!! Can buy another car lor!!! Haha

 

Singapore is the only country where cars have a 10-year life span. And, sad to say, be it for face values or "mentality", there is a large numbers of sinkies who can't "swallow" driving a COE renewed car. Car is a depreciating asset!! Of cos when brand new cars were $50-80k for bread & butter models, it's a no brainer choice!!

 

Japanese makes and reliable conti's ( mercedes etc..) can easily last 15-20 years with correct preventive servicing / repairs. I know of people driving a 1996 Mercedes German tank and even more reliable den some newer and younger japanese cars. The car starts everyday without fail!! Don't forget, newer cars comes with newer technology and electronics. Repairs will be more costly and more implications. Designers always design in a way to "take care of their own pockets"!!

 

Fact is a fact, if pocket allows..always car buy new car. New car is more for convenience. Of cos, will need to pay more for the car!!

Good opinions, seeing a lot of renewal, basically if car conditions are OK, why not drive another maybe five years. One question, cont car should be more reliable than Jap car after 10 years, am I right?

[therock]

http://www.straitstimes.com/singapore/transport/coes-extended-for-record-number-of-vehicles

 

 

Certificates of entitlement (COE) for a record 44,303 vehicles were revalidated last year, with cars making up the bulk of the extensions.

The latest data released by the Land Transport Authority (LTA) showed 29,531 car COEs, 8,850 commercial vehicle COEs and 5,922 motorcycle COEs were revalidated last year.

This exceeded the previous record in 2007, when COEs for 33,339 vehicles - close to 90 per cent being commercial vehicles - were revalidated.

That phenomenon followed a crash in commercial vehicle COE premiums when the market was not ready for a new emission standard and sales plunged. Fleet owners rushed to revalidate their COEs when the premium hit $1 for six consecutive tenders in early 2007.

Last year's record was partly fuelled, ironically, by high COE prices. Mr Ron Lim, general manager of Nissan agent Tan Chong Motor, said: "Car owners were expecting COE prices to come down, and they were buying time."

 

 

Indeed, the LTA figures showed that more than three-quarters of car COE revalidations were for five-year periods. COE revalidations can be done for either five or 10 years. For cars, five-year revalidations cannot be further extended, but those for 10 years can.

Mr Lim noted: "Most of the revalidations happened in the first half, before the car loan restrictions were relaxed."

The Monetary Authority of Singapore eased car loan curbs in May.

Last year's record figure - representing nearly one-third of vehicles which had turned 10 years old in 2016 - dovetails with an ageing vehicle population.

Motorists are keeping their cars a lot longer than before. Today, 44 per cent of cars are between seven and 10 years old, versus merely 2 per cent a decade ago.

Observers see the trend continuing. Car dealers pointed to models which qualified for the Green Vehicle Rebate and the Carbon Emissions-based Vehicle Scheme as prime candidates for revalidation.

These cars will have low or negligible scrap rebate.

"The opportunity cost for owners who are considering revalidation will be low," noted Mr Lim.

Mr Norman Lee, honorary general secretary of the Singapore Motorcycle Trade Association, said the recently announced tiered taxation for big motorbikes will also fuel revalidation.

Motorcycles are not entitled to a scrap rebate, so Mr Lee said owners of big motorbikes will definitely be more inclined to renew COEs to keep their far costlier rides for a longer period.

Motorists are more open to keeping their cars beyond the 10th year today than before.

Pilot Alex Puah, 39, said he is considering revalidating the COE for his Toyota Sienta when it expires next year. "It is a lower cost than buying a new car," he said. "If the COE drops to $40,000 or less, I will renew."

Mr Puah said the cost of revalidation has to be reasonably low, so as to offset the higher cost of keeping a car beyond 10 years.

"Maintenance, road tax and even insurance will be higher," he reasoned.

Business owner Andy Goh, 48, who runs an electrical consultancy, is, on the other hand, hoping commercial vehicle COE premiums will plunge this year. "If they do, I will scrap my high-COE van and get a new one," he said.

The COEs of more than 13,000 commercial vehicles will be expiring by next month.

Mr Lim of Tan Chong said: "Even if one-third are scrapped, it will result in 4,000 fresh COEs coming back into the system. That is four times the current supply. It will be interesting to see what happens."

 

 

We may see more breakdowns, and cars with battery issues that we have never seen before?

Exploding old batteries?

Leaks?