COE Bidding – 2nd Round of May 2018

[Spring]

i think bro @spring tried to start a thread for this purpose... somewhere...

 

I had asked for forumers input on which cars were better off with VES compared to the previous CEVS in Nov 2017 but not much feedback unfortunately. Jazz 1.3 and Mz2 are so far the only 2 cars I know which are better off under VES but this is for pre July 2018. I'm not sure of post July 2018 though.

 

 

http://www.mycarforum.com/topic/2706624-ves-2018/page-57?do=findComment&comment=6278586

[kdash]

I had asked for forumers input on which cars were better off with VES compared to the previous CEVS in Nov 2017 but not much feedback unfortunately. Jazz 1.3 and Mz2 are so far the only 2 cars I know which are better off under VES but this is for pre July 2018. I'm not sure of post July 2018 though.

 

 

http://www.mycarforum.com/topic/2706624-ves-2018/page-57?do=findComment&comment=6278586

we can try to crowdsource the info again after Jul 18, if LTA doesnt already have a consolidated list

[Heartbreakid]

Civic 1.8M, condition is ok, don't know Parf

OMV around 20k

Your ride is rather low mileage. At current COE price, renewing for 10 years will be more pocket friendly as the depreciation is still much lower than a new car.

[Ct3833]

Civic 1.8M, condition is ok, don't know Parf

OMV around 20k

Your PARF is $10k. Plus PQP $38k, you will need to pay about $48k to drive the car for 10 more years. Road tax yoy increase by 10% till it reaches 150% on the fifth year.

So depre alone would be $5k per year before repair cost. Comparing with a new civic, it should depreciate about $9k per year. You see if it worth the renewal.

If you will to renew COE, it is best go for 10 year to lower the annual depreciation. Another advantage is that if you choose to scrap your car 5 years later or so on, you will still get back the unused portion of COE. Contrarily , if you renew for 5 years, you will have no more option to extend the car life after the 5 years COE is due.

[Mann123]

That sounds reazonable. What about 3 years later and kanna red flag for high rpm emission test failure? Go back jupun?

Pls ask PI's or LTA about this. You need detailed technical information which i may not be able to provide.

[MQX87511]

Your PARF is $10k. Plus PQP $38k, you will need to pay about $48k to drive the car for 10 more years. Road tax yoy increase by 10% till it reaches 150% on the fifth year.

So depre alone would be $5k per year before repair cost. Comparing with a new civic, it should depreciate about $9k per year. You see if it worth the renewal.

If you will to renew COE, it is best go for 10 year to lower the annual depreciation. Another advantage is that if you choose to scrap your car 5 years later or so on, you will still get back the unused portion of COE. Contrarily , if you renew for 5 years, you will have no more option to extend the car life after the 5 years COE is due.

thanks for your information, looks like renew 10 years is more worthy

I don't know whether insurance is any difference of renewal COE car

[DACH]

my car COE going to end, mileage just 110k , at current COE circumstance,

dilemma in renew COE or scrap, if renew, 5 years or 10 years,

If buy new car, really there is not attractive car in market,

CRV-1.5T, even basic model price also very jialah, and only 2 Airbags,

Civic-1.5T, price also very jialah,

Civic-1.6NA, rather renew my existing 1.8M,

Renew 10 years.

[Citros]

my car COE going to end, mileage just 110k , at current COE circumstance,

dilemma in renew COE or scrap, if renew, 5 years or 10 years,

If buy new car, really there is not attractive car in market,

CRV-1.5T, even basic model price also very jialah, and only 2 Airbags,

Civic-1.5T, price also very jialah,

Civic-1.6NA, rather renew my existing 1.8M,

 

You could also sell it, probably can fetch 15k to 20k I think.  so if you renew, you lose the $15k, and add on COE of $38k, Depreciation would be $5.3k.  Still low, but consider also maintenance for a 10 year car compared to brand new with warranty for first 3 years.    If you like the look of your current car, then renew COE is way to go. 

[Lotr8445r]

You could also sell it, probably can fetch 15k to 20k I think. so if you renew, you lose the $15k, and add on COE of $38k, Depreciation would be $5.3k. Still low, but consider also maintenance for a 10 year car compared to brand new with warranty for first 3 years. If you like the look of your current car, then renew COE is way to go.

Coe car is having same fc as when it is new or similar fc as current 10 years newer technology car? Why this has never been taken into consideration when determine whether to renew a coe car?

[Ct3833]

thanks for your information, looks like renew 10 years is more worthy

I don't know whether insurance is any difference of renewal COE car

Premium of comprehensive insurrance for coe car is not any cheaper than that of a new car, so do expect to pay the same insurance premium as a new car. Alternatively, take up a third party Insurrance which does not cover the owner self-induced damaged. Edited May 24, 2018 by Ct3833

[Qaz20]

thanks for your information, looks like renew 10 years is more worthy

I don't know whether insurance is any difference of renewal COE car

Insurance not much diff

[Vinceng]

Civic 1.8M, condition is ok, don't know Parf

OMV around 20k

 

Renew Cat B COE at $38K, forgo PARF $10K, spend $5K to replace wear and tear parts = $53K  to drive for another 10 years.

 

I don't think you can get a new 1800cc car with such specs at such price.

Edited May 25, 2018 by Vinceng

[Ct3833]

thanks for your information, looks like renew 10 years is more worthy

I don't know whether insurance is any difference of renewal COE car

one more important point to take note, if you plan to renew COE , you must be prepard to drive the car for at least 5 years to max out the parf you write off. This is becauae if a coe car is sold 1 or 2 years down the road after coe renewal, market will not pay the prorated parf that has been written off, which could be a few $k depending on the parf and at which point a car is sold.

[Atrecord]

thanks for your information, looks like renew 10 years is more worthy

I don't know whether insurance is any difference of renewal COE car

 

Insurance is no difference for COE cars. In fact, i hope it's cheaper (although i didn't notice).

 

renew 10 yr is definitely more worthwhile than renew 5 yr - esp if your car is in good condition and can last longer than 5 more years. If you renew 5, then after that cannot renew anymore even if you want.

 

If you feel that COE will not fall lower than the current rate for the next 5 yr, then if:

- your car is good, can last beyond 5 more years

- after 5 yr you wanna change car

 

there is a decent chance you won't suffer excessive loss apart from the linear depreciation. There might still be buyer willing to pay pro-rated price of your (COE + forfeited parf), if the new cars are much more expensive.

[SiLangKia]

thanks for your information, looks like renew 10 years is more worthy

I don't know whether insurance is any difference of renewal COE car

 

Mine is a renewed FD1 auto, yes insurance is slightly cheaper (comprehensive) by about 100 compared to before COE renewal, so shld not be too much of a concern. 

 

If the car is ok, and you like it, renew. Just bear in mind that as the car ages, it will have some issues here and there, so one must prepare to send for maintenance, I usually buy parts from local stockists and bring into JB to change, much more cost effective     

[Jounetsu]

Civic 1.8M, condition is ok, don't know Parf

OMV around 20k

 

Based on your Civic 1.8 low mileage of 110,000km and COE for Cat B is similar to Cat A for now, it is feasible to renew the COE. 

 

I was contemplating to renew my Civic 1.6 as well. Because this FD model is very spacious with flat floor and looks good too. Very sayang to scrap. 

 

But after working out the sum, I went for the new Civic 1.6NA instead. Primarily.... current mileage is almost 180,000km. Need to do up Engine Mount, Suspension, Fan, Ceiling Cloth (pops out) and paint touch up etc. Also Road Tax will be higher every year and a tighter vehicle inspection. My current FC is high at about 10km/L; so hope to get around average of 12km/L (based on feedback) for the new Civic. If i renew, it would come to about $55K ($38K + $10K Parf + $7K Repair).

 

So i will be paying additional $46K for a new car, but get back about $10K if i drive till scrap. 5 years warranty is also a consideration. Of course, i will be paying more interest for the loan. Car is an expensive liability, buying new (and perhaps renewing) could possibly hedge against higher car prices in the future. I reckon in 5 to 7 years time, the Civic should be able to sell between $50K to $30K (respectively), if market conditions are good at that time.

 

If you really like your car and mileage & conditions are tip top, can consider to renew. Just to take note of the possible repair cost (if any) and the FC. If you are paying cash to renew; no additional interest will make it even more attractive. But advisable to renew for 10 years; if COE goes through the roof in future, your Civic could be in demand.  

 

 

https://www.straitstimes.com/singapore/transport/motorists-will-spend-longer-time-at-test-centres-with-stricter-inspection

[Ct3833]

one more important point to take note, if you plan to renew COE , you must be prepard to drive the car for at least 5 years to max out the parf you write off. This is becauae if a coe car is sold 1 or 2 years down the road after coe renewal, market will not pay the prorated parf that has been written off, which could be a few $k depending on the parf and at which point a car is sold.

You are very prudent in your spending. I do also buy parts myself, but not everytime a defectvie part would give obvious tell tale sign. I am curious, how do you know what part to buy when a problem cause is not obvious ?

[Selanking]

thanks for your information, looks like renew 10 years is more worthy

I don't know whether insurance is any difference of renewal COE car

Few months back I was in the similar situation as you.

My previous ride is fd2, thinking renew 10 years COE or new car, compare the cost of the renew COE car and new car( civic1.5t and mz6), the difference is 3 to 4K per year.

I was considering for quite long and can't make the decision, until one day my car was breakdown at Jb evening before enter Jb custom, I decided to buy new car.

Just my own experience, at the end of day, u are the one to make the call.

You could also sell it, probably can fetch 15k to 20k I think. so if you renew, you lose the $15k, and add on COE of $38k, Depreciation would be $5.3k. Still low, but consider also maintenance for a 10 year car compared to brand new with warranty for first 3 years. If you like the look of your current car, then renew COE is way to go.

I had tried sell my fd2 which left 4 months, very difficult to get the right price. Majority are low ballers, someone even offered low than my scrap value.

I feel car left few months nowadays difficult to sell.