Should I scrap my 3 year old Cat A car?

[kennyyy]

Thank you so much. This will also be the most convenient scenario.

 

I'm comparing against u buying a Note now and keeping ur current Attrage:-

 

1) U buying Nissan Note

 

U bought at 84K, now lets say sell abt 50K. U loose 34K. Lets say u get a better price and end up loose only 30K (within 3yrs). 1 yr u loose 10K.

 

Irregardless wat car u buy, u must add another 30K into ur Car price into ur this decision. E.g Nissan Note now 64K, so u must add 30K. So nw u r actually buying ur Note at 30+64 = 94K.

 

2) U keeping ur current Attrage

 

Ur depreciation shld be abt 7K+ bah. Tats it. 

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Therefore, its $ vs liking. If u r cash tight, then better keep ur car. But if u r not cash tight (gt some extra cash or comfortable cash) and like the Nissan note alot, Y not, go for it 

[Wildfaye29]

Haha, its like tat one mah. This is S'pore. No choice one.

 

Last time my Avante 2009, bought at $37K, new car basic model. Coe was $5K. So the car itself $32K tio-bo.

Nw coe 25K, Elantra basic model $74K. So the car itself $49K. Makes sense bo? Dun make sense rite.

 

But, no choice, its like tat one. We still need to buy car.

$37k new. Normal?

 

If OPC means $20k?

 

Slurp slurp slurp.

 

If 2019 for drop to 10k. I will renew coe!

Edited July 10, 2018 by Wildfaye29

[Mann123]

Haha, its like tat one mah. This is S'pore. No choice one.

 

Last time my Avante 2009, bought at $37K, new car basic model. Coe was $5K. So the car itself $32K tio-bo.

Nw coe 25K, Elantra basic model $74K. So the car itself $49K. Makes sense bo? Dun make sense rite.

 

But, no choice, its like tat one. We still need to buy car.

 

Bro last time was hard recession time in 2008-09 and used car market was flooded by cars. Maybe car dealers had to reduce the margin to make people buy new cars. Maybe OMV was also lower for Avante at that time (not sure)

 

Today Car dealers have adjusted prices as per 30K COE, not 25K COE as they are expecting rebound. Since last decade Inflation, rental, staff wages, and other expenses have also increased. 

 

yes, we do not have the choice and need to buy the car, dealers monitor the market and adjust their price as per demand, supply and brand value (Toyota :p)

But it'll be worth while for people who're upgrading to a more premium ride than the current car the owner is driving now.

 

Yes sale cheap, buy cheap and upgrade to the better ride.  Buyer, Dealer, Bank all happy happy :)  

[kennyyy]

$37k new. Normal?

 

If OPC means $20k?

 

Slurp slurp slurp.

 

If 2019 for drop to 10k. I will renew coe!

 

$37K, normal, not OPC hor  Gd rite. 2009 Mar. Those who still driving 2009 Mar cars shld remember.

 

I dun think 2019 coe will drop till 10k,,, well, who kws 

[Sktan10]

Haha, its like tat one mah. This is S'pore. No choice one.

 

Last time my Avante 2009, bought at $37K, new car basic model. Coe was $5K. So the car itself $32K tio-bo.

Nw coe 25K, Elantra basic model $74K. So the car itself $49K. Makes sense bo? Dun make sense rite.

 

But, no choice, its like tat one. We still need to buy car.

In 2009, I believe avante omv is higher.Now elantra basic omv 10k. And 09yr parf value calculation also difference.

And more over, there is a gap of 9yrs.

But the attrage omv same 5k.

Seems like 2015 dealer profit is a lot lesser when coe is higher.

[kennyyy]

Bro last time was hard recession time in 2008-09 and used car market was flooded by cars. Maybe car dealers had to reduce the margin to make people buy new cars. Maybe OMV was also lower for Avante at that time (not sure)

 

Today Car dealers have adjusted prices as per 30K COE, not 25K COE as they are expecting rebound. Since last decade Inflation, rental, staff wages, and other expenses have also increased. 

 

yes, we do not have the choice and need to buy the car, dealers monitor the market and adjust their price as per demand, supply and brand value (Toyota :p)

 

Yes, quite true. Tats y I dun think those good prices during 2009 will happen again. Understanding the real life picture nw makes more sense to make decision to buy or nt. 

Yes, quite true. Tats y I dun think those good prices during 2009 will NOT happen again (just nw typo error). Understanding the real life picture nw makes more sense to make decision to buy or nt. 

 

[kdash]

TS, you just need to get some quotes from dealers for your current car and do your sums.

[Mkl22]

i estimate TS paper value to be approx 44.5k(40.75 COE remaining and 75% of ARF Paid(assume 5k) =3.75k now.) so he needs to top up 15k to get another Attrage.

 

one way to look at it would be (84k + 15K - 2.5k) /13yrs = 7.42k vs 8.15k/yr if he continues driving current car till then end.

[DACH]

If the car has no problems, why reset your loan tenure again?

Unless you are not cash strapped and buying another model.

But I think it's wastage to scrap a car so new..

Edited July 10, 2018 by DACH

[Dannnn]

in short, if your PARF value is 5k, altho COE is high  but still not worth to change new car right cos of current low COE right

[sthh]

i estimate TS paper value to be approx 44.5k(40.75 COE remaining and 75% of ARF Paid(assume 5k) =3.75k now.) so he needs to top up 15k to get another Attrage.

 

one way to look at it would be (84k + 15K - 2.5k) /13yrs = 7.42k vs 8.15k/yr if he continues driving current car till then end.

 

 

Thank you, did some maths, and it came out to be about there. I am thinking this is a good time to spend $15k to get another 3 years of ride, and save on maintenance too. C and C is now offering 5 years of servicing compared to 1 year of servicing when I first got the car. On top of that, I am hoping to catch the 10 year cycle of COE lows.

[Spurman]

Thank you, did some maths, and it came out to be about there. I am thinking this is a good time to spend $15k to get another 3 years of ride, and save on maintenance too. C and C is now offering 5 years of servicing compared to 1 year of servicing when I first got the car. On top of that, I am hoping to catch the 10 year cycle of COE lows.

Not tinking a jazz?? Or elantra.

[Zxcvb]

$37k new. Normal?

 

If OPC means $20k?

 

Slurp slurp slurp.

 

If 2019 for drop to 10k. I will renew coe!

 

There was a period of time OPC cars didn't enjoy the full $17k discount as the low coe + parf was lower than $17k. Nothing to discount, definitely cannot discount from dealers' profit. Lol.

[Coltplussport]

Thank you, did some maths, and it came out to be about there. I am thinking this is a good time to spend $15k to get another 3 years of ride, and save on maintenance too. C and C is now offering 5 years of servicing compared to 1 year of servicing when I first got the car. On top of that, I am hoping to catch the 10 year cycle of COE lows.

 

 

like quite good deal wo, my mind also not complicated, basically $15k to get a new car with 3 more years is very worth it unless COE fall jiak lai jiak lat.

[Mkl22]

Thank you, did some maths, and it came out to be about there. I am thinking this is a good time to spend $15k to get another 3 years of ride, and save on maintenance too. C and C is now offering 5 years of servicing compared to 1 year of servicing when I first got the car. On top of that, I am hoping to catch the 10 year cycle of COE lows.

Anyway it’s tough for your old car to be sold in the market. At 44.5k it’s 6k depre a year vs 5.75k for a brand new car. Add in some dealer margins and they will be hard pressed to move the car at even 2-3k more. Coupled with more pricy used car loans. It’s quite unviable to sell it locally.

[Tommisan]

Thank you, did some maths, and it came out to be about there. I am thinking this is a good time to spend $15k to get another 3 years of ride, and save on maintenance too. C and C is now offering 5 years of servicing compared to 1 year of servicing when I first got the car. On top of that, I am hoping to catch the 10 year cycle of COE lows.

 

Agree with your rationale. You have already saved on interest by not taking loan. With 15k more, you get a brand new car not just with additional 5 years of servicing, but a new lease of warranty as well.

 

For brand new car, total loss of vehicle should also be covered under the insurance for the first 1 or 2 years.

 

If you catch the COE cycle right, when COE starts to climb back up, you may even end up selling your ride 1 or 2 years later at break even or near breakeven value. However the next ride will cost you a lot more if you decide to purchase again.

[Solar]

With the fall is the coe, the quote u get this week will be lower than the quote u get earlier.

End up u will get no advantage from it

[2016fxt]

Hello all,

 

My current ride is a Mitsubishi attrage which is bought in Aug 2015 when cat A COE is $57,500

It is paid in full. So far, the car works well for A to B travel. 

 

Will it be a good time now to scrap the car to take advantage of the current lower COE? 

Currently looking at the Nissan Note or looking at another attrage again. Any suggestions?

 

Thank you,

Sthh

 

depending on how much you paid for this car initially, if you now scrap at paper value + body say ~$1k, you will lose a high depreciation for the past 3yr of ownership

 

if you dont scrap but try to sell in resale market, is also very difficult

 

i saw some attrage owner eg Aug 2015 attrage asking price ~$52k (=paper value $46k + body $6k)

ie works out to be 6.3k depreciation (mileage ~70k km)

 

This depreciation is even higher than brand new attrage Cycle Carriage selling now at only ~$60k after discount!

 

why would anyone buy a used 3yr old attrage that already clocked 70k km mileage at a higher depreciation than brand new attrage direct from agent?

 

best way could be drive another 2 year then decide