Posted 07 May 2005 - 02:27 PM
I'd love to hear some advice from you regarding purchasing a COE-expired car. I'm looking at the MX-5, but buying new is simply out of the question for me. I've two options now... to look for a 3-year old MX-5 at about $70k or get a 10-year old MX-5 with renewed COE at about $40k.
Given that the 10-year old car will cost 150% the road tax and I'll have to go for inspection every year, which do you guys think is the better option? I'm driving a 3 year old Corolla now, so I probably won't have to top up anything for it.
But of course, having a 3-year old MX-5 will look more attractive, but I'll have to top up at least $20k for it. And it'll have 7 years of lifespan left, compared to the 10 years for the renewed COE car.
Any advice or comment will be much appreciated. Thanks!
Posted 07 May 2005 - 05:39 PM
If you are concern about the additional $20K you have to put up for a 3 years old MX-5 vs the COE car, then this type of car is not for you.
In SG, this type of car is meant for those who don't need to think if they spend $50K-100K.
By the way, a COE MX-5 costs $40K. Then the body would be $20K liao. Personally don't think worth it lor !
If you want to take the COE route, why not go all the way for a COE Porsche ( much more than 10 year ). It sure can make more heads turn than a MX-5.
Posted 08 May 2005 - 08:50 AM
I'm a COE sucker. I drive a guzzler and currently pay 3.6K road tax. In 2 years time and beyond, it'll be almost 4K a year. Though it seats 7 and brings me anywhere, parts are cheap and there are not more than 5 of these Pajeros in Singapore! So if you like it, what's stopping you? COE option is cheaper. Cos if you like a vehicle, price, taxes don't differ anymore. My dep a year is 6K odd and I dun look at changin the car for the next 10 or maybe 20 years from now. That is, as long as the taxes are still affordable.
Oneday, I'm gonna become the old fart in the neightbourhood who hides under the Monstero all day just enjoying the view from below and certainly oblivious to all the opinions of on-lookers...
I love my Monstero 12/2003 - Present
[url "http://www.flickr.com/photos/44636366@N00/sets/"]See Monstero here[/url]
Posted 08 May 2005 - 05:08 PM
Thanks for the comments so far. The $40k figure is not even from the dealer... some MX-5 owners are selling the cars for this price. Because I'm not sure about COE car pricing, that's why I'm asking around if that's reasonable. But now it seems that many of you feel that $40k is on the high side. Oh... about getting a COE Porsche... that's quite impossible for me. Even if the Porsche is affordable, the insurance, parts and servicing will definitely kill me! And my Dad will think that I've gone
I'm pretty familiar with the current MX-5 pricing. I know that MM was clearing their 1.6 manual models at about $98k a few months ago, and that a 1.8A model was going for about $110k. So do you think $68k is a reasonable price for a 3-year 1.8 model with 20000km mileage? I guess if I'm not confident of buying a COE car (not sure how to check condition) then I'm better off buying a 3-year old car.
Oh course... I can always stick to my trusty 3-year Corolla with 4 more years of loan.
Posted 08 May 2005 - 05:58 PM
But the 92-94 ones are more fun. Huge choice of aftermarket parts (turbo anyone?)
Convertibles have a huge worry - the roof. Check the rubber seals especially, they tend to harden and invite rust on the metal brackets after one to two years.
Price wise - a 3 year old car has a higher COE and Parf value compared to one brand new now. A 3 year old car would probably also be at its peak of wear & tear cost as tht would be the first owner's main reason of change.
Generally when you take over a COE car, you are likely to spend a sum on some wear & tear repairs. After that, the usual maintenance is easy, parts are pretty easy to source and cheap too.
I redline @ 9000rpm. What about you?
Posted 08 May 2005 - 06:40 PM
When you say newer Miata, you mean the NB or NC? The NC is , but the price is . With a price-tag and insurance comparable to RX-8, I don't think we'll be seeing a lot of that on our roads. As to fitting the NA with turbo, how do we do that without being discovered by the yearly inspection?
Yeah... I'm actually concerned about the wear-and-tear on a COE car, especially a convertible. That's why I'm quite hesitant. My 3-year Corolla is going strong with no problems at all (touch wood), so I'm hoping this would be the case for a 3-year old NB.
For the non-Miata fans, the NA/NB/NC refers to the various models of the MX-5. NA is the earliest version of the MX-5, which has the pop-up headlights (very cool like the AE86 for Initial-D fans). The NB is the current version, launched in 1998. And the NC is the version that is coming to our shores in October (approx.).
Does anyone know what is the approximate insurance for a 30-year old driver for the MX-5? 3 years NCB now... single and non-sales job...
Posted 08 May 2005 - 10:40 PM
The stock engine's compression is lovely for such a setup
Est quotes b4 NCD :
1.6cc : $2.7k
1.8cc : $3k
Ps. 10-20% discount if you're a lady driver
I redline @ 9000rpm. What about you?
Posted 08 May 2005 - 10:53 PM
In the end i bought a new car around 50++K...think its more worth it. as for the mx-5... hope i strike toto....haha
btw...i am 29, and the insurance quoted to me is around 1.8k for the coe mx-5
Posted 09 May 2005 - 05:38 PM
Just did some calculation... if I sell my 3-yr Corolla for $45k and return the bank $35k, I'll still have $10k for the payment of the 3-yr MX-5 at $70k. So I'll have to take a loan for $60k over 7 years at 3.5% interest. That means per month I'll have to pay $890... food for thought for those considering the MX-5 too...
Sigh.... not that the car is out of the question (or else I wouldn't be thinking about it), but rather would I wanna spend more years servicing car loans... But then again, you only live once! Choices... choices... choices...
Posted 09 May 2005 - 05:40 PM
Posted 09 May 2005 - 05:44 PM
Current brand new ones cost about 96k. But then the new generation Miata is coming very soon. Might wanna wait for the new one.
Insurance for someone like you should be in the mid 2k range (before deduction of NCB that is).
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