Should I Renew my COE When it Expires?

[Alfc]

Bro, not quite true on 15k.

 

If you are basing on 72-75k COE then the WISH will cost ard 145k.

126k was when the CNY COE drop to ard 65-67K and BM go on price war.

New wish parf will be ard 7.5k (CEVS, not 50% of PARF liao).

I think now they never give 5yr free serving liao, so still need to cater service at AD in order to enjoy their 5 yr warranty. As we all know AD servicing/replacing of wear & tear item is ...

 

I will say the different is ard 25-30k.

 

 

end of the day different ppl different thinking & analysing it...

 

 

 

And the price of $126k is after trade-in. Non-trade-in price is probably about $10k higher.

[Beregond]

my dad 2.4l sonata is coming to an end 2 month time.

scrape value 9k

if extend coe say 32k + 9 k = 41k for 5 more years of driving

 

he is used to 2.4, test drive a few 1.6 jap car, cannot get used to it.

if go and get a 2-2.4 jap or korean car , 5 years old on the road cost how much??

plus the condition that come with it, unknown factor

 

the current ride very well maintained, 1-2k max (radiator , hose , absorber , spraying)

seriously going to extend the coe

[Roh96]

my dad 2.4l sonata is coming to an end 2 month time.

scrape value 9k

if extend coe say 32k + 9 k = 41k for 5 more years of driving

 

he is used to 2.4, test drive a few 1.6 jap car, cannot get used to it.

if go and get a 2-2.4 jap or korean car , 5 years old on the road cost how much??

plus the condition that come with it, unknown factor

 

the current ride very well maintained, 1-2k max (radiator , hose , absorber , spraying)

seriously going to extend the coe

 

Why not? He knows how the Sonata was driven all these years. Why risk buying a used car which could potentially be a lemon car? Btw, I don't think $40k can buy you a used Jap/Kor 5yr old 2.0 sedan. Likely they are going to cost $60K or more.

[Showster]

 

Why not? He knows how the Sonata was driven all these years. Why risk buying a used car which could potentially be a lemon car? Btw, I don't think $40k can buy you a used Jap/Kor 5yr old 2.0 sedan. Likely they are going to cost $60K or more.

 

I have read before in some other countries that some of the modern design cars (say after Year 2000) can actually last a few hundred thousand km (maybe up to about 30 years).

 

Some mechanical parts may still have wear and tear but if engine and main parts regularly serviced and without major accidents, can actually renew and run.

 

I compared the newer models for my car - ugly design, lower horsepower, pay more...

 

Of course new car smells and looks better, but actually I feel is getting the shorter end of the stick.

[Ticklish8]

And the price of $126k is after trade-in. Non-trade-in price is probably about $10k higher.

I bought Wish at Borneo Motor when COE was 68k @ $126,988.

 

Yes true must trade in to get Guaranteed COE.

 

But if u not concerned with the lowered OMV, should look at Wish offered by PI.

 

Example Vin Car and some other PI offering Wish now @ $129,988. Guaranteed 1 bidding.

Edited May 8, 2015 by Ticklish8

[Dragonl]

 

I have read before in some other countries that some of the modern design cars (say after Year 2000) can actually last a few hundred thousand km (maybe up to about 30 years).

 

Some mechanical parts may still have wear and tear but if engine and main parts regularly serviced and without major accidents, can actually renew and run.

 

I compared the newer models for my car - ugly design, lower horsepower, pay more...

 

Of course new car smells and looks better, but actually I feel is getting the shorter end of the stick.

 

Other country test the car for road worthiness before putting it back on the road again. Here, a piece of invisible paper will decide the fate of your car.

[7hm]

 

U only own the interior of the car. The exterior is at the mercy of other ppl.

 

until someone decide they want to smash your window too

Edited May 8, 2015 by 7hm

[Nissan833]

 

I have read before in some other countries that some of the modern design cars (say after Year 2000) can actually last a few hundred thousand km (maybe up to about 30 years).

 

Some mechanical parts may still have wear and tear but if engine and main parts regularly serviced and without major accidents, can actually renew and run.

 

I compared the newer models for my car - ugly design, lower horsepower, pay more...

 

Of course new car smells and looks better, but actually I feel is getting the shorter end of the stick.

 

Ugly design = Personal preferences.. although nowadays the cars even for bread and butter selection, looks quite good!

Lower horsepower = Compare apple to apple.. last time 1.6L NA vs now, now will have more BHP.. and better gearbox and FC too!

Pay more = No choice.. COE.

 

If you already decide to renew your COE, of course you will find reasons to justify.. I will take new car any day lol

[flashbang]

 

Dun understand why others want to scratch new cars or shiny ones.. loser mentality.

 

We cannot control other people's feeling. Some people get jealous when they see others doing better than them.

[Amazon777]

my dad 2.4l sonata is coming to an end 2 month time.

scrape value 9k

if extend coe say 32k + 9 k = 41k for 5 more years of driving

Is this the comfort taxi looking Sonata? Your dad wants to renew at prevailing PQP.

[Volvobrick]

my dad 2.4l sonata is coming to an end 2 month time.

scrape value 9k

if extend coe say 32k + 9 k = 41k for 5 more years of driving

 

he is used to 2.4, test drive a few 1.6 jap car, cannot get used to it.

if go and get a 2-2.4 jap or korean car , 5 years old on the road cost how much??

plus the condition that come with it, unknown factor

 

the current ride very well maintained, 1-2k max (radiator , hose , absorber , spraying)

seriously going to extend the coe

PQP at least 37k for 5 year for big car now. Not 32.

[Boschsimon]

Actually there is no right or wrong whether to renew the COE of a car or getting a new one. There are various factors to consider and one only needs to weigh all these factors including whether or not one is willing to pay more or prefer one over the others - like comfort over prices, peace of mind over risk, etc.

 

Things to consider

 

1. Condition of the car to renew or scarp (Repair and maintenance cost if renew)

2. Current PQP of that category (take into consideration of the forgo PARF)

3. Insurance and Road Tax (for the next 10 years)

4. Eligible for loan (New car loan or Renew COE loan - I know only May Bank can offer this kind of loan)

5. Comfort & Safety

6. Depreciation over the 5 or 10 years period

 

For new car, you will enjoy the warranty (3 to 5 years), free maintenance for a certain period (or mileage), lower road and insurance and enjoy the comfort ride.

 

For older car, you will enjoy a lower depreciation if stretched over 10 years (renew COE PQP + Forgo PARF - Increase in Road and Insurance) in a STRAIGHT LINE DEPRECIATION. Of course high maintenance cost over and more wear and tear. One thing here which I consider is good for those who renew their COE.

 

If the COE drops drastically after the third years, you can always scarp your car and get back the remaining COE and buy a new car. I suppose by then, the forgo PARF has already worth the while. As the depreciation for new car is always higher in the first three years and if you have bought a new car instead of renewing the COE of your old car, you will most likely not do anything even the COE is dropped to a lower level - you will lose more than getting a new car again.- This is only my personal opinion.

 

So in short, probably no one can have a better idea whether or not you shall scarp or renew your car COE. It is the same for trading in stocks, it all depends on your willingness and risk appetite. And how deep is your pocket.

 

Just as many said it here, know your car and follow your heart and your pocket.

 

Or the last option is to go without a car until the COE drops to a level that you are comfort to get a new car.

 

 

 

 

[JSTong]

Dear Friends,

 

I'm in big dillema as to whether to renew my COE for another 5 or 10 years. I did some calculation below please correct me if I'm wrong. I own a nearly 10 years Toyota Camry with a low mileage of about 116,000 Km , the COE will expire in Aug15. The following is my calculation :

 

If I renewed my COE :

 

1. COE price

[Eric4285]

If renewing, try do 10years.

COE will get back anytime u scrap.

Toyota can sell with some body value in resale mkt.

Depreciation lesser for 10yrs renewable.

 

 

 

 

[JSTong]

Should I Renew my COE when It expires in Aug15 this year ? I'm still in a dilemma maybe you guys can advise me. My estimated calculation is as follow for renewing my 2.0 Ltr Cat-B car for another 5 or 10 years plus if downgrade to 1.6 new Car :

 

Car Datas : Jap's brand 2.0 Ltr , Mileage : 116,000 Km , Road Tax /Year : $1,210. Other conditions : Shock Absorbers need replacement , Timing Belt needs Replacement , Front Tie-Rod need Replacement. From LTA : PARF rebate if car is deregister before 10 years : 50% of ARF value.

 

Attached is my estimated depreciation cost for Renewing 5 yrs , 10 Yrs of COE vs downgrade to New1.6 Ltr car .

 

• If Renewed COE for another 5 years : Only need to pay additional 35K plus repair cost about $3000. At the end of 5 years , have to scrap as COE cannot be renewed anymore. In Between before 5 years if decide to deregister then LTA will refund pro-rated COE.
• If Renewed for another 10 Years : Pay about 70K plus Repair cost of 3K. COE still can be renewed at the end of the 20th year if still intend to keep the car. COE also will be refunded pro-rated if decide to deregister the car before the 20th year. also have the advantage to sell the car in the open market if COE hits north.
• For New car if willing to downgrade to 1.6Ltr car , the depreciation cost is alamost the same as paying the COE for another 10 yrs. New car will give peace of mind at least up to 100,000 km which is normally still under agent's warranty. But still have to Fork 125K and tie up with loans for about 5 Yrs at east.

 

What do u guys suggest ?

[Doppel]

Dear Friends,

 

I'm in big dillema as to whether to renew my COE for another 5 or 10 years. I did some calculation below please correct me if I'm wrong. I own a nearly 10 years Toyota Camry with a low mileage of about 116,000 Km , the COE will expire in Aug15. The following is my calculation :

 

If I renewed my COE :

 

1. COE price

You'll forgo your PARF rebate aka scrap value when you renew your COE, please factor in this "cost".

[Booboon]

If its a toyota or honda, i reckon its worth renewing. Futhermore relatively low milage cars. Spare parts easy to get. :)

[Agnoxis]

To be honest, I dunno why so many are contemplating renewing COE at current levels. A brand new Honda Vezel costs close to 10k/year depreciation. You renew now, you are gonna be paying at least 7k/year depre. Have not factored in increased maintenance costs, slightly higher road tax (although fairly negligible), poorer fuel consumption of a 10yr old vehicle (not guaranteed but likely) and foregoing of PARF value. It's a no-brainer for me if it's 20% premium per year to drive a brand new vehicle.

 

Of course, if your vehicle carries sentimental value for you, then it's a different story.