Lincoln 3rd Gear May 28, 2015 Share May 28, 2015 (edited) I will rank the decisions in this order: 1. No, go for 8yo 2nd hand cars instead. 2. Yes for 10 years. 3. No for only 5 years, use public tspt instead to tide over the no-car period. I do think that buying a circa 8yo car is a cheaper and more fun (i.e. you get to drive a different car) bet. You dun lose the PARF value. Yes, the depreciation is the same/higher than a new car but you pay that depreciation for only 2 years. There is an unknown quality issue but hey, choose wisely. The idea is that you will be able to switch seamlessly to a cheaper COE new car 2y later. If you had renewed for 5y and switched to a new car 2 years down the road, you are likely to only recover the unused COE value. I.e. the PARF value of the old car is written off in that two years. If you drive it over the entire 5 years, you will hit the drought years which is unlikely to have cheap COE new cars. Why 10 years? If one's car is well maintained, he should be able to drive his car all the way for another 10 years. He will achieve a much lower depreciation cost by depreciating the PARF value over the next 10 years. When it is sold during the drought years, he might be able to sell it at higher than its unused COE value. Edited May 28, 2015 by Lincoln ↡ Advertisement Link to post Share on other sites More sharing options...
flashbang Turbocharged May 28, 2015 Share May 28, 2015 There has been many different options shared here, hopefully everyone has a better idea of possible options and can assess them. Personally I don't mind switching to used cars so I can try out different ones. 10 years with the same car is a long time... Link to post Share on other sites More sharing options...
13177 Hypersonic May 28, 2015 Share May 28, 2015 In sg context, driving a car for 10 years indeed very long. Most people used to drive their car 3-5 years only. But due to the super high coe now, most people have no choice but to drive their car for 10 years. Link to post Share on other sites More sharing options...
zerobim08 4th Gear May 28, 2015 Share May 28, 2015 (edited) Renewing 5 years is good enough. Most cars has 10k parf so that is 2k per year. For new car it is about 6k per year. Yo save 4k per year as well as lower upfront cash. Edited May 28, 2015 by zerobim08 Link to post Share on other sites More sharing options...
Mrmilktooth Supercharged May 28, 2015 Share May 28, 2015 There has been many different options shared here, hopefully everyone has a better idea of possible options and can assess them. Personally I don't mind switching to used cars so I can try out different ones. 10 years with the same car is a long time... this part i dont mind.. just that the cars i wanna drive the used car dealers mark up say 40-50% per year.. and the car is already 7 +years old.. (how to stomach it.. ) i might as well buy a new car, maintenance confirm save some .. and fuel consumption low.. and many new safety features, gadgets... and so i did buy new.. Link to post Share on other sites More sharing options...
13177 Hypersonic May 28, 2015 Share May 28, 2015 Mrmilktooth, on 28 May 2015 - 5:15 PM, said: this part i dont mind.. just that the cars i wanna drive the used car dealers mark up say 40-50% per year.. and the car is already 7 +years old.. (how to stomach it.. ) i might as well buy a new car, maintenance confirm save some .. and fuel consumption low.. and many new safety features, gadgets... and so i did buy new.. If you have lots of cash on hand to pay for the downpayment of new car, surely will go for new car. 3 Link to post Share on other sites More sharing options...
Doppel Turbocharged May 28, 2015 Share May 28, 2015 this part i dont mind.. just that the cars i wanna drive the used car dealers mark up say 40-50% per year.. and the car is already 7 +years old.. (how to stomach it.. ) i might as well buy a new car, maintenance confirm save some .. and fuel consumption low.. and many new safety features, gadgets... and so i did buy new.. I think part of the dilemma is paying $70 - $80K for the right to use your old car for another 10 years, is very sian lor. 😞 3 Link to post Share on other sites More sharing options...
Mrmilktooth Supercharged May 28, 2015 Share May 28, 2015 I think part of the dilemma is paying $70 - $80K for the right to use your old car for another 10 years, is very sian lor. 😞 If I have e civic type R, I would go renew. Haha 1 Link to post Share on other sites More sharing options...
flashbang Turbocharged May 28, 2015 Share May 28, 2015 this part i dont mind.. just that the cars i wanna drive the used car dealers mark up say 40-50% per year.. and the car is already 7 +years old.. (how to stomach it.. ) i might as well buy a new car, maintenance confirm save some .. and fuel consumption low.. and many new safety features, gadgets... and so i did buy new.. Well yea it has to be a reasonably priced used car too... Congrats on being able to afford downpayment for a new car 1 Link to post Share on other sites More sharing options...
Battledome64 3rd Gear May 28, 2015 Share May 28, 2015 Anyone know if it's possible to renew Coe earlier. Say you have 5 years left then when Coe is down you renew 20 years? Link to post Share on other sites More sharing options...
Dafansu Turbocharged May 28, 2015 Share May 28, 2015 Anyone know if it's possible to renew Coe earlier. Say you have 5 years left then when Coe is down you renew 20 years? you can renew early, but the rest of your COE will be forfeited. Maximum renewal is 10 years Link to post Share on other sites More sharing options...
flashbang Turbocharged May 28, 2015 Share May 28, 2015 you can renew early, but the rest of your COE will be forfeited. Maximum renewal is 10 years There are some people who renewed early in 2009 when COE was rock bottom, saw a few on sgcarmart. Link to post Share on other sites More sharing options...
Mrmilktooth Supercharged May 28, 2015 Share May 28, 2015 I think part of the dilemma is paying $70 - $80K for the right to use your old car for another 10 years, is very sian lor. 😞 bo bian.. want to drive in singapore, need deep deep pockets.. #YOLO Link to post Share on other sites More sharing options...
Dafansu Turbocharged May 28, 2015 Share May 28, 2015 There are some people who renewed early in 2009 when COE was rock bottom, saw a few on sgcarmart. last time didn't know about all these. Now know the technique already lol. It's becoming like buying stocks, must see when's the right time 2 Link to post Share on other sites More sharing options...
Caravan 5th Gear May 28, 2015 Share May 28, 2015 I did not hear much talk about COE renewal in the past when COEs were much cheaper, where were those prudent people that you speak of? 10k COE renewal would equal to 1k depreciation per year only. That reminds me of a prudent guy I know who is my friend's father, who is still driving a Toyota SB_ plate car. I think he has renewed it twice which would make the car 20+ years old now. How many of you did a COE renewal in 2009 for <10k instead of switching to a brand new car? Now that a COE costs the same as the price of a brand new car in 2009, everybody thinks twice. Well said. It seems mysterious but that's how it works. Link to post Share on other sites More sharing options...
Spinelli_ck 6th Gear May 29, 2015 Share May 29, 2015 If I have e civic type R, I would go renew. Haha mine is not Type R, just a manual FD. I can't bear to give it up, so most likely I will renew the COE. 1 Link to post Share on other sites More sharing options...
Mrmilktooth Supercharged May 29, 2015 Share May 29, 2015 mine is not Type R, just a manual FD. I can't bear to give it up, so most likely I will renew the COE. Manual ftw!!! 1.8l? Still siong.. Pqp 75k + around 10k parf forgone. 85k for 10years ddrivin.. I would buy a new cat A liao. It'sjust me.. Link to post Share on other sites More sharing options...
BobbyTan_74287 4th Gear May 29, 2015 Share May 29, 2015 mine is not Type R, just a manual FD. I can't bear to give it up, so most likely I will renew the COE. I did not renew my 2.0 l MPV as Cat B PQP + PARF is 86k. Buying Cat A car is 109k (after deducting PARF rebate). So an additional $23k I got a new car to drive for 10 years. Also less worry in the first 5 years due to free servicing and AD warranty. Of course monthly instalment is another matter. Manual car should not have auto gear problem and so should be cheaper to maintain even for COE car. ↡ Advertisement Link to post Share on other sites More sharing options...
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