Renew COE or Buy pre-owned?

[Hondatoyota]

In terms of value for money and maintenance wise, which will you recommend? Currently I am driving a 09 city. If renew for 5 yrs , I was told it's not worth. Why is that so?

[Andyngps]

09 still got another 4 years. Still got time to slowly monitor. If COE still stays arpund 60K for the next 3 years, then you know where is it going.

[Sunset73]

Hi all Bros, new to this forum and need some advice from u guys. Currently, thinking of getting a mpv but in a dilemma on which step should I take.

1) Get a mpv left with 1-2 yrs and renew it for another 5 yrs ie.

 

2) Get a newer mpv left with 6-7 yrs to drive.

 

Which is a most smart choice.

 

Thinking of a wish or estima.

 

Hope to have some valuable advice from u guys.

Thanks

 

Bro, I will say.. get option 1. Drive till COE is up, scrap. Then repeat option 1. Do it until you happy.

Hahaha.. In this way.. you lose the least.. you don't need to pay higher road tax for > 10 years car, don't worry about higher maintenance.

 

That's my take.

In terms of value for money and maintenance wise, which will you recommend? Currently I am driving a 09 city. If renew for 5 yrs , I was told it's not worth. Why is that so?

 

If the COE doesn't drop (which I think so too), depends on your car condition. If your car been serving you well with no issues, can renew. If not, scrap it and get a 8-9 year old car. Then scrap at end of 10 year. Repeat the process.

 

[flashbang]

In terms of value for money and maintenance wise, which will you recommend? Currently I am driving a 09 city. If renew for 5 yrs , I was told it's not worth. Why is that so?

 

If you're the first owner, you should know whether it's good enough to go for another 10 years. If it's a second-hand car, better to scrap as you don't know the entire history of the car. Once you extend you lose the PARF which could be anywhere from 3-8k, imagine there is a major problem with the car after that, by then even if you scrap the PARF is already lost...

[Dafansu]

In terms of value for money and maintenance wise, which will you recommend? Currently I am driving a 09 city. If renew for 5 yrs , I was told it's not worth. Why is that so?

 

I wont say it's not worth, it depends on individual. I renewed my vios this month for 5 years, knowing my car condition still good enough to last another 5 years (mileage 160k). Lost 7k PARF. Waiting for the COE to moderate which I believe will be within the next 1 to 2 years. If pricing is good, then I can scrap and get a new ride. (for the parf, if COE drops 10 to 20k within 1 to 2 years, you would have recovered the parf amount on paper). Just some consideration for yourself

Edited January 30, 2015 by Dafansu

[Hondatoyota]

Thanks for all the advice. The reason i was thinking of changing to a mpv is due to family size. It has grown bigger. I was at turf club today and just did a brief check on how much my car is worth. Was quoted 42k for my car.

[Dafansu]

Thanks for all the advice. The reason i was thinking of changing to a mpv is due to family size. It has grown bigger. I was at turf club today and just did a brief check on how much my car is worth. Was quoted 42k for my car.

 

Noticed your car 09? why you wanna renew? just sell and buy new or see if COE will moderate lower for the next few years

[Hondatoyota]

No intention to renew my current ride but need to changto a mpv due to family size. Just seeing which is a better option to get a left 1-2 yrs mpv n renew it for another 5 yrs or to get a mpv which can drive for another 6-7 yrs. Or should i just wait n see for the coe to drop

[bambind]

Hi all Bros, new to this forum and need some advice from u guys. Currently, thinking of getting a mpv but in a dilemma on which step should I take.

1) Get a mpv left with 1-2 yrs and renew it for another 5 yrs ie.

 

2) Get a newer mpv left with 6-7 yrs to drive.

 

Which is a most smart choice.

 

Thinking of a wish or estima.

 

Hope to have some valuable advice from u guys.

Thanks

it depend on current situation as for me my previous ride got problem, so I opt for a 2nd hand 5 year MPV to replaced my previous ride. Since we invested on something that is the most expensive in the world,(info: Survey shown we No1 most expensive ride in the world. boy wrong no1) may as well have peace of mind for next 5 years if u check ur new ride condition.

 

to wait for COE to drop, like the show....mission impossible

[Andyngps]

Bro, plenty of reasons why one needs to change. For example, I want to change mine despite my ride got another 3.5 yrs to go. Main reason? Higher maintenance cos ride is thirsty and heavy. Changing to one almost similar ride but with twice better FC, and yet cheaper maintenance overall. Final damage? Same yearly cost as my current ride because of higher monthly instalment. But at least I am paying to an asset albeit it is depreciating, but better than paying petrol and maintenance which are money that will never be gotten back. And to be honest, I will only know if I made the right decision after the next 3 years when we know how coe prices will turn out. So whatever is your decision, as long as you think it justifiable, otherwise don't crack your brain any more. As for me, if not because of the above, I will drive my ride till end of 10 years and may even renew coe if no major prob along the way. Buying preown has its risk. I bought two preowned before and 4 new cars in the past 10 years. My first preown engine died on me within 6 months (before lemon law was out). Spent thousands repairing (and cannot detect the issue) and when i sold it away, lost another 10k in the resale just in 6 months, and not even a year. In this seemingly decreasing coe situation, buying a preown may sometimes incur higher depreciation if you sell. Unless it can last till you scrap. My second preowned lasted me a while. But i swear i will never buy preown anymore especially nowadays it may not be easy to get a good preowned anymore given that people now drive longer before changing rides.

Edited February 1, 2015 by Andyngps

[Vinceng]

Been doing extensive Research on this.

 

The cheapest way to drive for the next decade is to buy those Cars reg in 2006. Eg. Hyundai Getz 1.1 $5K, Mitsubishi Lancer 1.6 $8k, Chevrolet Aveo1.4 $7K, or a 1986 Mercedes 200 W124 $2k.

 

And renew COE for 10yrs.

 

Take the lancer as an eg, You pay $$54,500 {$5.5k annual dep} all in. Cheaper than what dealers are selling at $38k with 5 yr COE {$7.5k annual dep}

[13177]

Been doing extensive Research on this.

 

The cheapest way to drive for the next decade is to buy those Cars reg in 2006. Eg. Hyundai Getz 1.1 $5K, Mitsubishi Lancer 1.6 $8k, Chevrolet Aveo1.4 $7K, or a 1986 Mercedes 200 W124 $2k.

 

And renew COE for 10yrs.

 

Take the lancer as an eg, You pay $$54,500 {$5.5k annual dep} all in. Cheaper than what dealers are selling at $38k with 5 yr COE {$7.5k annual dep}

Buy those cars register in 2006, must able to drive for at least 3 months to assess whether if the car can make it for another 10 years. Also must depends on what car model, cause running cost and parts must be low and available for the next 10 years.

[Hamburger]

My manual lancer with 2 days left was sold to an owner for $200.

 

He gonna renew his coe at the break down as below:

 

24k 5 yrs coe + parf $6.5k + new paint work and servicing $1k.

 

Total = 31.5÷5yrs => depreciate $6.3k /yr

[Vinceng]

At the rate people are renewing COE for 5 yrs, which is an all time high in 2016, there will be an influx of COE released into the mkt in 2021.

 

But 2021 is also the year immediately after the next General Elections, don't know what new stunts those Scholars will ejacuate.

[Jerrlim]

At the rate people are renewing COE for 5 yrs, which is an all time high in 2016, there will be an influx of COE released into the mkt in 2021.

 

But 2021 is also the year immediately after the next General Elections, don't know what new stunts those Scholars will ejacuate.

 

ejaculate must spell properly lah, ejaculate is big word you know, you miss the "L" lah

bwahahaha

 

Edited June 25, 2016 by Jerrlim

[merc280v6]

At the rate people are renewing COE for 5 yrs, which is an all time high in 2016, there will be an influx of COE released into the mkt in 2021.

 

But 2021 is also the year immediately after the next General Elections, don't know what new stunts those Scholars will ejacuate.

Very marginal owners who are clinging on to their prize assets for dear life, to tide off another 5 years, with a hope that COE premia plunge will occur then, since it will unlikely be now?

Their glaring alternative is to be car-less staring now and go BMW? So tahan 5 years more with a lau pok car also can?

[Vinceng]

Deleted. Duplicate post.

Edited July 15, 2016 by Vinceng

[KiaCeratoHB]

oh thanks bro... didn't notice this, I also just manage to find a similar thread. Not considering to renew COE and if possible will wanna get new car. Just deciding between trade in current car now or drive till scrap.

 

Anyway, I think the other thread I just posted in is more suitable. Thanks again!!