COE issue

[Richard_Peh]

Need of the car...no matter how expensive the COE paper cost..

[Baal]

 

No matter how costly...won't be more than prices of a new car for sure.

 

If you maintain your car well...service it when due...etc...then should not be a issue to last another 10 years.

 

Take 70K buy a used car....then after a few years (if suay...months) you will also come across all those wear and tear breakdown.

agree on this. Especially since you know what has been changed due to fair wear & tear, in a way u have an idea when the subsequent $ bombs will be coming....u can plan ahead.

 

A 2nd hand car, all dealers will also tell u good. Not mentioned in sk, any prob with the 2nd hand car, dealer can just hide behind "fair wear & tear" 99% of the time, case close. Unless if u can afford justice and go SCT. But if it drag on & on, u have the $ & time (annual leave) & energy.... ? Also the down time going in & out of workshop till ur wallet hit orgxxx.

 

if I renew my getz 5/10yrs, mine may eventually be the oldest getz in sk eventually...lol

[Nzy]

If you are driving a 2L CC car and above. The road tax and insurance is not cheap after you renew your car 5 or 10 years COE. My accord 2.4L left another 18 month to go. So i might consider buying a second car after i take back parf money and scrap value money. Still got so $$$ to put down payment unlike renew COE car, Full cash pay to LTA. You can take loan also for COE renew. But the % is higher than buying a second hand car. Unless you really like your car alot. if not go for a used steady.

 

 

With the new regulation of 50% down payment, paying for the COE in full cash is not much different from paying 50% of the down payment right.

[Damon-_-]

Lets do apple to apple comparison.

LANCER approaching 10 years with low mileage/ regular maintenance and considerably good condition.

 

1st Scenario:

 

Say Mitsubishi Lancer 1.6A (LEFT WITH less than 1 year)

OMV est $12k

Parf + Body est $7k

 

$70k PQP assuming not much cash on hand go for 5years renewal = $35k, (COE financing could go beyond 60% by some refinancing institution, in house credit)

 

$35k PQP + $7k = $42k

Yearly depreciation = $8.4k (which is not exactly cheap but considering financing is available this would be a more viable options for individuals who have tight pocket)

 

2nd Scenario:

IF COE PQP is at $50k

Renewal 5 years = $25k

 

$25k +$7k= $32k

Yearly depreciation = $6.2k (Very resonable depreciation therefore if COE falls below 50k and you have cars with cheap PARF value say 5-10k you might consider renewing.)

 

 

IMO if the condition of your car is not good due to high mileage and lacking of maintenance, you might want to consider carefully since renewal will meant more upkeep monies needed as you expect the car to deliver 5 years of service to you.

 

ANYWAY IF ANYONE HAVE QUESTIONS ON RE-FINANCING YOU CAN PM ME :)

 

[Ghostrider]

agree on this. Especially since you know what has been changed due to fair wear & tear, in a way u have an idea when the subsequent $ bombs will be coming....u can plan ahead.

 

A 2nd hand car, all dealers will also tell u good. Not mentioned in sk, any prob with the 2nd hand car, dealer can just hide behind "fair wear & tear" 99% of the time, case close. Unless if u can afford justice and go SCT. But if it drag on & on, u have the $ & time (annual leave) & energy.... ? Also the down time going in & out of workshop till ur wallet hit orgxxx.

 

if I renew my getz 5/10yrs, mine may eventually be the oldest getz in sk eventually...lol

 

I am seriously thinking of keeping my car beyond 10 years...cos I had it from day 1...car has not given my any problem only kenna tow four time...3 which is self inflicted IMHO...hahahaha

 

I used to change car every 3-4 years...until a friend as me why...which I can prob come out with 1001 reasons why I wanna change car...the excuse I give is always "major repairs coming up liao so change..." but the fact is the the repair prob gonna cost lesser than what you blow on a newer car.

 

On average when you change car...you need to spend around 10K and take up a new loan....but 10K...can repair a lot of stuff liao...and after that...those repairs are gonna last at least another 3-4 years depending on your mileage.

[13177]

 

With the new regulation of 50% down payment, paying for the COE in full cash is not much different from paying 50% of the down payment right.

 

I believe many people would use the money to pay for a new car than renew a old car coe. Lol.

 

I am seriously thinking of keeping my car beyond 10 years...cos I had it from day 1...car has not given my any problem only kenna tow four time...3 which is self inflicted IMHO...hahahaha

 

I used to change car every 3-4 years...until a friend as me why...which I can prob come out with 1001 reasons why I wanna change car...the excuse I give is always "major repairs coming up liao so change..." but the fact is the the repair prob gonna cost lesser than what you blow on a newer car.

 

On average when you change car...you need to spend around 10K and take up a new loan....but 10K...can repair a lot of stuff liao...and after that...those repairs are gonna last at least another 3-4 years depending on your mileage.

 

Agreed. Changing car really waste lots of money. Driving current to max lifespan of 10 years or renew the car coe another 10 years is more economical and cheaper. But due to face value and mindset that replacing wear and tear parts are very expensive. That's why people like to change car.

[Ghostrider]

Agreed. Changing car really waste lots of money. Driving current to max lifespan of 10 years or renew the car coe another 10 years is more economical and cheaper. But due to face value and mindset that replacing wear and tear parts are very expensive. That's why people like to change car.

 

Maybe my friend is right...he say just buy a car that you like and can afford...and stick to it. If the car you like cannot afford...then save for it (not saying supercars or those expensive rides). Be realistic...if you can afford those 200-300K cars and buy without issue...this theory does not apply.

 

So I listen...and bought myself something I like...and has not regret it ever since I took delivery. When I itchy wanna change...i ask myself...what car is more bang for buck than my ride...and I forget about changing liao...LOL

[Baal]

My champion grumbler reasons are

 

1) My kimchi 1.4 only 9/litre. Japs 1.3 14/litre ( But again I only do <13k annually)

 

2) No boot. Cant bring bicycles for kids. ( But can install those mountings on door? But costly I heard. )

 

3) under powered. 0-100, 14 secs. ( suck thumb )

 

4) OMV 10.8k. Ridiculous omv ratio to coe price. ( suck thumb )

 

But all said, most likely can renew coe only. cant afford new car with new coe even if its at 40k.

[Throttle2]

Even can afford $200-300k car , also dont want.

[inlinesix]

Even can afford $200-300k car , also dont want.

Of course la. At that price range, any car better than 911?

[Throttle2]

Of course la. At that price range, any car better than 911?

Got lah, mate.

Depends on your needs.

To many people a continental SUV is better than a small 911... Although not to me, whahahahahahaha!

[Celicar]

To me the clincher is when I renew COE, I forfeit the PARF/OMV. It is equal to giving $ to government.

 

Rather than do that, I'd rather try and find another car that I like and treat the PARF/OMV value that I get back from giving up the first car, as sinking funds for any repairs I need to do to the next car.

 

Of course, not say try to find will definitely find one that you like, but at least must try.

 

I know for a lot of car lovers, there is attachment to the car, especially one that you put a lot of effort to maintain and upkeep. But the reality is this is Singapore, unless you can well afford, have to be very practical when it comes to cars.

[Pisces69]

My champion grumbler reasons are

 

1) My kimchi 1.4 only 9/litre. Japs 1.3 14/litre ( But again I only do <13k annually)

 

2) No boot. Cant bring bicycles for kids. ( But can install those mountings on door? But costly I heard. )

 

3) under powered. 0-100, 14 secs. ( suck thumb )

 

4) OMV 10.8k. Ridiculous omv ratio to coe price. ( suck thumb )

 

But all said, most likely can renew coe only. cant afford new car with new coe even if its at 40k.

 

1) Getz 1.4 getting 9km.lit is abt average cos I heard this car a bit high FC but still can do lah. My Optra Estate auto when I bought, I got abt 10km/lit. Then I do grounding, I got 12km/lit n when change to sports rims, I now get abt 14km/lit. Maybe u can explore some ways to improve yr FC.

 

2) Get those bicycle rack to mount at rear or roof rack. Rear rack I saw last time abt $50 only.

 

3) U use for transport or u go tracking every weekend?

 

4) My Optra scrap only abt $8K hor.

 

5) If COE stay at $70K, I also dun wan to renew. Its crazy . I wil just ride bike or take public transport n get another car if/when the COE comes down to a more realistic amount. Just imagine COE at $70K, yr COE depreciation ONLY is $7K/year. Have not include the car price depreciation yet.

[Throttle2]

Welcome to Singapore Folks!

[WONWON]

 

Put it that way ....

 

35k over 5 years plus 10k scrap ... 45k/5 = 9 k depreciation ....

 

70k - 5 yrs old car - 70-10k scrap = 60k/5 = 12k depreciation

 

One would also know the history of the car that the COE is renewing for. 2nd hand car ..... dont know about history, could cost a "bomb" for repair.

 

A second 5 years old car may cost more at the end.

 

Not to forget you get a scrap value for your old car as well. That needs to be taken into consideration.

In your example above, it'll reduce the depreciation of a second car by 2K a year.

[WONWON]

anyone know what scrap value does a 2004 Corolla Altis fetch? Also, will exporting it fetch more than scrapping?

 

Do a search for Scrap Yard in sgcarmart and call up them up to get a few quotes.

 

From what these scrap yards told me, unless it's a high omv conti, most others will be scrapped instead of being exported.

[Baal]

 

1) Getz 1.4 getting 9km.lit is abt average cos I heard this car a bit high FC but still can do lah. My Optra Estate auto when I bought, I got abt 10km/lit. Then I do grounding, I got 12km/lit n when change to sports rims, I now get abt 14km/lit. Maybe u can explore some ways to improve yr FC.

 

2) Get those bicycle rack to mount at rear or roof rack. Rear rack I saw last time abt $50 only.

 

3) U use for transport or u go tracking every weekend?

 

4) My Optra scrap only abt $8K hor.

 

5) If COE stay at $70K, I also dun wan to renew. Its crazy . I wil just ride bike or take public transport n get another car if/when the COE comes down to a more realistic amount. Just imagine COE at $70K, yr COE depreciation ONLY is $7K/year. Have not include the car price depreciation yet.

Thanks bro. With steel rims, could get 11/litre w gentle foot when car was very new. Did grounding around 17k mileage, didn't seem to help. Maybe coz I installed K & N concurrently.

 

Looking at rear rack. $50? didn't know it was so affordable. From where? New or 2nd hand?

 

Car for transport. Bicycles are for the kid's weekend usage. I don't really cycle. But those I saw at Pasi Ris kiosk, the children's bicycles still ok standard lah.

 

Should u revert to bike, which bike you considering ?

[Nzy]

 

Not to forget you get a scrap value for your old car as well. That needs to be taken into consideration.

In your example above, it'll reduce the depreciation of a second car by 2K a year.

 

His calculation already included the scrap value.