What make and model worth renew COE after 10 years

[Throttle2]

The only reason people want to renew COE is to save money

 

unless its a collector's car. If people had a lot of money no point renewing

 

just buy a new car. So its probably better to renew a low PARF car

 

with lots of parts available.

 

Instead of on paper talk soldier

Just checking, what car you driving and will you renew?

Edited November 3, 2014 by Throttle2

[Voodooman]

quite sure i would be extending my lau pok car COE for the 2nd time by 2016. this time, the COE premium is my only costs for a car (except road tax, insurance and petrol).

 

Can guarantee parts availability for next 10 years? If accident, where to buy replacement panel? Just curious but the FC for the car must be pretty bad. No?

[Voodooman]

Not same but close. A brand new impreza is about 9+k per year. You renew a 15 to 16 k car with PQP of say $65 k for 5 years end up per year depreciation is about $8 k. Haven't include repair wear & tear plus additional road tax. Difference about 1k+ per year. If so hard up over 1k per year, perhaps should reconsider driving.

Of course if you can cough up $65 k you probably won't consider renewing.

I totally agree, if cannot afford 1-2k in additional depreciation a year that pays for peace of mind and safety, it means you are probably (not all) a marginal car owner.

 

But then, it is no longer a depreciation game, it is cash that is driving some of the renewal of BnB cars. LTA's 50% DP rule may have a long term adverse effect on the general car population, something that may not have been taken into account when they formulate the 50% DP policy.

[Yeobt]

Can guarantee parts availability for next 10 years? If accident, where to buy replacement panel? Just curious but the FC for the car must be pretty bad. No?

 

very popular in JB and other part of malaysia too. if those alfa romeo and VW beetle from the 60s can survive till today and probably another 20-30 years, i don't see a need for me to worry on Honda parts at all.

 

i can achieve average 13-14km per litre at ease. 40/60 highway. 99km/h kind of driving style on highway.

 

 

Edited November 3, 2014 by Yeobt

[Oppositelock]

The only reason people want to renew COE is to save money

 

unless its a collector's car. If people had a lot of money no point renewing

 

just buy a new car. So its probably better to renew a low PARF car

 

with lots of parts available.

 

 

Cars like Euro R and Type R, got feelings one leh. So mechanical, so rev happy, so awesome!

[Jamesc]

 

Cars like Euro R and Type R, got feelings one leh. So mechanical, so rev happy, so awesome!

 

These are collectors items and I hope the owners keeps them

 

on the road as long as possible.

 

[Leclair]

Not same but close. A brand new impreza is about 9+k per year. You renew a 15 to 16 k car with PQP of say $65 k for 5 years end up per year depreciation is about $8 k. Haven't include repair wear & tear plus additional road tax. Difference about 1k+ per year. If so hard up over 1k per year, perhaps should reconsider driving.

Of course if you can cough up $65 k you probably won't consider renewing.

 

initially i misunderstood your example.

 

what is the dep/yr at 5th year of the brand new impreza? will it be linear projection of the 9k/yr over 10 years?

 

Does anyone has any figure or similar example ?

 

say for comparison over the next 10 years , renew coe impreza will be ard 7.2k/yr VS 9+k/yr

 

if scrap at 5yr , then 32.5k + 7k = 39.5 k, about 8k/yr dep. Then it is comparable to buy new.

 

Catch : one have to take up loan for new car. renew you take loan for coe portion only or pay cash. no debt.

 

 

 

2nd case

 

New Estima is close to 170k, not sure about omv, means minus rebate (say $20k) at end of 10 yrs ( if anyone can drive the same car for 10 years), dep/yr is ard 15k/year.

 

as compared to say 17k +65k = 82k, means ard 8.2k/yr for renew coe over 10 yrs.

over 5 yrs , 17k+ 32.5= 50k, about 10k/ yr

 

so 15k/yr VS 8.2k/yr over 10 yrs

 

so ____k/yr Vs 10k/yr over 05 yrs

 

 

Fill in the blanks if anyone has a good figure to share

 

 

of course other considerations for different people have to be taken into consideration. one may not want to renew coe for his mpv when his kids have are all grown up and have their own cars whatever..

[SUVperb]

My crv 2005 also going expire soon,mileage is 150K.until now still can't decide whether to renew or take my Parf of $14.5K,....pls enlighten anyone.condition sill ok.

Edited November 4, 2014 by SUVperb

[Agnoxis]

At present COE levels, it doesn't make sense to renew B&B cars like Honda Civic, Toyota Corolla, Mitsubishi Lancer. While you might sacrifice minimal PARF that you would otherwise have gotten when you scrapped/exported at end of 10th year, the current COE means you depreciate at minimally 6.5k/year. If you are hawkish enough on SGCarmart, you'll be able to find around that depreciation for the said cars. Coupled with increased wear and tear costs + road tax, it just doesn't make sense.

 

Then you move up the scale and talk about your Audi A4s, BMW 320s and Merc C200s. At OMV of about 40k, to renew means to forego 20+k in PARF. Add CAT B renewal of 70k and you have 9k/year depreciation for the next 10 years. This doesn't make sense again because you can find lower than this if you hunt around.

 

The sweet spot I guess will be around 30k to renew for most. At 60-70k COE levels, the only cars worth renewing are those with low OMV but might fetch good resale. Maybe Evo, MX5, S2000, MRS? The ADs are actually very aggressive at their new car pricing nowadays so it shouldn't be hard to find something decent close to 100k. I do think the Odyssey/Estima might be worth renewing as well as their OMV is about 25k (foregoing 14k of PARF) but the new cars cost in excess of 160k.

[Jamesc]

My crv 2005 also going expire soon,mileage is 150K.until now still can't decide whether to renew or take my Parf of $14.5K,....pls enlighten anyone.condition sill ok.

 

Take the PARF and buy new, afterall your car is already 150k,

 

you want to use to 300k?

 

[Roh96]

My crv 2005 also going expire soon,mileage is 150K.until now still can't decide whether to renew or take my Parf of $14.5K,....pls enlighten anyone.condition sill ok.

 

A brand new CRV cost $165K now. Your cost is like $85-90K (parf + PQP), so you save almost 50% of new car price of the same model. Worth considering lah.

 

Take the PARF and buy new, afterall your car is already 150k,

 

you want to use to 300k?

 

 

A well maintained and accident free car should last till 300K without much issue.

[Jamesc]

My crv 2005 also going expire soon,mileage is 150K.until now still can't decide whether to renew or take my Parf of $14.5K,....pls enlighten anyone.condition sill ok.

 

You want to be driving a 20 year old car?

 

[SUVperb]

Thank guys for advices,but renew 5 or 10 years is better in terms of monetary and maintenance wise?

[Rantwb]

 

A brand new CRV cost $165K now. Your cost is like $85-90K (parf + PQP), so you save almost 50% of new car price of the same model. Worth considering lah.

 

A well maintained and accident free car should last till 300K without much issue.

A 2005 CRV has estimated OMV of 26k. Means PARF rebate of roughly 14k (50% of 28k ARF) and PQP for cat B is $69k.

 

So, cash outlay for COE renewal is $69k

Cash outlay for a new CRV is $151k (PARF offset: 165k-14k)

 

Got $82k cash to retain and not let gahmen/dealer earn........

 

[Roh96]

Thank guys for advices,but renew 5 or 10 years is better in terms of monetary and maintenance wise?

 

I'll go for 10.

[IloveVezel]

My crv 2005 also going expire soon,mileage is 150K.until now still can't decide whether to renew or take my Parf of $14.5K,....pls enlighten anyone.condition sill ok.

My humble suggestion. Take the parf and buy a brand new Honda Vezel as it is still SUV same as your CRV. With Cat A COE, the dep is ~ 12K/year.

You will feel more shiok to drive new car than 10 years old car.

[Jimmylim]

My humble suggestion. Take the parf and buy a brand new Honda Vezel as it is still SUV same as your CRV. With Cat A COE, the dep is ~ 12K/year.

You will feel more shiok to drive new car than 10 years old car.

 

true. if die die need a car, i'll just go for a new one instead of renewing for current 10 years old car.

 

have done a detailed analysis before on almost all possible costs. it is still more worth to get a new similar car, i.e. not for cases whereby you change from a small car to a MPV for an example, this is upgrading liao. renewing the coe is already not an option at all from my own calculation.

 

still it depends on each financial status and comfort level. good luck.

[Dark]

By renewing COE you are in fact resigning to fate and accepting the high COE price (which is by the way determined by others) by paying the current PQP without a "fight".

 

It is better to let the COE recycle in the market and release more quota which will in theory lower the "strike" price.

 

Think of all the bids lined up from the highest to the lowest. As you move further to the right (quota), the lower the bid price would be which will in turn determine the COE price.

 

The more people doing this (scrap and release COE) the greater the effect (of lower COE) would be. It's time to think of the greater good.

 

On the individual level, there is no need to always compare renew vs buy new based on the exact same class or model.

 

Just take your PARF plus the PQP and then add 15-20% for additional maintenance, road tax, fuel consumption and other costs and arrive at $X.

 

Then find a new car as close to $X as possible that suits your needs and don't look back.