COE bidding - 2nd round of Feb 2017 delayed with change

[Vratenza]

All those who call for calm and solidarity in not bidding higher obviously do not have an inkling of human psyche. 

 

COE's open bidding system is aimed squarely at the part of human behaviour: self preservation and survival of the fittest. If everyone bid $10..... Near closing... Someone will break the line to bid $11 just to ensure he gets the COE. When the rest saw the line breaker took the first step,  all hell will break loose. 

 

 

[AXS]

All those who call for calm and solidarity are reminding everyone not to succumb to their animalistic instincts of self preservation and survival of the fittest. We are humans and not animals and are capable of better things.

 

If everyone bid $10 and the quota is reached, just wait for next round. There is always public transport and U/G. Putting in additional $1 to make up $11 is just overpaying for $1. LOL.

Edited February 26, 2017 by AXS

[Pocy]

All those who call for calm and solidarity are reminding everyone not to succumb to their animalistic instincts of self preservation and survival of the fittest. We are humans and not animals and are capable of better things.

 

If everyone bid $10 and the quota is reached, just wait for next round. There is always public transport and U/G. Putting in additional $1 is just overpaying for $1. LOL.

...... if there's a more viable option, I choose not to even pay one dollar

[therock]

All those who call for calm and solidarity are reminding everyone not to succumb to their animalistic instincts of self preservation and survival of the fittest. We are humans and not animals and are capable of better things.

 

If everyone bid $10 and the quota is reached, just wait for next round. There is always public transport and U/G. Putting in additional $1 to make up $11 is just overpaying for $1. LOL.

I love your altruistic concept, but I am a realist

 

Same concept different issue:

Otherwise you won't find folks moving within 1km of school, volunteering etc to get their kids into the best school, if all school are the same.

 

If a rich man wants a car, he will do what he needs to outbid the marginal buyer.

[Ct3833]

I love your altruistic concept, but I am a realist

 

Same concept different issue:

Otherwise you won't find folks moving within 1km of school, volunteering etc to get their kids into the best school, if all school are the same.

 

If a rich man wants a car, he will do what he needs to outbid the marginal buyer.

Agree with you on the human behaviour aspect and how some of the rich would go all out to secure their car with their fnancial ability. But not all being outbidded are marginal buyers. There are enough people who are rich enough to cash and carry a car without any loan and yet still have sufficient disposable cash for other investments. In fact to some of the rich and humble, chasing after a new luxury car is no longer their priority. So i am conscious not to judge people by the type of car they are driving.

[MrYotsuba]

Are the showrooms still crowded this weekend?

[mcflhw]

Are the showrooms still crowded this weekend?

I lost interest in this already, who cares, maybe next round coe can tell.

[Tianmo]

All those who call for calm and solidarity in not bidding higher obviously do not have an inkling of human psyche. 

 

COE's open bidding system is aimed squarely at the part of human behaviour: self preservation and survival of the fittest. If everyone bid $10..... Near closing... Someone will break the line to bid $11 just to ensure he gets the COE. When the rest saw the line breaker took the first step,  all hell will break loose. 

 

 

[Coltplussport]

Just give a rough figures la cos can't really rem the exact detail.

-2003 the car cost 68k.

-Down 20k.

-Loan 48k,6yrs repayment.

-Trade in 39k in 2006.

-Since only repayment 3yrs,still own bank 3yrs loan.After full settlement,take back around 11k.

-2006 the car cost 46k.

-Down 10k.

-Loan 36k,5yrs repayment.Dealer still give 1k cheque to me.

Yes,the loan extend.

If l keep the 2003 car,my loan will end in 2009.

But i change to 2006 car,so my loan end in 2011.

What 3 year old car you able to trade in for $39k when a new car cost $46k only.

[Tianmo]

All those who call for calm and solidarity are reminding everyone not to succumb to their animalistic instincts of self preservation and survival of the fittest. We are humans and not animals and are capable of better things.

 

If everyone bid $10 and the quota is reached, just wait for next round. There is always public transport and U/G. Putting in additional $1 to make up $11 is just overpaying for $1. LOL.

 

 

Not very difficult to separate the fit from the weak.     

[plim8888]

Just give a rough figures la cos can't really rem the exact detail.

-2003 the car cost 68k.

-Down 20k.

-Loan 48k,6yrs repayment.

-Trade in 39k in 2006.

-Since only repayment 3yrs,still own bank 3yrs loan.After full settlement,take back around 11k.

-2006 the car cost 46k.

-Down 10k.

-Loan 36k,5yrs repayment.Dealer still give 1k cheque to me.

Yes,the loan extend.

If l keep the 2003 car,my loan will end in 2009.

But i change to 2006 car,so my loan end in 2011.

 

Hi Sktan10,

 

Thanks for sharing.

 

If we ignore the loan interest and assuming you got the same or better car in 2006 as the one you got in 2003 then certainly looks like quite a good deal.

 

If interest is included then doing the 2006 deal made the per year depreciation less rosy. But I guess still look quite reasonable.

 

Anyway, some math for those interested  .

 

If I assume car loan interest rate is 2% flat. Then the total interest for the car you bought in 2003 = 2% * 6 * 48K = 5.76K; adding the upfront down payment of 20K and principle of 48K total would be = 73.76K if you have kept the 2003 car for 10 years. But since you sold in 2006 and you said you took back 11K then total you paid in the 3 years = 73.76K - 11K = 62.76K (hope I understood your number correctly).

 

For the car you bought in 2006 the total interest = 2% * 5 * 36K = 3.6K; adding the upfront down payment of 10K and principal of 36K - 1K (since you said the dealer gave you a 1K cheque) total would be = 48.6K.

 

Add the 2 total together meaning over a period of 13 years you paid 62.76K + 48.6K (ignoring what PARF value you will get back) = 111.36K. This would give a depreciation rate of 8.566K/year.

 

Now if you have stuck with your first car from 2003 to 2013 then over a period of 10 years you paid 73.76K (again ignoring what PARF value you will get back ... which should be about the same as the above case). This would give a depreciation rate of 7.376K/year.

 

So you would have paid less per year by sticking with the 2003 car all the way thru 10 years.

 

Now of course in your case you do get to enjoy driving a newer car from 2006 onward; so there is some intangible gain   not figured in the math above.

 

That is why when CAT B COE is almost ZERO in early 2009 I decided to stick with my 2004 Odyssey instead of trading up to a new car. I remember then if I were to trade to a Toyota Picnic (inferior ride to an Odyssey) I would have paid 72K (I paid 122K for the Odyssey back in 2004). The per year depreciation from that point onward is still higher if I were to trade to a Toyota Picnic.

 

Sorry for the kill joy. Anyway, to each his own. I guess I am more of a number guy (engineer by training and profession  ).

 

At the end of the day feel good and enjoy the ride which is financially affordable is really what matters. Each of us need to find the right balance somewhere. Enjoy.   

[merc280v6]

I lost interest in this already, who cares, maybe next round coe can tell.

Hmm .. it looks like the garmen's policies to dampen marginal owners' desire to own cars is really working!

[Sktan10]

What 3 year old car you able to trade in for $39k when a new car cost $46k only.

 

 

A 13k+ omv bb car.

Due to 2003 car,calculation of omv is base on 130% I think.

Again is roughly la!

-13.5k x 1.3 x 0.75 cos car less than 3yrs old=13.1k

-Balance coe 7yrs=21k cos coe 30k

-Paper value 34k but I think should be more cos can't really rem.

I think dealer give 4 to 5k for car body.

That is also one of the reason why I change to new car during that time.

You are right.46k new car vs 39k 3yrs old car.

But I think this type of situation will not happen again.

Edited February 26, 2017 by Sktan10

[Sktan10]

 

Hi Sktan10,

Thanks for sharing.

If we ignore the loan interest and assuming you got the same or better car in 2006 as the one you got in 2003 then certainly looks like quite a good deal.

If interest is included then doing the 2006 deal made the per year depreciation less rosy. But I guess still look quite reasonable.

Anyway, some math for those interested .

If I assume car loan interest rate is 2% flat. Then the total interest for the car you bought in 2003 = 2% * 6 * 48K = 5.76K; adding the upfront down payment of 20K and principle of 48K total would be = 73.76K if you have kept the 2003 car for 10 years. But since you sold in 2006 and you said you took back 11K then total you paid in the 3 years = 73.76K - 11K = 62.76K (hope I understood your number correctly).

For the car you bought in 2006 the total interest = 2% * 5 * 36K = 3.6K; adding the upfront down payment of 10K and principal of 36K - 1K (since you said the dealer gave you a 1K cheque) total would be = 48.6K.

Add the 2 total together meaning over a period of 13 years you paid 62.76K + 48.6K (ignoring what PARF value you will get back) = 111.36K. This would give a depreciation rate of 8.566K/year.

Now if you have stuck with your first car from 2003 to 2013 then over a period of 10 years you paid 73.76K (again ignoring what PARF value you will get back ... which should be about the same as the above case). This would give a depreciation rate of 7.376K/year.

So you would have paid less per year by sticking with the 2003 car all the way thru 10 years.

Now of course in your case you do get to enjoy driving a newer car from 2006 onward; so there is some intangible gain not figured in the math above.

That is why when CAT B COE is almost ZERO in early 2009 I decided to stick with my 2004 Odyssey instead of trading up to a new car. I remember then if I were to trade to a Toyota Picnic (inferior ride to an Odyssey) I would have paid 72K (I paid 122K for the Odyssey back in 2004). The per year depreciation from that point onward is still higher if I were to trade to a Toyota Picnic.

Sorry for the kill joy. Anyway, to each his own. I guess I am more of a number guy (engineer by training and profession ).

At the end of the day feel good and enjoy the ride which is financially affordable is really what matters. Each of us need to find the right balance somewhere. Enjoy.

 

 

 

wah,bro!You really good in calculation.

For me,during that time,never intend to change.

Just pass by those shopping centre car show,mouth itchy ask the SE to quote the old car and story starts from there.

[Vratenza]

I am glad you have attained it! 

 

 

 

Wait for the rest of us please....   

All those who call for calm and solidarity are reminding everyone not to succumb to their animalistic instincts of self preservation and survival of the fittest. We are humans and not animals and are capable of better things.

If everyone bid $10 and the quota is reached, just wait for next round. There is always public transport and U/G. Putting in additional $1 to make up $11 is just overpaying for $1. LOL.

 

[plim8888]

wah,bro!You really good in calculation.

For me,during that time,never intend to change.

Just pass by those shopping centre car show,mouth itchy ask the SE to quote the old car and story starts from there.

 

Engineer mah. Must calculate and re-calculate  .

 

But also must strike balance with the intangible lah ... Like enjoying a new car. That is why this round I finally decided to spring for a new Honda Odyssey after driving a second hand Nissan Presage for the last 3 years+ (Decided against getting a new car then when COE was in the 80K to 90K range in 2013 ... which turned out to be a good decision).

 

Some more this round spooked by the COE uncertainty and upgraded to guaranteed COE last Sunday. We now know that is really quite unnecessary. Now one shot tio liao. A bit too quick as I still have 5 months plus of life left in my current car. Anyone has past experience? Think KAH Motor willing to entertain delay taking delivery by a couple of months? 

[Sktan10]

Engineer mah. Must calculate and re-calculate .

 

But also must strike balance with the intangible lah ... Like enjoying a new car. That is why this round I finally decided to spring for a new Honda Odyssey after driving a second hand Nissan Presage for the last 3 years+ (Decided against getting a new car then when COE was in the 80K to 90K range in 2013 ... which turned out to be a good decision).

 

Some more this round spooked by the COE uncertainty and upgraded to guaranteed COE last Sunday. We now know that is really quite unnecessary. Now one shot tio liao. A bit too quick as I still have 5 months plus of life left in my current car. Anyone has past experience? Think KAH Motor willing to entertain delay taking delivery by a couple of months?

Congratulations for your new car.

What is the interests rate offer by Kah motor?

[plim8888]

Congratulations for your new car.

What is the interests rate offer by Kah motor?

 

2.18%. Is this good or bad?