Jump to content
Mockngbrd

Record number of motorists keeping car beyond 10 years

Recommended Posts

Supersonic (edited)

With this sort of article coming out (unlike in 2009), prob some shit gonna happen courtesy of Gahmen. Better beware.

https://www.reddit.com/r/singapore/comments/aswgqw/record_number_of_motorists_keeping_car_beyond_10/
 

 

 

SINGAPORE - A record 37,114 certificates of entitlement (COEs) were extended beyond their 10-year lifespan last year - about 20 per cent more than in 2017, the previous record year.
 

The trend was fuelled largely by relatively low certificate of entitlement premiums, which had hovered at their lowest in five to eight years during the year.
 

About 57 per cent of extensions were for cars up to 1,600cc. The rest were for cars above 1,600cc, for which most owners chose a 10-year extension, unlike the other group.
 

Freelance writer Lionel Seah, 62, said extending the COE of his BMW 525i was a "no-brainer". He paid close to $38,000 for a 10-year extension, forgoing at the same time the car's scrap rebate of around $28,000.
 

"So it works out to be just over $6,000 per year of depreciation over the next 10 years," Mr Seah said. "If I bought a new 5-series, it would have cost me $250,000 - or an annual depreciation of over $20,000.
 

"That's three times more. It's mind-boggling."
 

Furthermore, he said his car is still "running sweet... and creamy".
 

Besides minor wear-and-tear parts, he said he did not replace anything. "Surprisingly, there are no cracks or tears on the leather upholstery even," he added.
 

Lawyer Sarjeet Singh, 53, topped up the COE on his Mini Cooper S by 10 years last year too, describing it as "the best decision" he has made.
 

"This is the last of the supercharged engines," he said, adding that its reliability has been "bullet proof".

Like Mr Seah, he only had to replace wear-and-tear parts like suspension bushings and engine mounts. "The upholstery is in mint condition," he noted.
 

Workshops also saw an uptick in business from motorists who had decided to keep their old rides.
 

Mr Joey Lim, managing director of independent workshop Harmony Motor, said the number of such customers "more than doubled" last year.

"These cars are usually those with good engines and transmissions," Mr Lim said. "Mostly, the owners will just change all the fluids, shock absorbers and some other undercarriage parts."
 

The COE renewal trend has contributed to this year's reduction in COE supply, which is determined largely by number of cars scrapped. Observers said if all those who extended COEs had scrapped their cars instead, COE supply would grow, not shrink.
 

Motor traders reckon the number of COE renewals will dip this year if COE prices continue to rise. They also pointed out there are fewer cars reaching 10 years of age than last year - 60,000 this year compared to 80,000 in 2018.
 

 

post-26533-0-94270700-1550719167_thumb.png

Edited by Mockngbrd
↡ Advertisement
  • Praise 5

Share this post


Link to post
Share on other sites
Moderator

Ya man ... wait for another round of Re-think

Share this post


Link to post
Share on other sites
Turbocharged (edited)

Ya man ... wait for another round of Re-think

 

its actually their own undoing. i would raise PARF, once the PARF is high. less people will renew. which i think they are sort of doing now with the VES, as it caps the number of 20k and 10k rebates and keeping PARF high. 

 

in the 80s. PARF for 1600 was 11.2k, 2000cc was 29k, then 43k for big cc.

Edited by Mkl22
  • Praise 1

Share this post


Link to post
Share on other sites
Moderator

And the number of COE renewal is expected to jump even higher when cars with $2.5K to <$10K PARF hit the 10 years mark, no thanks to the CEVS scheme. One of my neighbour have a Honda Vezel with $2.5K PARF, and imagine paying say $30K for COE and drive it for another 10 years, cheap like sh*t...  [cool]

 

Scholars at LTA better work double hard to think of some scheme to stop that from happening. [lipsrsealed]

  • Praise 7

Share this post


Link to post
Share on other sites

me too, I renewed my Civic1.8 COE 10 years at 31k+ only, sweet sweet compare to buy a brand new Civic1.5T 117k,   :grin:

  • Praise 1

Share this post


Link to post
Share on other sites

Supersonic

To let peasants internalise the pollution costs:  Road tax for cars above 10 years will soon skyrocket

 

[:p]   

  • Praise 1

Share this post


Link to post
Share on other sites
Turbocharged

To let peasants internalise the pollution costs:  Road tax for cars above 10 years will soon skyrocket

 

[:p]   

 

Anything anywhere can makan they sure jiak!

 

No only jiak, but jiak gao gao!  [lipsrsealed]

  • Praise 2

Share this post


Link to post
Share on other sites

If scrap value is too low, I would rather renew coe too, especially if overall car is still running good

Share this post


Link to post
Share on other sites

Renew is good, but must pass inspection. If LTA enforces a strict emission test...

Share this post


Link to post
Share on other sites
Supersonic

its actually their own undoing. i would raise PARF, once the PARF is high. less people will renew. which i think they are sort of doing now with the VES, as it caps the number of 20k and 10k rebates and keeping PARF high.

 

in the 80s. PARF for 1600 was 11.2k, 2000cc was 29k, then 43k for big cc.

If not for the VES, more people would have opted for newer cars which may have better engine technologies with cleaner emissions a decade ago.

Some silly policies are just so contradictory.

Share this post


Link to post
Share on other sites
Supercharged

If scrap value is too low, I would rather renew coe too, especially if overall car is still running good

 

Freelance writer Lionel Seah, 62, said extending the COE of his BMW 525i was a "no-brainer". He paid close to $38,000 for a 10-year extension, forgoing at the same time the car's scrap rebate of around $28,000.

 

$28k scrap value  [laugh]

  • Praise 2

Share this post


Link to post
Share on other sites
Turbocharged

To let peasants internalise the pollution costs: Road tax for cars above 10 years will soon skyrocket

 

[:p]

Maybe they might change the progressiveness of the higher roadtax and just whack 150% after 10th year. For sure it will cut down on some 5year coe renewals.

Share this post


Link to post
Share on other sites
Twincharged

Renewed 10 years but car conked out twice in 2 months  [sweatdrop]

 

boh pian have to  [rifle]   [smallcry]

  • Praise 1

Share this post


Link to post
Share on other sites
Supersonic

Renewed 10 years but car conked out twice in 2 months [sweatdrop]

 

boh pian have to [rifle][smallcry]

But new Corolla fuel consumption is better than Sunny lah.

 

Ok la. Old don’t go, new won’t come.

Share this post


Link to post
Share on other sites

Maybe they might change the progressiveness of the higher roadtax and just whack 150% after 10th year. For sure it will cut down on some 5year coe renewals.

150% isn’t really a deterrent. It increases the monthly cost by $50

 

That works out to $2 more a day.

 

1 mrt ride is already close to $2

Share this post


Link to post
Share on other sites
Hypersonic

Freelance writer Lionel Seah, 62, said extending the COE of his BMW 525i was a "no-brainer". He paid close to $38,000 for a 10-year extension, forgoing at the same time the car's scrap rebate of around $28,000.

 

$28k scrap value [laugh]

He think that his BMW will perform flawlessly for the next 10 years with no repair needed.
↡ Advertisement
  • Praise 2

Share this post


Link to post
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now

×