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wangxiaodi

I Still Have About 1yr 10 Months Before Coe Expired

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Hi, I bought an Elantra md in July this year and it still have about 1 year 10 months to go. 

I am contemplating whether to

1) renew for another 5 years, which I am seriously not very keen. 

2) trade in at the 1 year mark and change to elantra AD, the newer model. But not sure if the newer model is better? Or no point as it has not much difference? Or change to other brands of used car? 

3)trade in at 1 year mark at buy a brand new car? Then.. What car? Probably another 1.6litre one.. 

Asking for advice and viability of the above 3 options. 

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If the current car is in good condition, then renewing COE is likely the lowest cost approach.

But since you already indicated not keen to renew the COE, it suggest that the car condition is probably not very good.

Trading in at 1 year mark, i.e., 9th year, your expected paper value will fetch probably 10-12k, which at the AD, they may take in at 13-15k. Without knowing if you have a current loan, and expected redemption values, it is difficult to calculate further.

As for the type of car, you have to consider your current needs at 9th year, as well as potential needs in the future, such as family requirements and such.

My sedan served me pretty well for my family of 2 kids, but with a 3rd one on the way, I had to consider a change to a MPV.

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45 minutes ago, wangxiaodi said:

Hi, I bought an Elantra md in July this year and it still have about 1 year 10 months to go. 

I am contemplating whether to

1) renew for another 5 years, which I am seriously not very keen. 

2) trade in at the 1 year mark and change to elantra AD, the newer model. But not sure if the newer model is better? Or no point as it has not much difference? Or change to other brands of used car? 

3)trade in at 1 year mark at buy a brand new car? Then.. What car? Probably another 1.6litre one.. 

Asking for advice and viability of the above 3 options. 

To know what is the next car to buy, you  have to state your usage,  eg, ferrying kids, sending girlfriend and fetching g mother in law are completely different  story,  your  preference? SUV, sedan, MPV?  Your budget, 100k, 150k ?  Power? Driving  and brand preference like European or Japanese or Korean ?

Edited by Ct3833
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Why did you buy an 8yo car and then a couple of months later ask these questions?

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1 hour ago, wangxiaodi said:

Hi, I bought an Elantra md in July this year and it still have about 1 year 10 months to go. 

I am contemplating whether to

1) renew for another 5 years, which I am seriously not very keen. 

2) trade in at the 1 year mark and change to elantra AD, the newer model. But not sure if the newer model is better? Or no point as it has not much difference? Or change to other brands of used car? 

3)trade in at 1 year mark at buy a brand new car? Then.. What car? Probably another 1.6litre one.. 

Asking for advice and viability of the above 3 options. 

1) Renew for 5 yrs is cheapest way to go ba Is (COE Price + PARF value)/5 for yearly depreciation. Cat A coe ba.
2) https://www.sgcarmart.com/new_cars/newcars_listing.php?MOD=Hyundai

Still have elantra for sales meh?

3) Trade in when its left 1 yr? U can try find dealers that will give u maybe 2-3k overtrade for the existing vehicle lor. But once u renew coe, their overtrade is not attractive cause they dont care u PARF value which u lost.

If me, i hold till coe near expire, slowly go showroom and source lor. Risk is dono coe price by then.

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16 minutes ago, Ka_kia said:

1) Renew for 5 yrs is cheapest way to go ba Is (COE Price + PARF value)/5 for yearly depreciation. Cat A coe ba.
2) https://www.sgcarmart.com/new_cars/newcars_listing.php?MOD=Hyundai

Still have elantra for sales meh?

3) Trade in when its left 1 yr? U can try find dealers that will give u maybe 2-3k overtrade for the existing vehicle lor. But once u renew coe, their overtrade is not attractive cause they dont care u PARF value which u lost.

If me, i hold till coe near expire, slowly go showroom and source lor. Risk is dono coe price by then.

2) Elantra 2016 to 2018 model. Also 2nd hand. 

True la. I dont feel like renew COE.. cos i cannot imagine myself driving another 5 years this same car.

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1 hour ago, Sigeena said:

If the current car is in good condition, then renewing COE is likely the lowest cost approach.

But since you already indicated not keen to renew the COE, it suggest that the car condition is probably not very good.

Trading in at 1 year mark, i.e., 9th year, your expected paper value will fetch probably 10-12k, which at the AD, they may take in at 13-15k. Without knowing if you have a current loan, and expected redemption values, it is difficult to calculate further.

As for the type of car, you have to consider your current needs at 9th year, as well as potential needs in the future, such as family requirements and such.

My sedan served me pretty well for my family of 2 kids, but with a 3rd one on the way, I had to consider a change to a MPV.

The current car actually no major issue (as yet). so far so good. FC also reasonably ok. at 13km/litre average for me.

 

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1 hour ago, Ct3833 said:

To know what is the next car to buy, you  have to state your usage,  eg, ferrying kids, sending girlfriend and fetching g mother in law are completely different  story,  your  preference? SUV, sedan, MPV?  Your budget, 100k, 150k ?  Power? Driving  and brand preference like European or Japanese or Korean ?

hmm.. if possible maybe a bigger car which i can fetch my family of 5 to 6.. next best option is the wish?

but to me, minimum is 1.6litre .

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31 minutes ago, Watwheels said:

Why did you buy an 8yo car and then a couple of months later ask these questions?

Well, i quite like the overall look and feel of this car. But i am someone who don't like to commit myself to 1-car for like 5 to 7 years that kinda thing. so, i don't mind driving short term like 2 years or 3 to 4 years?

this current car is quite ok right now. No complaints. but i don't see myself driving it for another 5 years.. so best is to cash in while it still have some parf and value to trade in for the next car.

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3 minutes ago, wangxiaodi said:

Well, i quite like the overall look and feel of this car. But i am someone who don't like to commit myself to 1-car for like 5 to 7 years that kinda thing. so, i don't mind driving short term like 2 years or 3 to 4 years?

this current car is quite ok right now. No complaints. but i don't see myself driving it for another 5 years.. so best is to cash in while it still have some parf and value to trade in for the next car.

U will bleed badly if you are planning to junk brand new cars within 3-4 yrs. 

There's not much Cat A models left on the market for tech has progress alot and many models that was once Cat A models are now Cat B. Car buyers from the rest of the world would always welcome increased power, unlike SG. 

Seriously unless you are very loaded, one is expected to keep their brand new cars for at least 5-7 yrs esp in today's high COE climate, and the artificially raised VES surcharge which leads to even steeper depreciation curve. 

Be prep to loose over 15k and more per year if u want to junk your new car on the 3rd year. 

From your description so far, I say you are better off renewing another 10 yrs to your existing car since budget is of prime concern.  New Advante or Kia Sorento are not faster nor more powerful than yours due to its much bigger body and the insistence of using old and relatively weak engine (its just a revised block from your existing Elantra block) 

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17 minutes ago, wangxiaodi said:

Well, i quite like the overall look and feel of this car. But i am someone who don't like to commit myself to 1-car for like 5 to 7 years that kinda thing. so, i don't mind driving short term like 2 years or 3 to 4 years?

this current car is quite ok right now. No complaints. but i don't see myself driving it for another 5 years.. so best is to cash in while it still have some parf and value to trade in for the next car.

Didn't you just answered your own queries?? Still need our feedback to reinforce your decision meh?

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You mentioned family of 5 to 6. Is that a norm or just occasionally? If you expect to drive your family of 6 on a regular basis, for comfort and safety, best to consider MPVs and SUVs.

If occasionally, then I guess one can always fit 6 people in a mid sized sedan.

MPVs wise, most popular is the Sienta, which has a good mix of price affordability and space features.

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Another option, since you see yourself changing car every 2-4 years, don't buy! Go for long-term rent.

2 year rental of Wish is around 1600-1800 per month, inclusive of insurance and servicing.

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use until 9.5 year mark then look see again.

car is essentially paper value from now till year 10 anyways. 

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Sorry I didn't state clearly.. Of course if I opt for new car. I don't think I can afford to drive 3 to 4 years and sell off. At least I need to hold the car for 6 to 8 years bah. 

 

That is why I am always driving used cars. Maybe I belongs to the Grp where we don't want to spend so much on car.. Its a depreciating "item" after all. 

But I am a car noobs la. So I might fail in terms of this aspects 

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21 minutes ago, wangxiaodi said:

Sorry I didn't state clearly.. Of course if I opt for new car. I don't think I can afford to drive 3 to 4 years and sell off. At least I need to hold the car for 6 to 8 years bah. 

 

That is why I am always driving used cars. Maybe I belongs to the Grp where we don't want to spend so much on car.. Its a depreciating "item" after all. 

But I am a car noobs la. So I might fail in terms of this aspects 

Buying a 2-5 yr old used car is not a good idea also. The used car dealer who lowballed the poor seller with near scrap value can and will easily mark up 10-20k (depending on the brand) by reselling that used car to you. The annual depreciation for such used cars can be equal or even higher than brand new. 

And if you opt for models that are commonly used by PHV.... haha... good luck to you yo. You could be driving away an insane high mileage 'like new' car with most parts worn out and the car is prob abused by dunno how many PHV drivers. And with min maint done to it. Low mileage you say? 95% of used cars sold by used car dealers in SG had their odometers tempered with. There is no law against this so why not right?

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Bro u need to calculate the depreciation instead of the price.. old cars don't mean they will be cheap. It's probably only a lower initial capital required.

Older cars also need to budget some money for repairs.

Sometimes brand new car can actually be a better deal

Edited by Solar
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On 11/28/2019 at 3:56 PM, Cheefarn said:

Buying a 2-5 yr old used car is not a good idea also. The used car dealer who lowballed the poor seller with near scrap value can and will easily mark up 10-20k (depending on the brand) by reselling that used car to you. The annual depreciation for such used cars can be equal or even higher than brand new. 

That's actually true. If you bring in a 2 year old car for sale, you will face a massive hit, like a 75-80% drop in valuation over paper value. Your actual depreciation for those 2 years of ownership just doubled. And sure enough, the used car seller will add a huge mark-up, because they can. After all, "it's just a 2 year old car, almost brand new & 8 more years of COE".

Another situation that can backfire is buying an 7-8 year old car - if you're suddenly facing a costly repair during its 9th year, the repair bill may be higher than the remaining value of the car, so you rather scrap the car, which means you only got 1-2 years use out of the car instead of 3.

Unlike many other used car markets on the planet, SG is not a good place to trade cars, due to the high effective depreciation. (all courtesy of our unique 10 year life span concept). It's not like US or Europe where people buy a new car every 3-4 years.

Edited by WaydwayneSG
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