First time buyer looking to buy Fit/Civic/transport car.

[nynyny]

hi everyone,

posting here since i can't start a new thread yet.

im a first time buyer looking to get a COE honda fit/civic or any other COE car which gets me from A to B. 
my question is, should i get a COE car which has been renewed for 5 years or 10 years?

my friend has told me that if i get a 5 year one, at the end of the 5 years i will have to scrap the car which leaves me no value, so basically i'll waste the $$.
however if i get a 10 year one, at the end of the 10 years i still can have the option of renewing the COE or selling it altogether.

any advice? thanks!

[nynyny]

hi everyone,

posting here since i can't start a new thread yet.

im a first time buyer looking to get a COE honda fit/civic or any other COE car which gets me from A to B. 
my question is, should i get a COE car which has been renewed for 5 years or 10 years?

my friend has told me that if i get a 5 year one, at the end of the 5 years i will have to scrap the car which leaves me no value, so basically i'll waste the $$.
however if i get a 10 year one, at the end of the 10 years i still can have the option of renewing the COE or selling it altogether.

any advice? thanks!

[awhtc]

6 hours ago, nynyny said:

hi everyone,

posting here since i can't start a new thread yet.

im a first time buyer looking to get a COE honda fit/civic or any other COE car which gets me from A to B. 
my question is, should i get a COE car which has been renewed for 5 years or 10 years?

my friend has told me that if i get a 5 year one, at the end of the 5 years i will have to scrap the car which leaves me no value, so basically i'll waste the $$.
however if i get a 10 year one, at the end of the 10 years i still can have the option of renewing the COE or selling it altogether.

any advice? thanks!

 

10 years COE of course if you can afford.  Towards the end of the COE lifespan, you can renew and keep it for another 10 years.

My take is the government will gradually revise its taxes (OMV, ARF, GST and VES) on new cars upwards, so the cost of a car without a COE will continue to go up. 

Hence, renewing the COE will make more financial sense if you wish to continue driving.

[Mooose]

9 hours ago, nynyny said:

im a first time buyer looking to get a COE honda fit/civic or any other COE car which gets me from A to B. 
my question is, should i get a COE car which has been renewed for 5 years or 10 years?

my friend has told me that if i get a 5 year one, at the end of the 5 years i will have to scrap the car which leaves me no value, so basically i'll waste the $$.

however if i get a 10 year one, at the end of the 10 years i still can have the option of renewing the COE or selling it altogether.

 

get a car with 5 year coe renewed = car cost divide by number of years left .. at end of COE have to scrap and get next to nothing ..

get a car with 10 year coe renewed = more options at the end, can sell, can renew coe and continue driving ..

pay more now for car with 10 year renewed coe is a far better option in my opinion ..

[awhtc]

I won't be surprised if LTA slaps a renewal tax on 10-year COE renewal in future as part of wealth tax.

[Mooose]

2 hours ago, awhtc said:

I won't be surprised if LTA slaps a renewal tax on 10-year COE renewal in future as part of wealth tax.

why tax and penalise coe renewals?

if its a wealth tax then it should be for new coes too in addition to renewal coes ..

so it will be the same, whether old car or coe car, unless someone gives up the car/driving altogether.

[awhtc]

8 hours ago, awhtc said:

 

10 years COE of course if you can afford.  Towards the end of the COE lifespan, you can renew and keep it for another 10 years.

My take is the government will gradually revise its taxes (OMV, ARF, GST and VES) on new cars upwards, so the cost of a car without a COE will continue to go up. 

Hence, renewing the COE will make more financial sense if you wish to continue driving.

 

47 minutes ago, Mooose said:

why tax and penalise coe renewals?

if its a wealth tax then it should be for new coes too in addition to renewal coes ..

so it will be the same, whether old car or coe car, unless someone gives up the car/driving altogether.

 

Because renewals side step the OMV, GST ARF and VES as per my earlier reply above.

[Comage]

3 hours ago, awhtc said:

 

 

Because renewals side step the OMV, GST ARF and VES as per my earlier reply above.

The likelihood is low, I think! It's gonna be hard to put an amount to "recoup" these lost values when the COE vehicle itself is already a couple of decades old... 

Govt gonna open up a can of worms if they decide to tax and penalize COE renewals... 

[Beregond]

18 hours ago, nynyny said:

hi everyone,

posting here since i can't start a new thread yet.

im a first time buyer looking to get a COE honda fit/civic or any other COE car which gets me from A to B. 
my question is, should i get a COE car which has been renewed for 5 years or 10 years?

my friend has told me that if i get a 5 year one, at the end of the 5 years i will have to scrap the car which leaves me no value, so basically i'll waste the $$.
however if i get a 10 year one, at the end of the 10 years i still can have the option of renewing the COE or selling it altogether.

any advice? thanks!

say u buy a 5 years coe car, and u drive 4 year and u want sell. u will only get back 1 year coe refund, no dealer will give u any money for the car itself. if u use to 5 years end u left with nothing.

say u buy a 10 years coe car, and u drive 5 year and u decided to sell, for a car like fit or civic. other then the value of the 5 years coe left. how much the dealer will give u for the body left with 5 years depend alot on the car condition ( to be frank, it will be very low)

say u buy a 10 year coe car. reach 10 years u can buy coe and renew again. but your last sentence 'or selling it altogether' i think u mistaken, if u drive 10 year finish the coe, your car is basically worthless even if that car still can renew coe ( unless special case i dun want say, like collector item 

[yellowshaun]

21 hours ago, nynyny said:

hi everyone,

posting here since i can't start a new thread yet.

im a first time buyer looking to get a COE honda fit/civic or any other COE car which gets me from A to B. 
my question is, should i get a COE car which has been renewed for 5 years or 10 years?

my friend has told me that if i get a 5 year one, at the end of the 5 years i will have to scrap the car which leaves me no value, so basically i'll waste the $$.
however if i get a 10 year one, at the end of the 10 years i still can have the option of renewing the COE or selling it altogether.

any advice? thanks!

@BabyBlade wanna give this guy a thread?

[BabyBlade]

2 hours ago, yellowshaun said:

@BabyBlade wanna give this guy a thread?

Your wish is my command. Yes we should! ☺️

[PSP415]

On 3/3/2022 at 11:25 PM, nynyny said:

hi everyone,

posting here since i can't start a new thread yet.

im a first time buyer looking to get a COE honda fit/civic or any other COE car which gets me from A to B. 
my question is, should i get a COE car which has been renewed for 5 years or 10 years?

my friend has told me that if i get a 5 year one, at the end of the 5 years i will have to scrap the car which leaves me no value, so basically i'll waste the $$.
however if i get a 10 year one, at the end of the 10 years i still can have the option of renewing the COE or selling it altogether.

any advice? thanks!

Why are you considering a COE car instead of one still with parf? Care to share so that some other options can be highlighted for consideration. 

Ownership of car here is not as simple as getting a lower priced ride and hope for the best in the years ahead. 😅

Hope can sometimes be fat or lost or long long wait type. 😂

Stay safe 

Cheers 

 

[Mahjong74]

On 3/3/2022 at 11:25 PM, nynyny said:

hi everyone,

posting here since i can't start a new thread yet.

im a first time buyer looking to get a COE honda fit/civic or any other COE car which gets me from A to B. 
my question is, should i get a COE car which has been renewed for 5 years or 10 years?

my friend has told me that if i get a 5 year one, at the end of the 5 years i will have to scrap the car which leaves me no value, so basically i'll waste the $$.
however if i get a 10 year one, at the end of the 10 years i still can have the option of renewing the COE or selling it altogether.

any advice? thanks!

@nynyny 

Just listen to your friend. Your friend is correct. 

[Comage]

37 minutes ago, PSP415 said:

Why are you considering a COE car instead of one still with parf? Care to share so that some other options can be highlighted for consideration. 

Ownership of car here is not as simple as getting a lower priced ride and hope for the best in the years ahead. 😅

Hope can sometimes be fat or lost or long long wait type. 😂

Stay safe 

Cheers 

 

I was going to ask the same thing as well - if you're a 1st time buyer, please DO NOT get a COE car. 

Why are there even people here recommending the TS to go for 5/10 year COE renewed car? 

Have you guys ever shopped and bought a COE car before? If not, please don't push TS to do it. 

I said in many other threads before that there is a difference between a used PARF car and a used COE car. A VERY BIG DIFFERENCE. 

And there's a difference between "oh yeah I owned a COE car before" when all you did was buy it when it was < 10 years of age and drove it until its time was up, and then renewed it after it hit the 10-year mark, versus buying a dinky 10-year (or older!) COE car RIGHT OFF THE BAT! 

So please don't give TS harmful advice about buying a COE car... When many of the COE cars held by dealers are actually in scrapyard condition and are mostly sold as-is with ZERO warranties or guarantees of any kind. 

Edited March 4, 2022 by Comage

[Confusedboi]

On 3/3/2022 at 11:25 PM, nynyny said:

hi everyone,

posting here since i can't start a new thread yet.

im a first time buyer looking to get a COE honda fit/civic or any other COE car which gets me from A to B. 
my question is, should i get a COE car which has been renewed for 5 years or 10 years?

my friend has told me that if i get a 5 year one, at the end of the 5 years i will have to scrap the car which leaves me no value, so basically i'll waste the $$.
however if i get a 10 year one, at the end of the 10 years i still can have the option of renewing the COE or selling it altogether.

any advice? thanks!

For first time buyer, I do NOT recommend getting COE car as it is extremely difficult to find one in good condition among the sea of sharks know as 2nd hand car dealers. 

I speak from perspective of "owning" COE Honda civic, built in 2008, registered in May 2009 car and buying it when the car was already 10 years old and renewed 5 year COE by dealer ( COE last until May 2024, i bought it in Dec 2019 just before Xmas). This is not my first car and i went in with eyes wide open and got relatively lucky to find one that was 1 owner only with relatively low mileage and car was in pretty good condition without exhaust or engine modifications. I face the prospect of going BMW ( bus mrt walk) once my current car COE time is up...

Consider getting cars less than 10 years old so that they have some PARF value ( meaning you get back portion of your car OMV ( original market value) if you sell your car before the 10 year mark plus the residual COE value.

COE cars have ZERO PARF value at all only residual COE value.

If you insist on COE cars, Try to find one that is NOT modified and 1 owner only ( very unlikely) at most 2 previous owners.

For honda fit. Fuel economy wise both the 1.3 Fit and 1.5 Litre give decent fuel consumption and their rear seats can drop down which gives you plenty of space to carry your stuff if you need it.

Honda fits are smaller in size but still can fit 5 people and are easy to park making it ideal for first time drivers. 

honda civics are larger in size  with a relatively large boot as they are sedans  you will probably be looking at   2006-2011

 gen 8 civics come in  1.6 litre engine,  1.8 liter engine,   2.0 liter engine, plus  FD 1.3 litre hybrid version.

I'm omitting  type R as this car is NOT meant for first time  car owners or those looking for point a to point b.

If you want decent fuel consumption most civics of this generation DO not have good fc unless your driving the hybrid version but i dont recommend getting one as the cost of replacing the battery can be potentially high.

You will struggle to get more than 350km-400km on a fuel tank without using your reserve tank ( also depending on your driving style and road conditions as well). 

Many COE Fits and Civics have been modified and used as beng mobiles  ( mostly after market exhausts, aftermarket air intakes etc) so you should try to find one without modifications for first timer.

When looking for one try and search from those " premium dealers" ( on sgcarmart that have been premium dealers for at least 5-8 years ). 

Insist on  sending car for AAS inspection ( automobile association of Singapore) where their inspection is very detailed as compared to STA report.

If dealer dont want or hesistant to send to AAS or workshop of your choice then walkaway.

Bring someone familiar with cars when you go to view the car, always ask for test drive as well.

Always insist they transfer ownership of the car to you as soon as possible ( can be done online).

 

[PSP415]

1 hour ago, Comage said:

I was going to ask the same thing as well - if you're a 1st time buyer, please DO NOT get a COE car. 

Why are there even people here recommending the TS to go for 5/10 year COE renewed car? 

Have you guys ever shopped and bought a COE car before? If not, please don't push TS to do it. 

I said in many other threads before that there is a difference between a used PARF car and a used COE car. A VERY BIG DIFFERENCE. 

And there's a difference between "oh yeah I owned a COE car before" when all you did was buy it when it was < 10 years of age and drove it until its time was up, and then renewed it after it hit the 10-year mark, versus buying a dinky 10-year (or older!) COE car RIGHT OFF THE BAT! 

So please don't give TS harmful advice about buying a COE car... When many of the COE cars held by dealers are actually in scrapyard condition and are mostly sold as-is with ZERO warranties or guarantees of any kind. 

I agree that for a first time buyer, it is not advisable as there are more "unknowns" simply because he will not even know what and where to look out for. 

But we do have experienced bros who bought COE cars, like a recent one who did lots of loving work to it that it is now both good inside and outside, even if it's still not gonna be very fast. 

Not all COE cars are bad. Very very very few some still have lots of life to give but one must know what to look for and able to bargain until the dealers think they are actually better off selling it to you, quickly some more. 

😂😂😂 Yada-ing. 

Stay safe and take care. Have a great weekend. 

Cheers 

[nynyny]

@PSP415 

hi everyone, thanks a million for helping me out! 

the reason why im looking towards a COE car & not a PARF car is because honestly my budget is only 10k for down payment i do not want to exceed $500/month for the monthly loans.

to me a COE honda fit is the best option here… looks like a reliable enough car. just hoping i’ll find a good one.

on the other hand… if you guys have any other suggestions/concerns whatsoever, pls feel free to let me know! 

[Comage]

1 hour ago, nynyny said:

@PSP415 

hi everyone, thanks a million for helping me out! 

the reason why im looking towards a COE car & not a PARF car is because honestly my budget is only 10k for down payment i do not want to exceed $500/month for the monthly loans.

to me a COE honda fit is the best option here… looks like a reliable enough car. just hoping i’ll find a good one.

on the other hand… if you guys have any other suggestions/concerns whatsoever, pls feel free to let me know! 

Good Sir, given your budget, I suggest you do not even attempt to make this purchase. 

$10k for down-payment of a COE car is honestly not that much, and the $500/mth is not gonna cut it when you run into issues that needs the workshop to have a look at. 

Do not expect the COE car you purchase to be driveable and/or worry-free for even the first month. An additional budget of $2-4k needs to be there for the immediate replacement of wear and tear parts.

Singaporeans are generally not very good at looking after their vehicles - one of the major reasons why buying a used car is such a shady business and full of pitfalls is because dealers NEED to sell that crap car as a good car. 

Unless you increase your budget, it's not gonna work. 

I bought a COE car at it's 10th year and I can honestly tell you it is a very eye-opening experience to put it mildly. I felt like a bottom-feeder when I went shopping for the car, and if you need to go shopping for a COE car - you ARE a bottom-feeder. 

You need to know that buying a COE car is not just about the lower price tag; it is a more complex task than buying a PARF car. Many many times more complex. 

There's also a reason why sites like sgcarmart never bothers to publish guides like how to buy a COE car...