COE Extension, Buy used/new car, Take bus?

[Skymax]

Spend $161000 and lose that in 10years or save it and gain $1300 every month till you die?

[Jamesc]

TS when are you retiring? That is the most important question.

 

If you are retiring anytime before 2019 and after 2017,

 

just hold the car and sell to Jamesc for a good price in 2017.

 

In the mean time look after the car, change to Motul 300V every

 

5,000 km and and wash and wax every week.

 

Good form of exercise and keeps the paint shiny.

 

[Enye]

TS when are you retiring? That is the most important question.

 

If you are retiring anytime before 2019 and after 2017,

 

just hold the car and sell to Jamesc for a good price in 2017.

 

In the mean time look after the car, change to Motul 300V every

 

5,000 km and and wash and wax every week.

 

Good form of exercise and keeps the paint shiny.

 

I thought you only interested in Getz?

 

😈

[Jamesc]

I thought you only interested in Getz?

 

 

 

I am but sadly the COE expires in 2017

 

and to renew will be too expensive.

 

So the next best thing after a Getz is an STI.

 

I know its hard to compare and I will miss the

 

Getz but if no choice then just have to settle lah.

 

[mixedccr]

My fellow forummers!! Thanks for all your input, even the short and sweet ones

 

Perhaps some more detail for clarity [maybe my own!]. I bring the issue up now, even tho my COE expires in 2019, is that it will take me that long to scrape together savings in order to settle outstanding car loan, and put DP on new car.

 

The retirement age issue is more of will banks extend a loan period past the the minimum retirement age [62]? If i have sizeable collateral i guess perhaps they will, but you never know. So that means i have to secure a loan at 56-57, in 4-5 years time which chun chun is also around 2019.

 

I too agree that i am not too keen on 2nd hand. I would rather keep my current ride, i enjoy driving it, has a new block but more importantly i know what problems to expect rather then buy used and not know what problems to expect.

 

Right now the more "sensible" option perhaps is to at least start saving for COE renewal [minimum], foreseeable part replacements [for next 10 years of use], plus additional in case ownership climate improves and review in 2 years time.

 

Or ...... withdraw CPF, cash in policies and buy a GTR ....

[Voodooman]

My fellow forummers!! Thanks for all your input, even the short and sweet ones

 

Perhaps some more detail for clarity [maybe my own!]. I bring the issue up now, even tho my COE expires in 2019, is that it will take me that long to scrape together savings in order to settle outstanding car loan, and put DP on new car.

 

The retirement age issue is more of will banks extend a loan period past the the minimum retirement age [62]? If i have sizeable collateral i guess perhaps they will, but you never know. So that means i have to secure a loan at 56-57, in 4-5 years time which chun chun is also around 2019.

 

I too agree that i am not too keen on 2nd hand. I would rather keep my current ride, i enjoy driving it, has a new block but more importantly i know what problems to expect rather then buy used and not know what problems to expect.

 

Right now the more "sensible" option perhaps is to at least start saving for COE renewal [minimum], foreseeable part replacements [for next 10 years of use], plus additional in case ownership climate improves and review in 2 years time.

 

Or ...... withdraw CPF, cash in policies and buy a GTR ....

You are 52 and need to save up, "scrape" is your word, to settle your outstanding loan and buy another car in 3 years time or use it to extend your COE, meaning you have not much savings at the moment, hence the need to do some advance planning? If that is the case, I think the answer is clear. Save, invest and not blow the money on a car. You will need to set aside some money to last you till CPF withdrawal date... just in case....

 

My assumptions might not be right, apology if I have misunderstood you.

[keanie]

 

I am but sadly the COE expires in 2017

 

and to renew will be too expensive.

 

So the next best thing after a Getz is an STI.

 

I know its hard to compare and I will miss the

 

Getz but if no choice then just have to settle lah.

 

At least you much better position than me. Still can wait until 2017. Historically, when there is a GE looming, COE will be lower. Gahment wants everyone to be happy mah n know what to do. Good sign, it's going down little by little. Who know, by then, you may be able to renew.

But, I don't have d luxury of time to wait. Just scrap my ride 3 months ago. New car cannot afford. LL got a 2nd hand car with only slightly more than 2 years left. Just imagine, it cost me more than 50% of my scrap car when bought new. Crazy. But what to do. Need a car for family use. TS, even much better, can wait until 2019.

[Vinceng]

If a GE can indeed bring down COE prices, then everyone on the side lines better commit this year. The GE is chop and stamped to happen in 2015.

[efssc]

My fellow forummers!! Thanks for all your input, even the short and sweet ones

 

Perhaps some more detail for clarity [maybe my own!]. I bring the issue up now, even tho my COE expires in 2019, is that it will take me that long to scrape together savings in order to settle outstanding car loan, and put DP on new car.

 

The retirement age issue is more of will banks extend a loan period past the the minimum retirement age [62]? If i have sizeable collateral i guess perhaps they will, but you never know. So that means i have to secure a loan at 56-57, in 4-5 years time which chun chun is also around 2019.

 

I too agree that i am not too keen on 2nd hand. I would rather keep my current ride, i enjoy driving it, has a new block but more importantly i know what problems to expect rather then buy used and not know what problems to expect.

 

Right now the more "sensible" option perhaps is to at least start saving for COE renewal [minimum], foreseeable part replacements [for next 10 years of use], plus additional in case ownership climate improves and review in 2 years time.

 

Or ...... withdraw CPF, cash in policies and buy a GTR ....

 

Haha. If I were to guess your situation, I would say assets rich and cash, how do I put this.. a little (or a lot) better than "just nice" (but definitely not "poor")? You are probably not worrying about your retirement, just wondering if you should blow some spare cash to buy yourself a "new toy" or to behave and be the good (old) boy everyone expects you to be.

 

If my guess is correct I would say go for it. You obviously enjoy your car more than most people do theirs, and after working hard (and probably smart) for a big part of your life, hey, you only owe it to yourself to treat yourself good, right?

Edited February 10, 2015 by efssc

[Quantum]

There is a previous discussion, but the individual situation is different so the advice could be different.

52 year old guy middle income owning a 2008 Sti purchased new in 2009 at $124,000. The COE was $12,901 at that time ... Last year, i "blew up" the engine [thats another story] at a cost of $22,000. So the entire block is new, rad, air con compressor .... I honestly don't think i can afford the same "kind" of car at todays prices and although i drive to work everyday, driving is a hobby to me rather than a necessity. So perhaps from an "approaching retirement" point of view, what do you guys think?

life is enjoy, not suffering, since driving is hobby for you, forget about bus,

but Singapore used car market is very black, hard to find honest dealer, forget about used car,

so you are only between COE Extension and New car,

2009 car still 4 over years to go , why you so early worry?

time to 2019, who knows COE what price

[Baal]

you have spend so much on repairs & have at least 3 yrs to go. Keep the car till expiry, start deciding during the last 6 mths.

Life can be harsh past 35yr. Be it job security, medical cost....etc.....

With so many parts, + ur hobbyist, if you have not wack the car at the tracks, go live the passion. make sure must utilize all the $ u put in for repairs.

[Baal]

forget about buying new car for the time being since you have at least 4 full years left.

At 56, u may have different priorities. Indeed the 2nd hand market is so black that even some developed countries decline receiving 3-5yo cars from SIN.

[serenade]

TS, I was in similar situation as you. Retirement age, car (Scooby also) reached 10 years. After mulling over it for years, decided that life is short. Don't know how many days I have left so decided to treat my self to a retirement present. Bought myself a new E250 and will drive it for the next 10 years, probably next 15 years, or longer. My thinking is that when my present car reaches 10, I will be in mid-60s and don't know what state of health I will be in.

 

At last with this new car, I will enjoy driving as a hobby while I still can.

 

We save cash for retirement till 70 years/80 years of age but will I reach there? If I do reach 80, I may not be in a state to live at home so my fully paid up house will be sold and downgraded to fund my hospice days if it does happen.

 

Don't think too far. Enjoy the moment and act for next 10 years while plan for 20.

[Sunset73]

I would advise buying a new or used car based on your current financial capability.

Strongly advise AGAINST taking bus/mrt.

 

Why do I say that? Even though our government encourages public transport, I would say it is more friendly for the young and able, not so for the elderly. In this case, TS considered partially elderly?

 

As we all have eyes to see, how many times do people give up their seats to the elderly people?

Some of you may argue that you do see people giving up their seats to the elderly.. but which type?

those that look old and haggard? Those who walk with a limp?

 

What about those elderly who are very healthy and fit? They don't get a seat? It's the mentality of the society. We judge people on first glance.

 

Additionally, like one of the bros mentioned previously.. you have slogged all your life already. Now you are nearing your retirement age, it's time to enjoy life! Why do you want to go and get sandwiched on overcrowded trains and buses with sweaty weary people?

 

Love yourself more

[Forte3737]

I left out the health part for topic starter.

 

He is in his 50s and need to set aside money just in case health no good. i think he is too obessed with cars

I would advise buying a new or used car based on your current financial capability.

Strongly advise AGAINST taking bus/mrt.

 

Why do I say that? Even though our government encourages public transport, I would say it is more friendly for the young and able, not so for the elderly. In this case, TS considered partially elderly?

 

As we all have eyes to see, how many times do people give up their seats to the elderly people?

Some of you may argue that you do see people giving up their seats to the elderly.. but which type?

those that look old and haggard? Those who walk with a limp?

 

What about those elderly who are very healthy and fit? They don't get a seat? It's the mentality of the society. We judge people on first glance.

 

Additionally, like one of the bros mentioned previously.. you have slogged all your life already. Now you are nearing your retirement age, it's time to enjoy life! Why do you want to go and get sandwiched on overcrowded trains and buses with sweaty weary people?

 

Love yourself more

 

[Sunset73]

I left out the health part for topic starter.

 

He is in his 50s and need to set aside money just in case health no good. i think he is too obessed with cars

 

 

If so, I will agree that setting aside the money. Best is just buy a B&B used car then set aside rest of the money for health. At least win win situation

[Ahbengdriver]

Similar situation. Lao corky 50+ liao. Driving a 9 year old car BMW 320i bought with $9k COE in 2006.

 

At today's rediculous car prices/coe, did my sums and tell myself why must I 'fund' the garmen's high salary like that. Decided not to get a new car.

 

If you travel the word, many of their cars are beyond 10 years and still rolling well. problem in SG is the COE. It ends after 10 years. Also, people not very diligent at maintainining their machines.

 

Final decision - most likely pay extra 10 year new coe and drive on next year. Car is in fine condition, having replaced many wear n tear parts. Oil changed evey 6 months or 7k km. All other fluid changed at least every year. running on Michelin PS3 tyres. Last month tested car's condition and pushed to 170kmh on NSH all the way to KL...boh tai chee! Happy poon pee pee.

Edited February 11, 2015 by Ahbengdriver

[mixedccr]

Once again, my sincere thanks to all posted! And no apology necessary for frank and honest opinion and reality check.

 

Each posters contribution have their own unique perspective and all honest opinions have value.

 

A common theme if i may say is Quality of Life. Although it is difficult to put a price on QOL, in my personal experience, driving has definitely contributed to it.

 

Having said that, i would also give up the car in a heartbeat, if it did not make financial, common, logical, cow (?) sense. Like one poster suggested, as long as your fundamentals are in place, house, health care, dependents, creditors etc go and enjoy!

 

So as of now, the most likely option is to extend 2019 + 5 yrs. In terms of finance, it is the least heavy. In terms of risk, i already know how bad/good the car is and what to expect. In terms of drivability/enjoyment, lets face it the car outperforms my skill level