Coe Renewal Questions - OPC vs Non OPC

[AB_STAR]

if got cash, i have option to buy new car by throwing down payment but to suffer installment  

 

good point is enjoying new car ride...+ warranty cover. thinking coe price is going down trend... in future

[Vinceng]

if got cash, i have option to buy new car by throwing down payment but to suffer installment

 

good point is enjoying new car ride...+ warranty cover. thinking coe price is going down trend... in future

 

I was also thinking of renewing COE for 10 yrs, but on second thoughts, might not be worthwhile.

 

Now renew COE = $50K + $7K PARF forgone = $57K ($5,700K annual dep, excl rd tax surcharge & higher maintenance costs & annual inspection.

 

I get Mitsubishi Attrage = $76K - $5K PARF = $7,100 annual dep (only extra $1,400 a yr or $117 a mth) , but will pay less rd tax, 5 yr warranty, lower fuel consumption, everything is brand new

 

So will be getting a new car instead. I mean the COE already costs more than the car. Pay so much money to drive an old car is not worth it. 

[BreezyWind]

For sharing on a friend's experience.

 

Renewal of 10 years COE

 

He took a COE loan from the finance company.

 

- 4% interest charged by finance company with 5 years repayment period

 

- car transferred to the finance company and they would produce documents stating that you bought the car. So u become the 2nd owner of your car.

 

Given the new MAS ruling, it is better off to buy a new car. My 2 cents.

[Mouse]

For sharing on a friend's experience.

 

Renewal of 10 years COE

 

He took a COE loan from the finance company.

 

- 4% interest charged by finance company with 5 years repayment period

 

- car transferred to the finance company and they would produce documents stating that you bought the car. So u become the 2nd owner of your car.

 

Given the new MAS ruling, it is better off to buy a new car. My 2 cents.

True but getting the new one would still required one to down 30% which shld be ard 30k(estimated) region if one is looking at a 100k+ ride. Edited May 28, 2016 by Mouse

[Friendstar]

Just live humbly and buy an elantra basic at 84k.

 

30% is OK...

[Imac]

My nissan sunny OPC coe is going to expire on early June'16. Mileage 24x.xx K

 

Car condition still okay and air con cooling still function well. Car servicing in TC under NPMP program. 

Car usage travel to JB weekly or bid-weekly and travel to KL monthly.

 

is it worth to renew coe ? 

Bro,

 

Have you renewed your Sunny OPC yet ? Left 2 more days only.

 

Your total cost should be PARF($6.5) + PQP($45.5) - OPC rebate($17K) =  $35k.

 

Actually $35k for another 10 years of OPC usage is not that bad.

Edited May 29, 2016 by Imac

[Kangadrool]

But, the new car will not be available in the old car/model.

 

Some people just need and cannot do away with (i) manual transmission or (ii) old bullet proof car like W124......

 

For sharing on a friend's experience.

Renewal of 10 years COE

He took a COE loan from the finance company.

- 4% interest charged by finance company with 5 years repayment period

- car transferred to the finance company and they would produce documents stating that you bought the car. So u become the 2nd owner of your car.

Given the new MAS ruling, it is better off to buy a new car. My 2 cents.

 

[JCSL]

Bro,

 

Have you renewed your Sunny OPC yet ? Left 2 more days only.

 

Your total cost should be PARF($6.5) + PQP($45.5) - OPC rebate($17K) = $35k.

 

Actually $35k for another 10 years of OPC usage is not that bad.

Wah!!! Since when renew OPC got 17k rebate?

 

Don't give the wrong info pls... There is absolutely no 17k rebate for renewal of OPC, u only pay lower roadtax and insurance.

 

PQP remains as per normal, hence to pay $100 for converting to normal plate on the last day and renew is a better option because saving the road tax and insurance is not substantial enough... Considering the fact that day license must be bought to drive on normal non off peak hours, converting to normal can drive anytime of any day

Edited May 29, 2016 by JCSL

[BreezyWind]

But, the new car will not be available in the old car/model.

 

Some people just need and cannot do away with (i) manual transmission or (ii) old bullet proof car like W124......

In the case of my friend, he renews his 10 years old wish.

 

Association of problems for the 10 years old wish;

 

1) cracked leathers seats (front and back)

2) chipped windscreen to replace

3) engine mounting worn off

4) shock absorbers worn off

5) overhaul of engine

6) plastic dashboard/trim to be replaced

 

Why renew 10 years Coe when similar car can be bought from Borneo Motor? And that comes with warranty for a peace of mind.

[13177]

Just a question, if buy a 5 year old used car let say for 70k. Can the owner convert the car to OPC plate? How much would the rebate that the owner get back?

[Beehive3783]

1. Yes, can covert to OPC plate.

2. Converted OPCs will get back $1100 every 6 months.

 

Just a question, if buy a 5 year old used car let say for 70k. Can the owner convert the car to OPC plate? How much would the rebate that the owner get back?

 

[Vinceng]

Just live humbly and buy an elantra basic at 84k.

 

30% is OK...

 

To the best of my knowledge, no one ever secured Elantra COE base don $84K purchase price.

Just a question, if buy a 5 year old used car let say for 70k. Can the owner convert the car to OPC plate? How much would the rebate that the owner get back?

 

$O.OO

[ArcticExplorer]

Hi,

 

I'm asking on behalf of my FIL.

 

His non-OPC car COE will be expiring in June 2017. He was wondering if it's possible to renew 5-year COE and convert to OPC?

 

Any rebates from doing so? From the previous posts, I see that the car is longer eligible for the $17k rebate.

 

Is it worthwhile to convert to OPC? Thanks.

[Dafansu]

Hi,

 

I'm asking on behalf of my FIL.

 

His non-OPC car COE will be expiring in June 2017. He was wondering if it's possible to renew 5-year COE and convert to OPC?

 

Any rebates from doing so? From the previous posts, I see that the car is longer eligible for the $17k rebate.

 

Is it worthwhile to convert to OPC? Thanks.

 

renewal now is only about $23k for 5 years depending on his Cat. U can convert to OPC but pay the same, doesn't makes sense

 

 

HOW DO I RENEW THE COE OF MY WEC, OPC OR ROPC?

Pay the Prevailing Quota Premium (PQP) of the appropriate normal car category.  Your car will remain as a WEC, OPC or ROPC after the COE renewal.

PQP is a moving average of the Quota Premium of the respective vehicle COE categories in the last 3 months.

You can choose to renew the COE as follows:

• If a COE is renewed prior to its expiry month, the PQP payable will be the rate applicable at the point of the renewal. Upon renewal, the renewed COE will commence from the first of the following month from the PQP month and the balance of the current COE will be forfeited.
• If a COE is renewed on its expiry month, the PQP payable will be the rate applicable to the expiry month. Upon renewal, the renewed COE will commence from the next day of the current COE expiry date.

A COE must be renewed before its expiry date.  Otherwise, the vehicle will be deregistered upon the expiry of the COE.  When a vehicle is deregistered, it must be disposed of (either by sending it to an LTA-authorised scrapyard for scrapping or by exporting it out of Singapore) within one month from the deregistration date.

If the current COE was previously renewed for 5 years, it cannot be renewed further. The WEC, OPC or ROPC will be deregistered at the end of the 5-year COE.

[Chucky2007]

I think if I am 50+ years old and already preparing for retirement, maybe renew Coe 10 years better.. 50k COE + 50% parf say 10k, total 60k for 10 years usage. Roadtax is incremental of 10% annually up to 50%. If Japanese car, set aside another $5k for spare parts change should be more than adequate.

 

For renewal of a CatB Japanese car the cost is $65-70k.. vs getting a new CatB car that cost 130k.. when I'm 50+years old, think there is nothing to prove to others just to slap face look fat.. buy new car or drive old car depends whether willing to shelve out extra 60-80k for driving new car. I don't expect myself to be able to retire with millions in my bank account, so I think that 60-80k difference I prefer to spread over 10 years of Travelling rather than buying new car.

 

No right or wrong.. all depending on preference and own wealth Budget

Edited December 27, 2016 by Chucky2007

[JudeL]

Hi,

 

I am asking the questions on behalf of my dad and I am a total noob in this area.  Appreciate if anyone can shed some advice.  Thanks.

 

My Dad's ride is a OPC Latio sedan (4AT) whom COE will be expiring in Oct 2016.  He took the 10 years loan and his car parf value is about 4.9K.

Due to my mom's medical condition that required the car, he is looking into renewing his COE for another 5 years.  The current condition of his car is tip top, mileage is super low as well.

 

Qns:

 

-  If he get a COE renewal loan, how much cash he has to down?  I am assuming that under the new MAS ruling, he will not be able to loan full amount.  I read elsewhere that finance company is able to loan up to 80% while banks is about 60%?

 

- Also, the loan prepayment period is max at 3 years for 5 years COE renewal?

 

- Is the road tax and insurance going to cost the same regardless if his car is OPC or non OPC after renewing his coe? I read that it is more worthwhile to convert back to normal plate before renewing coe.

 

Or is it more worthwhile for him to trade in to Tan Chong Motors and get a new OPC Almera?

 

If the car is tip top, I think going for 10 years renewal is way more worth it, the depreciation is lower. I only found this out when I read about it from this page.

 

Should look at yearly depre if we are talking about budget, that's the key comparison factor. You should calculate and see if the Almera is going to be lower in yearly depre, I really doubt it. Should be $3k-$4k at least higher for a new Almera. But personal choice la, drive new car there is some of that shiok feeling so maybe to you it is worth the extra $3-$4k every year. 

 

Now loan repayment can be up to 5 years for 5 years renewal, but a bit wasted, pay all the way and then must scrap cos 5 years LTA not allowed to renew any more. If renew 10 years and 7 years loan, depre will be lower and also get three years "free" use no need pay loan.

 

Road tax and insurance will follow OPC rate, but can take the opportunity to change to normal plate car after renewal, very cheap $100 conversion fee pay to LTA, cos this time you don't get any OPC rebate unlike when new car, if you buy OPC there is a rebate. Renew OPC car still pay full COE price, might as well convert normal plate.

 

 

Edited November 2, 2018 by JudeL