Should I scrap my 3 year old Cat A car?

[Lava]

I tot now most agents/dealers all dun dare take in old cars at high price, and all only offer paper value?

 

A friend's 3 yo XV has $68k COE, and he finds it too painful to trade in now, cos paper only...

if backside itchy, buy used car.

 

dealer lowball u n u lowball him back.

[DACH]

If car don't give you problems, why need to change?

[Lala81]

I tot now most agents/dealers all dun dare take in old cars at high price, and all only offer paper value?

 

A friend's 3 yo XV has $68k COE, and he finds it too painful to trade in now, cos paper only...

Yes. Too painful

[Mzrmazda3]

That's what my family was telling me as well... 

 

Backside itchy normally need a hefty price to ease the itch one ....

 

In this case, it's a 36K straight depreciation for 2 years plus another 12K for the down payment of another new ride

 

Do think thrice If you can tahan this

[Mann123]

Yes you should change.

 

Ask yourself if you don't change will you save 36k?

 

After 10 years will you have the 36k in your back pocket.

 

Making a financial decision based on I spend so much money already better carry on is not the optimum way to make financial decisions.

 

It's just pandering to your emotions. Feel heart pain cos paper loss so much money.

 

The correct way is to calculate total cost and the value of a new car with a new warranty.

 

 

Yes second to that 

 

He should change if he like current Elantra Elite > City

 

If the new Car is cheap now then we have to sell cheap as well. You will not save $$ but at the same time, you will not lose a lot because the new car is cheaper than before. Somehow we lock in ourself at a particular depreciation if we buy Car at a certain cost in previous 1-2 years.

 

Now the Car total cost is SGD 86000 -3000 (no service package)= $83000  which is $13000 cheaper than your previous purchase.  You have to subtract this $13000 from your paper loss $36000 (Subjected to you consider both car equal)

 

So your depreciation in 2 years will be 36000-13000 = 23000 /2 = $11500/year  which is not huge and you will get a new car with a fresh 5-year warranty. You may factor in bank loan penalty also which will increase this dep little more.

 

Be aware if you change this time, your high COE value is the one which will bail you out. Next time your car COE value will not be as high to counter the loss during resale so you should make wise decision to buy a car for at least next 5-7 year use.

 

In Summary, you can follow your heart in this scenario and you will not lose much 

[StingerGT]

If car don't give you problems, why need to change?

Not everyone buy/change car for the same reason.

 

Sometimes backside itchy is all it takes.

[inlinesix]

If backside itchy, change from Horse to Bull.

 

Go ahead.

 

All else, forget about it

[Hamburger]

i cannot fathom the  facts that other than inheriting a huge depreciation loss, end up driving another car of lower omv.

 

Mind over heart , bro.  

[cmdsea]

As the PARF rebate is a fixed 75% for the first 5 years then the sweet spot for early scrapping/export, if it exists at all, would likely be just before reaching the 5 year mark.

 

At least fully utilize the manufacturer warranty and the trouble free early life motoring, before deciding whether current COE prices versus COE amount paid,  make it worthwhile to change.... 

[kdash]

As the PARF rebate is a fixed 75% for the first 5 years then the sweet spot for early scrapping/export, if it exists at all, would likely be just before reaching the 5 year mark.

 

At least fully utilize the manufacturer warranty and the trouble free early life motoring, before deciding whether current COE prices versus COE amount paid, make it worthwhile to change....

that will be my car change mark

[Jamesc]

Yes second to that 

 

He should change if he like current Elantra Elite > City

 

If the new Car is cheap now then we have to sell cheap as well. You will not save $$ but at the same time, you will not lose a lot because the new car is cheaper than before. Somehow we lock in ourself at a particular depreciation if we buy Car at a certain cost in previous 1-2 years.

 

Now the Car total cost is SGD 86000 -3000 (no service package)= $83000  which is $13000 cheaper than your previous purchase.  You have to subtract this $13000 from your paper loss $36000 (Subjected to you consider both car equal)

 

So your depreciation in 2 years will be 36000-13000 = 23000 /2 = $11500/year  which is not huge and you will get a new car with a fresh 5-year warranty. You may factor in bank loan penalty also which will increase this dep little more.

 

Be aware if you change this time, your high COE value is the one which will bail you out. Next time your car COE value will not be as high to counter the loss during resale so you should make wise decision to buy a car for at least next 5-7 year use.

 

In Summary, you can follow your heart in this scenario and you will not lose much 

 

This is an excellent post.

 

The poster wanted to take advantage of the lower price of cars now but only calculated

 

the depreciation of the car he wants to trade in and never calculated the savings he would

 

enjoy buying the new car. 36k is hard to swallow but this is offset by the 13k savings from

 

the new car so net cost is just 11.5k a year.

 

Is 11.5k too much to swallow?

 

The overall net benefit is not just a new car and a new warrant it is locking in the lower COE

 

cost for the next 10 years. 

 

I am just sorry that very few people will praise @Mann123 post because they never calculated

 

the 13k saving and just whack off don't itchy backide, don't kay kiang, 36k depreciation is too

 

much to stomach. Once a person give their "expert" advice its so hard to admit they were wrong.

 

The biggest problem in our society is we never admit we are wrong and never apologise and that

 

just means we never learn.

 

 

 

 

 

 

[Hamburger]

Cost is one factor.

 

The omv and badge value is another consideration not to be ignored.

[Kopites]

This is an excellent post.

 

The poster wanted to take advantage of the lower price of cars now but only calculated

 

the depreciation of the car he wants to trade in and never calculated the savings he would

 

enjoy buying the new car. 36k is hard to swallow but this is offset by the 13k savings from

 

the new car so net cost is just 11.5k a year.

 

Is 11.5k too much to swallow?

 

The overall net benefit is not just a new car and a new warrant it is locking in the lower COE

 

cost for the next 10 years.

 

I am just sorry that very few people will praise @Mann123 post because they never calculated

 

the 13k saving and just whack off don't itchy backide, don't kay kiang, 36k depreciation is too

 

much to stomach. Once a person give their "expert" advice its so hard to admit they were wrong.

 

The biggest problem in our society is we never admit we are wrong and never apologise and that

 

just means we never learn.

 

for my case if I brought at 103k in Apr 2016. coe should be 46k i i am not wrong. No loan. Can I change to another vezel with sensing

[Aaronlkl]

for my case if I brought at 103k in Apr 2016. coe should be 46k i i am not wrong. No loan. Can I change to another vezel with sensing

[Kopites]

Wow! Fool kash ah! I like!

yes..but not really full cash. my previous vios scrap got 5k plus and body few hundred. So should be around 97/98k only.

 

Back then vezel no sensing. Only got the stupid stop/start recall. This month than the dealer rectified the recall after 2 and 1/2 years!

 

The later vezel got sensing/lane departure. A bit itchy. I did ask around workshops all said cant install after market.

 

103 current ride for ten years. so dep about 10k per year.

[Atrecord]

Yes. Too painful

 

You thinking of the same thing is it?

 

We're considering this seriously, but in our case is slightly different, and less painful now, as we had suffered the pain already.

 

We renewed COE 2.5 yr ago, at $58k (Cat B). Now thinking of changing...

[Vinceng]

In summary, those who bought during the high COE time, is worth to buy a new car ONLY if you do NOT trade in your existing car - sell it yourself. 

 

Your loss may be huge but the savings in the new car purchase make sup for it. The annual COE depreciation is too high a sunk cost to retain your existing car.

You thinking of the same thing is it?

 

We're considering this seriously, but in our case is slightly different, and less painful now, as we had suffered the pain already.

 

We renewed COE 2.5 yr ago, at $58k (Cat B). Now thinking of changing...

 

Good decision to change now to mitigate the high annual COE depreciation.

 

Your only loss is the PARF. COE refund is pro rated if you scrap.

 

Getting back $44K now for the pro rated COE refund is a sensible decision.

 

Try to sell in the open mkt an you may even get a few thousand dollars above paper value.

 

Let's say you manage to sell for $46K. Top up $30K you get a brand new Hyundai Elantra or Kia Cerato which has scrap value, 5 yrs warranty and free servicing and NO  road tax surcharge and annual inspection.  

Edited August 15, 2018 by Vinceng

[Lala81]

This is an excellent post.

 

The poster wanted to take advantage of the lower price of cars now but only calculated

 

the depreciation of the car he wants to trade in and never calculated the savings he would

 

enjoy buying the new car. 36k is hard to swallow but this is offset by the 13k savings from

 

the new car so net cost is just 11.5k a year.

 

Is 11.5k too much to swallow?

 

The overall net benefit is not just a new car and a new warrant it is locking in the lower COE

 

cost for the next 10 years.

 

I am just sorry that very few people will praise @Mann123 post because they never calculated

 

the 13k saving and just whack off don't itchy backide, don't kay kiang, 36k depreciation is too

 

much to stomach. Once a person give their "expert" advice its so hard to admit they were wrong.

 

The biggest problem in our society is we never admit we are wrong and never apologise and that

 

just means we never learn.

 

Lol. 2 years later what if backside itchy again? The cheaper depreciation over ten years rationale ONLY works if u hold long term. I got a friend who changes car (all except one was first hand) every 2 years since he started work. But he's the type must have the newest and bestest. Edited August 15, 2018 by Lala81