Should I scrap my 3 year old Cat A car?

[Atrecord]

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.  

 

But if you want to get a  brand new 2000cc car, it might be more prudent  to continue driving your existing car.

 

Yah, so we just started thinking, but haven't found the right car yet.

 

Need to do some homework liao... find the right car first, then hope that COE will maybe come down a bit again after the backlog is cleared following the July crash...

 

[Lava]

don't really make sense to change from b&b back to b&b again.

 

it make more sense to drive his current b&b till scrap thereafter get a better car.

[Jamesc]

The TS says he wants to take advantage of the lower car cost now.

 

But he calculate hie depreciation at 36k over two year.

 

We just show the true cost by factoring in the 13k saving to show his depreciation is only 11.5 per year.

 

It's up to TS if he wants to change every two years or to another brand or keep 10 and then buy a better car.

 

We just want TS to see the true cost by taking all the factors into account.

 

If I was in TS shoes I also want to see the total cost and not make a decision based only on half the picture.

 

[Kusje]

Well, thats true...

 

My honda city has been performing flawlessly the entire while. 

No issues at all.. It has been an extremly worthy car to use. Easy to drive, smooth. 

 

Just that when I was at the KMC showroom... the SE kept promoting the Elantra with SO MANY extra features that my Honda city doesn't have... and it actually kind of made the City feel quite inadequate.

 

wtf. everything also saleman say this say that.

 

since you are so easily convinced, next time bring your wife with you.

[copperband]

Thank you everyone for the kind replies.

 

I wanted to reply but there was a restriction for 24 hours until I could start making new posts since I'm a newbie...

 

I have been thinking long and hard and 1 bro here advised me that Korean cars aren't exceptionally good.. 

be prepared that the FC is worse and the aircon is really weaker compared to japanese cars.

 

Bro Lala is also right... if I make the choice now to change, it has to be a long term choice as I will suffer more if I let my backside be itchy again in the near future.

[copperband]

wtf. everything also saleman say this say that.

 

since you are so easily convinced, next time bring your wife with you.

Hi Bro, 

 

I took a test drive on the vehicle, and I was quite impressed frankly. 

But convinced... only half half. As I still held back and told him that I need time to think.

 

This is why I'm asking for advice from the experienced guys here... 

 

My family was with me at the time and they felt the same as me.

 

They had many features not seen on the City... and the SE was kind enough to let me go on a considerably long test drive.

 

I tested out many of the features while driving.

[Mann123]

Thank you everyone for the kind replies.

 

I wanted to reply but there was a restriction for 24 hours until I could start making new posts since I'm a newbie...

 

I have been thinking long and hard and 1 bro here advised me that Korean cars aren't exceptionally good.. 

be prepared that the FC is worse and the aircon is really weaker compared to japanese cars.

 

Bro Lala is also right... if I make the choice now to change, it has to be a long term choice as I will suffer more if I let my backside be itchy again in the near future.

 

You have answered your own query bro.  If you are not convinced and do not like Elantra Elite over City then no point to go in calculations, after all, we spend so much on Car in Singapore hence we should like what we buy within our budget 

 

Although you may do calculations for Civic at the current price to give a thought of upgrade   if loan installments remain similar or slightly higher.   Because last time you bought $96000 and if your finance is same as 2 years ago then you should have the same purchasing power (~96K) and you can pay the same installment to enjoy an upgrade. 

 

Of course, in case of an upgrade to a better car you need to come up with a down payment because you have used the previous car for 2 years. This method is for those who do not have the problem with downpayment and when COE is down they wish to upgrade by keeping their monthly installment same because the upgraded car comes under their purchasing power due to lower coe. 

[Kensh09]

Car showroom is a toxic place. Nice aircon with perfume, nice leather smell, shiny new paintworks. In car showroom almost all cars look good and SE keep on pushing new features but in reality, you need to determine do you need those features or it is a just a want? There are some features which are pointless to me such as auto parking. If you cannot park your car you should not be driving in the first place. The feature which is a must for me is min 6 airbags for safety. I will never consider 2 airbags car.

Edited August 15, 2018 by Kensh09

[StingerGT]

If backside itchy, change from Horse to Bull.

 

Go ahead.

 

All else, forget about it

People talking about bread and butter cars here. What is your point?

[copperband]

Car showroom is a toxic place. Nice aircon with perfume, nice leather smell, shiny new paintworks. In car showroom almost all cars look good and SE keep on pushing new features but in reality, you need to determine do you need those features or it is a just a want? There are some features which are pointless to me such as auto parking. If you cannot park your car you should not be driving in the first place. The feature which is a must for me is min 6 airbags for safety. I will never consider 2 airbags car.

 

That was 1 of my major considerations for the Elantra.

 

It has 6 airbags over my current City which has only 2 airbags. 

[copperband]

You have answered your own query bro.  If you are not convinced and do not like Elantra Elite over City then no point to go in calculations, after all, we spend so much on Car in Singapore hence we should like what we buy within our budget 

 

Although you may do calculations for Civic at the current price to give a thought of upgrade   if loan installments remain similar or slightly higher.   Because last time you bought $96000 and if your finance is same as 2 years ago then you should have the same purchasing power (~96K) and you can pay the same installment to enjoy an upgrade. 

 

Of course, in case of an upgrade to a better car you need to come up with a down payment because you have used the previous car for 2 years. This method is for those who do not have the problem with downpayment and when COE is down they wish to upgrade by keeping their monthly installment same because the upgraded car comes under their purchasing power due to lower coe. 

 

Hi Bro, 

 

I did think of the Civic 1.6 NA initally when the COE dropped to a 25k low.

 

However my SE gave me a quite a poor price for my City(around 57xxx), with an additional 1k off as a Kah Motor special trade in discount. 

 

After deducting the loan amount, I would have an excess of about 39k to place into the new car.

 

This would mean that I need to put another hefty deposit of another 36k to continue the same amount as what I am currently paying for my monthly repayments.

 

It put me off after doing the maths.

[Kensh09]

That was 1 of my major considerations for the Elantra.

 

It has 6 airbags over my current City which has only 2 airbags. 

in that case you need to work out your budget and see if it is within your means. To me spending 10-20k more for family safety is ok. But if spend just to feel and look good it is foolish unless you have money to burn. 

Hi Bro, 

 

I did think of the Civic 1.6 NA initally when the COE dropped to a 25k low.

 

However my SE gave me a quite a poor price for my City(around 57xxx), with an additional 1k off as a Kah Motor special trade in discount. 

 

After deducting the loan amount, I would have an excess of about 39k to place into the new car.

 

This would mean that I need to put another hefty deposit of another 36k to continue the same amount as what I am currently paying for my monthly repayments.

 

It put me off after doing the maths.

the other 36k translates into additional how many more years of COE? In the end it is all about yearly depreciation. 

[copperband]

in that case you need to work out your budget and see if it is within your means. To me spending 10-20k more for family safety is ok. But if spend just to feel and look good it is foolish unless you have money to burn.

 

the other 36k translates into additional how many more years of COE? In the end it is all about yearly depreciation.

The additional 36k would mean an extra 2 years of COE usage.

 

My car is currently 2 years old as i got in on July 2016.

Edited August 15, 2018 by copperband

[Seya]

The additional 36k would mean an extra 2 years of COE usage.

 

My car is currently 2 years old as i got in on July 2016.

real situation:

COE car with 5 years coe left and scrap coe value is 36xxx.(renew COE at 72xxx Y2013).

Should scrap it and get the same car model with 5 years COE renewal at current COE (paper value 17098) but with market saling price tag around 36000(can get at around 30000).

 

Will lose paper value 15000. and get some cash, but if you plan to drive it untill COE expire, will you do that.

Edited August 15, 2018 by Seya

[Kensh09]

The additional 36k would mean an extra 2 years of COE usage.

 

My car is currently 2 years old as i got in on July 2016.

Have you worked out the yearly depreciation for both cars? Also need to factor the loss of scraping/selling the old car and put it into the new car price because it is a cost which you do not need to suffer in the first place if you don't change car but now u do. 

[Lplater]

i was also doing similar decision earlier.
i went to a few new car showroom and looking at the new cars and even got clearance sale (prior to July VES2.0)

prices was good, and many perks are out there.. paying Non-guaranteed deals but SE mentioned sure get car as long as long gets thru and don't need for Guaranteed prices.

 

new cars have lots of feature, blind spot assist, auto dimming, rear air-con, bluetooth, charging ports, etc etc..     woah see until blur..
got back to my basic car, not much in it.. 

but i went back thinking,

driving time daily 1 way is about 50mins-1hr ,

how many calls am I taking on the move(not in sales), 4-5 times a week perhaps 

charging phone  50mins-1hr, 20-30% Battery life, phone should be charged at home or office anywhere..

auto-dimming, so many cars with low beam so high, makes not much differences with auto dimming..

blindspot assist, shouldn't this be a human action to check blind spot when moving the car around?
all the features in the car, even some top german marquee, how many features are being well used on a daily basis??  many drivers dont even use the signal stalk these days..

only feature i wanted was a pan/tilt panaroof, which not many new cars, I can afford, have it..

i do drive to malaysia on holiday 3-4 a year, was thinking during that 3-4 times, if there is a need, I could just rent a MPV for a week or 2 and drive up and enjoy the long drives..

 

the feel good factor of a new car and lesser maintenance for the 1st few years was a bonus, but my base car was pretty basic and had been holding up pretty well.

 

i used to change bikes n bicycles pretty much last time and the upgrade/change craze never stops once you are hooked to the feel good factor every 1-2 years..
i stopped changing some 2-3 years back and just ride the existing ones and save the $$$ for other enjoyment

end of day, do you NEED the features that's listed for the cars??

Edited August 15, 2018 by Lplater

[inlinesix]

People talking about bread and butter cars here. What is your point?

All the more should keep it.

 

Same same.

[Roh96]

Change from a COE car to another COE car of the same model? Why would u do that?

 

real situation:
COE car with 5 years coe left and scrap coe value is 36xxx.(renew COE at 72xxx Y2013).
Should scrap it and get the same car model with 5 years COE renewal at current COE (paper value 17098) but with market saling price tag around 36000(can get at around 30000).

Will lose paper value 15000. and get some cash, but if you plan to drive it untill COE expire, will you do that.