5yr+ car... trade in now or scrap at 7th yr

[Dice]

guys, i'm having a question now so seeking some feedback.

 

i would luv to change my ride now but wife doesnt wanna for practical reasons

 

car is fully paid and it's a jap 1.5L car bought new in Sep 2005 and so far trade in price quoted is between 24K and 28K.

 

from onemotoring webby some details of my car:

OMV 12.9K

QP paid 14K

Minimum PARF 7K

 

from a financial "payback" point of view would trading in or selling the car now give me back more money than scrapping it say on 7th year?

 

sorry, first ride so this is all new to me so hoping for gurus to chip in your advices...

 

cheerios!

[Vid]

Cars are depreciating assets. If you have fully paid up, might as well sell it now then wait.

[Khrz]

yeah but for the next car are you going to buy 1st hand or second hand? full cash? i guess your wife worry about the financial liability.. since now fully paid smelly smelly also can drive until the car die and get back few k which save the worries of monthly installment etc..

[questionedfish]

why you wan to change your ride?

 

drive it til full 10yrs old!

[Toeyritztt]

Guess u hv to evaluate the current ride...if it's giving u problems that it really need to be replaced? If it's running well without any deteriorating concerns, then might as well keep driving it til its due. Plus point is u've paid it full, so not much of a hassle to service the loans (which is always good). Minus point is...major wear&tear will start creeping in once past the 5-6yr mark, so there's money to be spend.. so, it's all up to you really.. just my opinion to share :)

[Booboon]

drive 10 yrs n scrap. Coe too high now.

[Eyke]

from a financial "payback" point of view would trading in or selling the car now give me back more money than scrapping it say on 7th year?

 

check your depreciation difference using my spreadsheet (link below),

and take into consideration that COE price will probably keep on rising,

so the longer u wait to get your new car, the higher it will cost.

 

[Itsec]

hmm.... any reasons to change? family?? or into sales or whatever that need to 'package' yourself better?

debt free is better than loading yourself... car give u problem?? if not, just keep it lor.. who knows 5 yrs later... COE coming to 20k range... timing just nice...

[SimonTan]

With the rising COE.

Also quota will keep reducing, agian in march 2011, perhaps again in august 2011.

COE may hit $100k.

Best is to get a new car now.

With reduced car quota, easily new car can become more expensive $10k or even $20k by april 2011!!!!

 

[Junjie]

With the rising COE.

Also quota will keep reducing, agian in march 2011, perhaps again in august 2011.

COE may hit $100k.

Best is to get a new car now.

With reduced car quota, easily new car can become more expensive $10k or even $20k by april 2011!!!!

 

COE hitting 100K??? You afraid that the world is not messy enough??

 

[13177]

COE hitting 100K??? You afraid that the world is not messy enough??

COE migth be hitting 100K due to the reduce COE quota. If COE quota didn't reduce, COE price wld not become so high!

[Passion]

Bro,from my noob assessment from the value you provide.

 

OMV 12.9K

QP paid 14K

Minimum PARF 7K

 

lets say body - 6k

QP - 7k

ARF - left 10.5?

 

actually dealer quoted you 24k,you'll really kena makan. But even they quote you more,you've to fork out additional at least 40k for say a vios?Unless you got cold hard cash,if not keep the car and drive till COE becomes cheaper.Now the COE is super expensive.Given the near 40k Cat A,every year you'll CONFIRM depreciate 4k just on paper alone.

[Blackyv]

With the rising COE.

Also quota will keep reducing, agian in march 2011, perhaps again in august 2011.

COE may hit $100k.

Best is to get a new car now.

With reduced car quota, easily new car can become more expensive $10k or even $20k by april 2011!!!!

 

So, have change ur ride recently?....

[Zanter]

So, have change ur ride recently?....

 

Yeah he bought a Jazz and hope COE goes to 200k

[13177]

Bro,from my noob assessment from the value you provide.

 

OMV 12.9K

QP paid 14K

Minimum PARF 7K

 

lets say body - 6k

QP - 7k

ARF - left 10.5?

 

actually dealer quoted you 24k,you'll really kena makan. But even they quote you more,you've to fork out additional at least 40k for say a vios?Unless you got cold hard cash,if not keep the car and drive till COE becomes cheaper.Now the COE is super expensive.Given the near 40k Cat A,every year you'll CONFIRM depreciate 4k just on paper alone.

Actually if your car can make it until 10 yr mark, it is better to drive till then and change. Unles your car cannot make it lor.

[Good-Carbuyer]

guys, i'm having a question now so seeking some feedback.

 

i would luv to change my ride now but wife doesnt wanna for practical reasons

 

car is fully paid and it's a jap 1.5L car bought new in Sep 2005 and so far trade in price quoted is between 24K and 28K.

 

from onemotoring webby some details of my car:

OMV 12.9K

QP paid 14K

Minimum PARF 7K

 

from a financial "payback" point of view would trading in or selling the car now give me back more money than scrapping it say on 7th year?

 

sorry, first ride so this is all new to me so hoping for gurus to chip in your advices...

 

cheerios!

I believe many other motorists are facing the same question. I believe there is a threshold where the resistance would arrest the support and COE would hang around there, occassionally dipping a little. As it is, if your existing car is still in order, you may want to keep it for its lower depreciation than new car (likley your car can last next 5 years if you have the CV joints serviced every 50,000 km, besides the regular servicing/maintenance).

However, if you have any clue the car is going to be officially a lemon, trade-in for another car (new or used). A brother of mine traded-in his just last weekend (numerous mechanical and electrical issues with the car to entertain).

Edited November 29, 2010 by Good-Carbuyer

[Civic3106]

With the rising COE.

Also quota will keep reducing, agian in march 2011, perhaps again in august 2011.

COE may hit $100k.

Best is to get a new car now.

With reduced car quota, easily new car can become more expensive $10k or even $20k by april 2011!!!!

 

I hope no one is stupid enough to repeat the $100K COE again.

[C-K]

COE will rise next year for sure as there's a drastic cut in quota.

 

However, remember early last year during the downturn? My girlf's Cat-A COE was like SGD2,000+.

 

Nothing lasts forever. I believe one day, COE price will fall but we we just dunno when. Just gotta make sure you have the cash ready when the time comes.