Should I Renew my COE When it Expires?

[evidence]

hello bros,

just sharing my thoughts..

 

im also a car fanatic in sgp but due to the high costs of ownership and upkeep, sometimes

we have to be vey practical n prudent in our spending....

 

personally i feel if the PQP drops to a certain level and u r comfortable with it, then you might want to pay

but u must also gauge how long more u want to drive the car....

coz sometimes after paying Pqp and u want to sell the car, it might not be easy coz the

interest rate for coe car is higher assuming buyer needs a loan...

 

i would pay pqp if the total sum of cost is around $40k for the 10 years period..(for eg PQP $30k + my scrap $8k + $2k

for repairs and upgrade) coz now the car lifespan is extended.......

 

but then also depends on certain cars that is worth to pay pqp...generally Toyota and Honda are gd bets....

I wont pay for my verna or cerato.... of course not for my wira and lancer too....

 

Camry and e200 will be a dream but then one must be able to swallow the rd tax increments...

 

each of us have our own threshold...so think again....

 

my 2 cents thoughts

 

 

 

[DennisWong]

hello bros,

just sharing my thoughts..

 

im also a car fanatic in sgp but due to the high costs of ownership and upkeep, sometimes

we have to be vey practical n prudent in our spending....

 

personally i feel if the PQP drops to a certain level and u r comfortable with it, then you might want to pay

but u must also gauge how long more u want to drive the car....

coz sometimes after paying Pqp and u want to sell the car, it might not be easy coz the

interest rate for coe car is higher assuming buyer needs a loan...

 

i would pay pqp if the total sum of cost is around $40k for the 10 years period..(for eg PQP $30k + my scrap $8k + $2k

for repairs and upgrade) coz now the car lifespan is extended.......

 

but then also depends on certain cars that is worth to pay pqp...generally Toyota and Honda are gd bets....

I wont pay for my verna or cerato.... of course not for my wira and lancer too....

 

Camry and e200 will be a dream but then one must be able to swallow the rd tax increments...

 

each of us have our own threshold...so think again....

 

my 2 cents thoughts

 

 

 

Yup. I agree.

[Kurty]

is the current market, a good time to change?

 

my malaysian ride has been serving me well for the last 8 years, thinking of making a switch while its still profitable.

 

current ride: 1.2cc, bought for 10k

current evaluation: 8-10k

valid till 03/16

 

thinking of switching to the following rides:

 

1) Chery A168 manual,$22k , valid till 04/19

http://www.sgcarmart.com/used_cars/info.php?ID=385476&DL=2080

 

2) chery T11, manual, $22k, valid till 02/18

http://www.sgcarmart.com/used_cars/info.php?ID=405376&DL=1106

 

3) geely ck, manual, $$22k, valid till 04/19

http://www.sgcarmart.com/used_cars/info.php?ID=386596&DL=1131

 

4) geely ck, manual, $12k,valid till 01/18, opc

http://www.sgcarmart.com/used_cars/info.php?ID=393990&DL=1344

 

i only need a B&B ride.. perfectly fine with manual ride.. only ferry me and wife most of the time..

 

no choice, had to settle for a MIC ride..although i much prefer a made in malaysia..

 

supposedly, i go for options 1, 2, 3

$22k - $8k = $14k

then i convert it to an opc, $1.7k x 4 rebate.

payable only 7,2k

 

option 4, i only need to pay $4k..

 

$4k for that additional 2 more years.. not a bad deal..at least much spacious compare to my 1.2cc

 

or i should just wait and see.. my little ride is still delivering that performance level expected from us.....

[Vinceng]

Go for the Geely CK.

 

It uses the same engine as the 1991 G7 Corolla.

[Kurty]

Go for the Geely CK.

 

It uses the same engine as the 1991 G7 Corolla.

Oh, interesting.

 

But the earlier China car.. really ugly..

I actually fancy the t11, suv..

[Kusje]

For insurance just do 3rd party only. Very few will insure as comprehensive. Your loss is capped by the residual Coe value. If you total loss the car on the second day of renewal, you only lose the parf. So why pay more for insurance when ultimately what they give you back is also the remainder Coe.

 

You should also take into account that 3rd party will not cover your injury claim. If you get into a serious accident, it could be expensive.

[DennisWong]

For insurance just do 3rd party only. Very few will insure as comprehensive. Your loss is capped by the residual Coe value. If you total loss the car on the second day of renewal, you only lose the parf. So why pay more for insurance when ultimately what they give you back is also the remainder Coe.

 

Actually, I do believe there are insurers out there that will provide comprehensive. I can't confirm the company/insurer.

 

I would definitely want to purchase a comprehensive, including waiver of excess for my 10-year-old car.

 

And yes, life and PA coverage is important. But do not depend on your vehicle insurance/policy to cover that area.

[Ahgong]

 

Actually, I do believe there are insurers out there that will provide comprehensive. I can't confirm the company/insurer.

 

I would definitely want to purchase a comprehensive, including waiver of excess for my 10-year-old car.

 

And yes, life and PA coverage is important. But do not depend on your vehicle insurance/policy to cover that area.

 

hmm... do share if you find one.

after i bought my ride (which is 8 years old) and done some servicing to it, i am starting to get reluctant to let it go when the time comes.

[Zxcvb]

List of cons if renew COE by end of 10 year.

 

1) PARF rebate gone.

 

2) Higher road tax

 

3) Higher insurance

 

4) No loan, cash only

 

5) Wear and tear parts to replace.

 

Anything else?? I believe a bread n butter Japanese car will last many years. Been to ang moh countries, so many old beaten 90s Toyota and Hondas roaming the road.

[cllq]

Depending on situation, better to find a used car then face so many problems.

[Keavze]

better to own a older car which you know than buying a 'newer' used car which you don't even know the conditions, might end up worse than the existing older car which you know.

[Coltplussport]

I would suggest you buy new car. Because of inflation, and limited supply, you might not be able to buy a brand new car ever In the future.

[Dafansu]

List of cons if renew COE by end of 10 year.

 

1) PARF rebate gone.

 

2) Higher road tax

 

3) Higher insurance

 

4) No loan, cash only

 

5) Wear and tear parts to replace.

 

Anything else?? I believe a bread n butter Japanese car will last many years. Been to ang moh countries, so many old beaten 90s Toyota and Hondas roaming the road.

 

I think you still can take loan for renewal of COE. Someone posted here before, I haven't check it out, mine also going to expiry in 5 months

[Mkl22]

List of cons if renew COE by end of 10 year.

 

1) PARF rebate gone.

 

2) Higher road tax

 

3) Higher insurance

 

4) No loan, cash only

 

5) Wear and tear parts to replace.

 

Anything else?? I believe a bread n butter Japanese car will last many years. Been to ang moh countries, so many old beaten 90s Toyota and Hondas roaming the road.

 

1. yes

2. yes

3. No. should be lower since 3rd party only. unlikely to get comprehensive. But you should be glad its 3rd party only since the bulk of the value of the car is the COE value. There is no need for comprehensive.

4. yes

5. yes/No. depends on the car. cars with less electronics might be cheaper overall in terms of wear and tear.

 

i might renew mine since it will hit approx 90k km by 10years. quite a bit of life left in it and it still serves my needs. PARF is approx 7k so not too much to lose. its still cheaper than buying another used car which has unknown history. and if COE plummets, i just scrap it and get my money back.

Edited July 15, 2014 by Mkl22

[Kenken]

Me too, transmission problem Malaysia quoted 6000rm. Less 2 years.now every 2 days erase code.

If can erase code means change AT sensor, mine AT lights on , every one ask to change at, in the end change sensor.now no problems. Check the code.

[Erykool]

Some questions I have if anyone can advise. I had read at LTA website but info not very comprehensive..

Scenario is if I renew COE for 5 years after end of 10 years COE.

1) If along the 5 years, I decided not to drive or buy another car and scrap this car, do I get back the balance of the 5 years pqp I paid?

2) Road tax I know is higher but how much higher and is it increasing in the 5 years or constant amount in 5 years.

 

3) Insurance company will quote more ex for such cars or treated same as other cars.

[Loki]

Some questions I have if anyone can advise. I had read at LTA website but info not very comprehensive..

Scenario is if I renew COE for 5 years after end of 10 years COE.

1) If along the 5 years, I decided not to drive or buy another car and scrap this car, do I get back the balance of the 5 years pqp I paid?

 

2) Road tax I know is higher but how much higher and is it increasing in the 5 years or constant amount in 5 years.

 

3) Insurance company will quote more ex for such cars or treated same as other cars.

 

1. Yes, you get pro-rated remaining PQP left.

2. Road tax increases 10% per year.

3. Insurance will be 3rd party only, slightly cheaper.

 

Edited March 4, 2015 by Loki

[flashbang]

 

1. Yes, you get pro-rated remaining PQP left.

2. Road tax increases 10% per year.

3. Insurance will be 3rd party only, slightly cheaper.

 

 

To add on for completeness, road tax increases by 10% every year for 5 years only. After 5 years, it is capped at 150%. In your case it's not relevant since you are intending to renew for 5 years, but for others who might be thinking of 10 years renewal this might help :).