COE issue

[Voodooman]

Don't forget to take into account the higher road tax, which climbs by 10% (capped at 150%) every year for COE cars. Logically, it is cheaper to buy a 6-8 years old Japanese car that is in fairly decent condition and spend a few k to overhual and replace all the wear and tear items. It is however painful to scrap a good car that has been regularly serviced and maintained for years.

 

Anyway, it is about time a lot of bo lui drivers switch to public transport so as to allow COE to correct but jams will get worse as people who can pay 80k COE will drive without having to think about cost of petrol, ERP, parking, etc.

[Solar]

Renewing means.. Pqp Coe+giving up scrap value which can go nearly 100k in total.

Not to mention also higher road tax and more frequent wear and tear cos of the age.

 

Comparing to spending a similar nearly 100k on another less than 10yr old 2nd hand or a lower-end new car..

[Jansonchua]

why must die die use the rationale that new cars are expensive; consider buying a resale car with that 70K COE instead.

 

70K can still get decent jap examples with 4 years left. Heck even i'm aiming to get a 2006/2007 car because that's what i can afford at this present time.

 

Key word - affordability.

70K can get you a pretty new jap car with about 5 to 6yrs left. I will definitely use the $ to buy a 2nd hand than renew COE unless the car has sentimental value to some people.., commercial vehicles more ridiculous... Pay 30k to renew COE for 5years for liteace van but if scrap, can only get 1.5k....

[Throttle2]

Renewing means.. Pqp Coe+giving up scrap value which can go nearly 100k in total.

Not to mention also higher road tax and more frequent wear and tear cos of the age.

 

Comparing to spending a similar nearly 100k on another less than 10yr old 2nd hand or a lower-end new car..

Thats why i say, if you are driving a low OMV car under $50k , dont bother renewing. Use the money for a secondhand car.

[Nzy]

Renewing means.. Pqp Coe+giving up scrap value which can go nearly 100k in total.

Not to mention also higher road tax and more frequent wear and tear cos of the age.

 

Comparing to spending a similar nearly 100k on another less than 10yr old 2nd hand or a lower-end new car..

 

But 100k can only get you those cheap B&B cars, might as well renew the current car COE rather than downgrade.

[Keavze]

totally agree with Throttle2 and NZY...depends on what car you are going to renew, unless you going to replace it with something "lesser"...

[Picanto]

2nd hand cars are risky.if current car is well maintained, its better to renew coe

True. Better to get $70k 2nd hand car.

 

[Amazon777]

now the depreciation for 5yr old jap B&B car is usually more than 10k.If you have a close to 10yr old car in very good condition,might be more economical to renew COE.

You mean 5 yrs old Nissan Sunny selling at $10k depreciation? My buddy just bought a 7yrs old BMW 730i at $10k per year depreciation from a direct seller?

[Civic6228]

2nd hand cars are risky.if current car is well maintained, its better to renew coe

 

 

Put it that way ....

 

35k over 5 years plus 10k scrap ... 45k/5 = 9 k depreciation ....

 

70k - 5 yrs old car - 70-10k scrap = 60k/5 = 12k depreciation

 

One would also know the history of the car that the COE is renewing for. 2nd hand car ..... dont know about history, could cost a "bomb" for repair.

 

A second 5 years old car may cost more at the end.

[Picanto]

true. but this is provided the car is well maintained to last it for more than 10 yrs. if owner the bochap type. then not worth to renew at all. better get another 2nd hand car.

 

Put it that way ....

 

35k over 5 years plus 10k scrap ... 45k/5 = 9 k depreciation ....

 

70k - 5 yrs old car - 70-10k scrap = 60k/5 = 12k depreciation

 

One would also know the history of the car that the COE is renewing for. 2nd hand car ..... dont know about history, could cost a "bomb" for repair.

 

A second 5 years old car may cost more at the end.

 

[Keavze]

true. but this is provided the car is well maintained to last it for more than 10 yrs. if owner the bochap type. then not worth to renew at all. better get another 2nd hand car.

 

 

usually if a owner is considering renewing, he/she likely won't be the bochap type.

[Jnco]

If you are driving a 2L CC car and above. The road tax and insurance is not cheap after you renew your car 5 or 10 years COE. My accord 2.4L left another 18 month to go. So i might consider buying a second car after i take back parf money and scrap value money. Still got so $$$ to put down payment unlike renew COE car, Full cash pay to LTA. You can take loan also for COE renew. But the % is higher than buying a second hand car. Unless you really like your car alot. if not go for a used steady.

[13177]

2nd hand cars are risky.if current car is well maintained, its better to renew coe

 

Depends also la. I know few people who recently bought 2nd hand car all around 5 year old. So far none of them encountered any problem with their car.

[Mcfguy]

anyone know what scrap value does a 2004 Corolla Altis fetch? Also, will exporting it fetch more than scrapping?

Edited November 24, 2013 by Mcfguy

[Baal]

Thats why i say, if you are driving a low OMV car under $50k , dont bother renewing. Use the money for a secondhand car.

Why car OMV only $10800. lol.

 

Ya. Paying $35K to renew COE for 5 years plus u lose the scrap value abt $10K is aby $5K per year.

 

Might as well buy a 2nd hand car sud b cheaper.

 

My car also COE expire in 2016 buy I hope the COE wil drop to much lesser by then. Only then wil I consider to renew my COE. Otherwise I just switch to ride motorbike.

 

I think its crazy to pay $70K for the COE.

I also csd this opion, But the thing is that school bus for my kid at 550am.

 

If have car, can leave home 1 hr later. Also not sure if good idea to pillion my kid.

 

Back to TS. I was googling on COE renew. 10 yrs must be full cash. ( LTA regulation.....recently plug coz the same site used to show down 50% loan max 5 yrs.)

 

But the same site now shows 5 yr coe, down 50%. As for tenure, previously indicate 3 yrs. Now don't indicate.

 

http://www.usedcarloan.com.sg/car-financing/coe-renewal-car-loan/

 

 

COE Renewal Car Loan Overview

With the ever increasing COE prices, renewing your used car’s COE is a much more practical option than buying a new car. For 12 years now, Speed Credit has helped hundreds of used car owners in retaining their cars through our COE Renewal Car Loan Service.

At Speed Credit, you can choose to renew the COE of your vehicle for either another 10 years or 5 years, whichever you think is suitable to your needs. Should you wish to renew your vehicle for another 10 years, you will need to pay the full Prevailing Quota Premium (PQP) as listed by LTA (https://vrl.lta.gov.sg/lta/vrl/action/pubfunc?ID=EnquirePQPRates)

However, if you wish to go for a 5 year renewal term, you will need to pay only 50% of the Prevailing Quota Premium (PQP). Please take note that if you choose this option, your certificate could not be renewed again, thus your car will be de-registered once it expires.

Contact us today at 6444-4400 for more information about our COE Renewal Car Loan Service

Edited November 25, 2013 by Baal

[Hosaybo]

anyone know what scrap value does a 2004 Corolla Altis fetch? Also, will exporting it fetch more than scrapping?

Export is better for in demand cars- toyota being one of them. Price depends on condition of the car. If everything functioning, got sports rim, leather seat, think can get about $800 body.

[Gildor8]

Sounds logical. But some people may not look at this way. Maybe rather take the $70k to buy a 3-5 year old used car.

 

$70k for a 5 year old car can only use for 5 years before you need to renew COE again...which dunno how much it will costs. At the end, it is cheaper to renew COE BUT you will be driving a more than 10 years old car which may have alot of problems....either way, driving is such a money draining thing in Singapore.

[Ghostrider]

tough decision also, after 10 yrs of usage car will starts to have problems, to renew another 10 yrs thereafter the breakdown issues could be costly.

 

No matter how costly...won't be more than prices of a new car for sure.

 

If you maintain your car well...service it when due...etc...then should not be a issue to last another 10 years.

 

Take 70K buy a used car....then after a few years (if suay...months) you will also come across all those wear and tear breakdown.