Coe Renewal Questions - OPC vs Non OPC

[Mouse]

Hi,

 

I am asking the questions on behalf of my dad and I am a total noob in this area.  Appreciate if anyone can shed some advice.  Thanks.

 

My Dad's ride is a OPC Latio sedan (4AT) whom COE will be expiring in Oct 2016.  He took the 10 years loan and his car parf value is about 4.9K.

Due to my mom's medical condition that required the car, he is looking into renewing his COE for another 5 years.  The current condition of his car is tip top, mileage is super low as well.

 

Qns:

 

-  If he get a COE renewal loan, how much cash he has to down?  I am assuming that under the new MAS ruling, he will not be able to loan full amount.  I read elsewhere that finance company is able to loan up to 80% while banks is about 60%?

 

- Also, the loan prepayment period is max at 3 years for 5 years COE renewal?

 

- Is the road tax and insurance going to cost the same regardless if his car is OPC or non OPC after renewing his coe? I read that it is more worthwhile to convert back to normal plate before renewing coe.

 

Or is it more worthwhile for him to trade in to Tan Chong Motors and get a new OPC Almera?

 

 

 

 

 

[Benarsenal]

I'm not sure about loan for COE renewal, but for road tax do note that there is extra loading for cars over 10 years old. The rate is 110% for 11 years, 120% for 12 years etc until max of 150%.

 

Insurance maybe also slightly higher as well, but depending on your insurer.

[flashbang]

Renewing COE is always cheaper than buying a new car, unless your old car is in terrible condition. Else, the savings can be a few thousand a year, which is more than enough to cover the extra maintenance.

[Mouse]

  On 1/6/2016 at 4:29 PM, Benarsenal said:

I'm not sure about loan for COE renewal, but for road tax do note that there is extra loading for cars over 10 years old. The rate is 110% for 11 years, 120% for 12 years etc until max of 150%.

 

Insurance maybe also slightly higher as well, but depending on your insurer.

 

If it is renew as a OPC, does the road tax and insurance be lesser or it doesn't matter whether it is opc or non opc.  The cost for road tax and insurance will be the same for both.

[Benarsenal]

  On 1/6/2016 at 4:34 PM, Mouse said:

If it is renew as a OPC, does the road tax and insurance be lesser or it doesn't matter whether it is opc or non opc.  The cost for road tax and insurance will be the same for both.

 

It will be OPC rate I think. Adjusted accordingly.

[Metalslug2]

  On 1/6/2016 at 4:32 PM, flashbang said:

Renewing COE is always cheaper than buying a new car, unless your old car is in terrible condition. Else, the savings can be a few thousand a year, which is more than enough to cover the extra maintenance.

 

yes am aiming for that in 2017 to renew my civic. i paid 12k depr for it so am goin to stick to it... hope not more than 30k for renewal

[flashbang]

  On 1/6/2016 at 4:34 PM, Mouse said:

If it is renew as a OPC, does the road tax and insurance be lesser or it doesn't matter whether it is opc or non opc. The cost for road tax and insurance will be the same for both.

I would think it's OPC rate road tax, but best to check with LTA. Most people probably convert to black plate as it's more worthwhile.

[Count-Bracula]

Renewal of COE is cash in full, can get loan meh and forgo OMV?

Edited January 7, 2016 by Count-Bracula

[Mouse]

  On 1/7/2016 at 12:46 AM, Count-Bracula said:

Renewal of COE is cash in full, can get loan meh and forgo OMV?

There is, just that u can't loan in full n i think the max period is cap at 3yrs.

[Soya]

  On 1/6/2016 at 4:34 PM, Mouse said:

If it is renew as a OPC, does the road tax and insurance be lesser or it doesn't matter whether it is opc or non opc. The cost for road tax and insurance will be the same for both.

OPC road tax is a flat $500 discount subject to min $50 payment.

 

For COE car, only can buy 3rd party insurance. But usually a further 15% discount for OPC.

[Civic3106]

Yes there is such thing called "COE loan" which is basically a personal loan.  Interest rate is quite high, was quoted 3.98% and can be 100% loan.  4 or 5 years tenure for 5 or 10 years renewal.  If possible pay cash and don't take loan.

 

Not much point renewing COE and keep the OPC scheme.  You get only $500 discount on your road tax which only worth 25 e-day licenses.  I suggest convert to normal scheme just before renewing your COE.  Rumours said cannot convert back to normal after renewing COE, check with LTA to confirm.  

 

Cheers and good luck ! 

[Mouse]

  On 1/7/2016 at 1:25 AM, Civic3106 said:

Yes there is such thing called "COE loan" which is basically a personal loan. Interest rate is quite high, was quoted 3.98% and can be 100% loan. 4 or 5 years tenure for 5 or 10 years renewal. If possible pay cash and don't take loan.

 

Not much point renewing COE and keep the OPC scheme. You get only $500 discount on your road tax which only worth 25 e-day licenses. I suggest convert to normal scheme just before renewing your COE. Rumours said cannot convert back to normal after renewing COE, check with LTA to confirm.

 

Cheers and good luck !

The 100% loans are probably from those finance companies. Last i checked, banks doesnt do full loan n max at 3yrs tenure.

[Dafansu]

  On 1/7/2016 at 1:07 AM, Soya said:

OPC road tax is a flat $500 discount subject to min $50 payment.

 

For COE car, only can buy 3rd party insurance. But usually a further 15% discount for OPC.

some companies do provide comprehensive even for COE car, especially if you have been a loyal customer of that company they should be able to provide

[AB_STAR]

My nissan sunny OPC coe is going to expire on early June'16. Mileage 24x.xx K

 

Car condition still okay and air con cooling still function well. Car servicing in TC under NPMP program. 

Car usage travel to JB weekly or bid-weekly and travel to KL monthly.

 

is it worth to renew coe ? 

[Vinceng]

  On 1/7/2016 at 12:46 AM, Count-Bracula said:

Renewal of COE is cash in full, can get loan meh and forgo OMV?

Can only get personal loan from finance house for COE renewal. Interest rate about 4%.

[Count-Bracula]

  On 2/26/2016 at 8:40 AM, Vinceng said:

Can only get personal loan from finance house for COE renewal. Interest rate about 4%.

WHOA!

[Benarsenal]

  On 2/26/2016 at 8:10 AM, AB_STAR said:

My nissan sunny OPC coe is going to expire on early June'16. Mileage 24x.xx K

 

Car condition still okay and air con cooling still function well. Car servicing in TC under NPMP program. 

Car usage travel to JB weekly or bid-weekly and travel to KL monthly.

 

is it worth to renew coe ? 

 

If you got the cash, sure why not? Looks like you take quite good care of the car.

[Count-Bracula]

  On 1/7/2016 at 2:10 AM, Dafansu said:

some companies do provide comprehensive even for COE car, especially if you have been a loyal customer of that company they should be able to provide

Oh really? Did not know that. Will check out with my insurer.

 

Thanks for the info.