First time buyer looking to buy Fit/Civic/transport car.

[Confusedboi]

3 hours ago, nynyny said:

@PSP415 

hi everyone, thanks a million for helping me out! 

the reason why im looking towards a COE car & not a PARF car is because honestly my budget is only 10k for down payment i do not want to exceed $500/month for the monthly loans.

to me a COE honda fit is the best option here… looks like a reliable enough car. just hoping i’ll find a good one.

on the other hand… if you guys have any other suggestions/concerns whatsoever, pls feel free to let me know! 

Hi I was in a similar situation as you, down 10k downpayment but monthly installment is already more than 500 dollars per month. Closer to 600 sgd. bear in mind this is after trading in my old car that still have some PARF value that was one month away from COE expiry. So minus another 8k away from sticker price before the downpayment became 10k. Otherwise you have to downpay more in order for your monthly to be less than 500 sgd.

[Mkl22]

TS, to put it bluntly. You do need some cash on hand to buy a car. Even more so now, with the highs of coe, inflation, petrol prices! 
many workshop prices will also go up as they need to cope with higher inflation. 
get a car that needs a lot of attention and you’ll bleed big time. 
10k down and $500? Better to take bus/MRT and the occasional grab/taxi

Edited March 5, 2022 by Mkl22

[Jamesc]

Edited March 5, 2022 by Jamesc

[Jamesc]

If got money buy new

If a bit of money buy COE 10

If tight squeeze but CEO 5

[Jamesc]

Wealth tax

Tax new lah

People buy COE where got wealth?

Wealth tax COE cars siao ah?

[PSP415]

4 hours ago, nynyny said:

@PSP415 

hi everyone, thanks a million for helping me out! 

the reason why im looking towards a COE car & not a PARF car is because honestly my budget is only 10k for down payment i do not want to exceed $500/month for the monthly loans.

to me a COE honda fit is the best option here… looks like a reliable enough car. just hoping i’ll find a good one.

on the other hand… if you guys have any other suggestions/concerns whatsoever, pls feel free to let me know! 

If you must own a COE car, I suggest the followings :

1. Go with someone experienced to test drive with u. Or send to AAS for an inspection. You pay. 

2. You need to set aside at least 2-5k for repair/maintenance of car.

Pls try not to mod. Some ppl mod for ride to go up in flames. If u need cheap wiring stuff done, u are better off not doing at all. Save $50, 100 to lose $10,000s is stupidity ya. 

And note higher insurance for first time car owner. Other expenses like carpark charges, season parking, petrol. If u need to tailgate to leave carpark, u are better off not owning it. 

3. Get to know which reliable WS for repairs/maintenance. You will need to visit quite often if ride is a hidden treasure. For the mechanic to find. 

Dun just look for cheap. Most bros "grow up" with a particular mechanic or merchant before they earn the privilege of having a cheaper price for service. 

And sometimes, your stars may not be aligned and you kena bad vibes with recommended ones. That's life. 

Again, if it's short term, consider rental. Or if really just a momentary urge to want to get a car to look more important or feel a sense of achievement, oh boy, you sure will feel all that, just remember the wallet is getting thinner. 

If you eventually do get one, practice defensive driving and pls dun drink drive. You need to manage your stress level on the roads, dun become an incredible hulk. 

Our advice is in no way belittling you.

It may sound as such but these days, everything is going up and a car ownership is not cheap. Some ppl end up bankrupt, some end up working 2 or 3 jobs and some quarrel more due to financial stress.

Is it worth it? Can you really afford the time, energy and money? Only you know best. 

Stay safe 

Cheers 

 

[Fitvip]

23 hours ago, awhtc said:

I won't be surprised if LTA slaps a renewal tax on 10-year COE renewal in future as part of wealth tax.

I beg to differ. First and foremost, renewing COE has already forfeited the PARF value to the GOVT, owners are already  being penalised with an annual inspection and a loading of road tax of up to 50%. As it is, car owners are already treated as golden geese as well as offenders. How much more do they need to punish this group of car owners? 

Edited March 5, 2022 by Fitvip

[Confusedboi]

14 minutes ago, Fitvip said:

I beg to differ. First and foremost, renewing COE has already forfeited the PARF value to the GOVT, owners are already  being penalised with an annual inspection and a loading of road tax of up to 50%. As it is, car owners are already treated as golden geese as well as offenders. How much more do they need to punish this group of car owners? 

yeah man i dont understand this road tax penalty which absolutely makes no sense at all other than for gahmen to squeeze more money.

Whats wrong with owning older cars 🙄🤬

annual car inspection is a pain in the ass also especially if you are the type that likes to mod your car..

[Fitvip]

9 hours ago, Confusedboi said:

Always insist they transfer ownership of the car to you as soon as possible ( can be done online).

 

I am quite hesitant about this. I would recommend transfer of ownership when payment is done!

[Mkl22]

1 hour ago, Fitvip said:

I beg to differ. First and foremost, renewing COE has already forfeited the PARF value to the GOVT, owners are already  being penalised with an annual inspection and a loading of road tax of up to 50%. As it is, car owners are already treated as golden geese as well as offenders. How much more do they need to punish this group of car owners? 

With VES and CEVs rebates ARF and thus PARF are now super low at 2.5k. If the car is serviceable then renewing coe is a no brainer. Loss is but 2.5k. 
you avoid paying 20% customs duties, GST, and ARF plus dealer margin all over again. 
if the coe drops further, then just scrap and get a new car if one desires. 
this savings is quite substantial thus one way to claw back is via higher road taxes. 
In the past where the PARF forms a big portion of the car price and where you cannot directly encash parf. It makes sense to scrap. Thus you hardly see any more than 10year old cars then. Especially for Japanese makes. For Mercedes it makes sense as the value of the car was high vs the parf foregone. 
mine example of a Japanese car which many bought relatively cheap and everyone scrapped was the 1st gen Subaru Legacy 1.8, if I’m not wrong, it had a new price of 70k and a parf of 29k. With parf of 40% of the car price, you have to be a nut case to not scrap. 

[Confusedboi]

13 minutes ago, Mkl22 said:

With VES and CEVs rebates ARF and thus PARF are now super low at 2.5k. If the car is serviceable then renewing coe is a no brainer. Loss is but 2.5k. 
you avoid paying 20% customs duties, GST, and ARF plus dealer margin all over again. 
if the coe drops further, then just scrap and get a new car if one desires. 
this savings is quite substantial thus one way to claw back is via higher road taxes. 
In the past where the PARF forms a big portion of the car price and where you cannot directly encash parf. It makes sense to scrap. Thus you hardly see any more than 10year old cars then. Especially for Japanese makes. For Mercedes it makes sense as the value of the car was high vs the parf foregone. 
mine example of a Japanese car which many bought relatively cheap and everyone scrapped was the 1st gen Subaru Legacy 1.8, if I’m not wrong, it had a new price of 70k and a parf of 29k. With parf of 40% of the car price, you have to be a nut case to not scrap. 

Oh that explains why hardly see any Subaru legacy’s on the road nowadays. The few ones that can be seen are mostly legacy GT’s with the sweet turbo  boxer engine

[Confusedboi]

2 hours ago, Fitvip said:

I am quite hesitant about this. I would recommend transfer of ownership when payment is done!

Yeah the sooner the better. 

[Mkl22]

3 minutes ago, Confusedboi said:

Yeah the sooner the better. 

For coe cars best it to buy cash and carry. But alas, the majority who buy coe cars are those who are more cash strapped. 

[Jamesc]

COE is a wealth Tax!

Especially Cat B

[Confusedboi]

TS could consider this car if looking for short term ride, 2 years of "trial" for car ownership on basic small car that shouldnt give you much headaches compared to other makes.. other than normal maintenance plus wear and tear

As you can see the depreciation is pretty high for such a old car, 8k plus a year.

If you down pay 10k im pretty sure your monthly loan will be pretty low for the remainder say 1 year or 1.5 year max.

https://www.sgcarmart.com/used_cars/info.php?ID=1077005&DL=1441

[PSP415]

7 minutes ago, Confusedboi said:

TS could consider this car if looking for short term ride, 2 years of "trial" for car ownership on basic small car that shouldnt give you much headaches compared to other makes.. other than normal maintenance plus wear and tear

As you can see the depreciation is pretty high for such a old car, 8k plus a year.

If you down pay 10k im pretty sure your monthly loan will be pretty low for the remainder say 1 year or 1.5 year max.

https://www.sgcarmart.com/used_cars/info.php?ID=1077005&DL=1441

Probably but everytime I see new paintwork, I think of accident. It may really in urgent need of covering up or a fresh coat to sell. 

😅😂😂😂 Just me.

I rather deduct 1k and say I do own respray or wrap. 

(4544 is die fast die die or die no die, die) 🤣 No. Not into numbers or particular, just when I read out, that's what it sounded like. 

And TS is thinking of such a FIT ride, hope its one too. 

Stay safe 

Cheers 

 

[Mooose]

43 minutes ago, PSP415 said:

Probably but everytime I see new paintwork, I think of accident. It may really in urgent need of covering up or a fresh coat to sell. 

😅😂😂😂 Just me.

I rather deduct 1k and say I do own respray or wrap. 

haha just my thought when i saw the new paint ..

and if cannot (dont want) to declare mileage, alarm bells ring in my mind ..

[Comage]

1 hour ago, Confusedboi said:

TS could consider this car if looking for short term ride, 2 years of "trial" for car ownership on basic small car that shouldnt give you much headaches compared to other makes.. other than normal maintenance plus wear and tear

As you can see the depreciation is pretty high for such a old car, 8k plus a year.

If you down pay 10k im pretty sure your monthly loan will be pretty low for the remainder say 1 year or 1.5 year max.

https://www.sgcarmart.com/used_cars/info.php?ID=1077005&DL=1441

As much as I know there's other COE or even PARF cars going for +$20k over dereg value... This one asking for $12k+ over dereg value - it'd better have zero wear and tear issues as I'd say.

You want me to pay > $10k over dereg value... Your car better be perfect!