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Should I get a new car or renew COE?

Ct3833

By Ct3833,
in General Car Discussion

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Roh96

Roh96

6th Gear

@Columbian78, sharing my thoughts.

CAT B is now $100K, and assuming your parf is $10k, that means your depre is at least $11K per yr, not including any repair that may come along as the car age.

If you choose to renew 5 yr, your depre is about $12K/yr. 

What you are going to spend if you choose to renew is not that far off from let's say buying another used car.

If i am in your situation, i won't renew, especially if knowing that i need to spend money to repair or do up the car (i.e. more sunken cost).

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Alfc

Alfc

5th Gear
(edited)
On 7/29/2024 at 9:52 AM, Beehive3783 said:

Bo pian, still cheaper than buying new cars, or buying used cars with inflated prices due to the COE trend.

Ya, between inflated used car price with low COE and renewing COE for existing car, I would also rather choose the latter especially if one had taken care of it and condition still good. At least the underlying paper value is backed by the actual COE price when want to scrap early

Edited by Alfc
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Jamesc

Jamesc

Hypersonic

Car good condition renew.

Car very chui, sell to my competitor take the money and buy a good quality affordable used car from jamesc.

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Matoonia

Matoonia

6th Gear

My Q5 also expiring soon next Apr... 

It's very low mileage less than 80k now, drives well.. 

I would have renewed in a heartbeat if not for:

1. PARF $28k

2. Drinking Petrol ard 8km/l 

So my depre will be $12.8k based on current pqp. But then I'm also spending $450 per month on petrol + $1500 road tax + $3k a year service/maintenance = $9000. So annually $22k. 

Compared to maybe Cat A seal depre = $18k and annual cost = $23k 

image.thumb.png.bf696fa92d7f304dceea92f1d68df3e8.png

3. 3rd option is to get another used parf car with 1-2 years left around $15 depre just to extend the runway, so annual costs similar to option 1. Not a lot of cars similar performance i'm considering Q50, Superb. 

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Beehive3783

Beehive3783

Turbocharged
(edited)
On 7/29/2024 at 1:20 PM, Mancypher said:

image.png.68a405e57e5f5e66a0f5dfc51e6493a6.png

 

I like this 2 para. So we'll see more of $5k parf cars being renewed in coming years.

Cos COE rebate > end of 10yr parf rebate?

This is a scam.

Upfront rebate: car dealers makan, sell you the car for same price as before.

Reduced PARF rebate: govt makan the difference

So really, car owners suck their own balls. And yes, with that pittance of PARF rebate, why not renew COE if the car is in good condition? :D 

Edited by Beehive3783
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Spidey10

Spidey10

Supercharged
On 7/29/2024 at 9:52 AM, Beehive3783 said:

Bo pian, still cheaper than buying new cars, or buying used cars with inflated prices due to the COE trend.

 

On 7/29/2024 at 10:13 AM, Alfc said:

Ya, between inflated used car price with low COE and renewing COE for existing car, I would also rather choose the latter especially if one had taken care of it and condition still good. At least the underlying paper value is backed by the actual COE price when want to scrap early

No brainer decision....unless current ride been in a major accident and no point to renew.....if well taken care off....renewal is the cheapest road...:grin:

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Volvobrick

Volvobrick

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On 7/29/2024 at 1:20 PM, Mancypher said:

image.png.68a405e57e5f5e66a0f5dfc51e6493a6.png

 

I like this 2 para. So we'll see more of $5k parf cars being renewed in coming years.

Cos COE rebate > end of 10yr parf rebate?

This is a good thing. Cars are made to last more than 200k km/10 years. Let's all use for 20 or more. I may even renew again my current ride since there is no parf, having forgo 22k already.

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Mancypher

Mancypher

2nd Gear
(edited)
On 7/29/2024 at 1:46 PM, Spidey10 said:

 

No brainer decision....unless current ride been in a major accident and no point to renew.....if well taken care off....renewal is the cheapest road...:grin:

I want to renew. Current ride only 83k mileage, left 1.5yr. But... The idea of paying more for road tax and insurance..

Edited by Mancypher
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Mkl22

Mkl22

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On 7/29/2024 at 1:20 PM, Mancypher said:

image.png.68a405e57e5f5e66a0f5dfc51e6493a6.png

 

I like this 2 para. So we'll see more of $5k parf cars being renewed in coming years.

Cos COE rebate > end of 10yr parf rebate?

i already predicted this 10years ago when they started the hair brained idea of low low PARF. scholars at LTA are DUMB. not like the previous gen 80s to early 90s, where PARF rebates were so high such that it did not make sense to keep the car.

 

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Alfc

Alfc

5th Gear
On 7/29/2024 at 2:50 PM, Mancypher said:

I want to renew. Current ride only 83k mileage, left 1.5yr. But... The idea of paying more for road tax and insurance..

The road tax is just few hundred more a year (even for 2.0), same for insurance. dun think is so big vs paying for new car

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Spidey10

Spidey10

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On 7/29/2024 at 2:50 PM, Mancypher said:

I want to renew. Current ride only 83k mileage, left 1.5yr. But... The idea of paying more for road tax and insurance..

think of the rd tax and insurance is yearly affairs....pay once and forget about it....i rather pay this than pay monthly installment for a depreciating value commitment...

consider as mthly rental ah...

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Spidey10

Spidey10

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On 7/29/2024 at 3:00 PM, Mkl22 said:

i already predicted this 10years ago when they started the hair brained idea of low low PARF. scholars at LTA are DUMB. not like the previous gen 80s to early 90s, where PARF rebates were so high such that it did not make sense to keep the car.

 

ouch...:grin:

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Ct3833

Ct3833

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(edited)
On 7/29/2024 at 1:20 PM, Mancypher said:

image.png.68a405e57e5f5e66a0f5dfc51e6493a6.png

 

I like this 2 para. So we'll see more of $5k parf cars being renewed in coming years.

Cos COE rebate > end of 10yr parf rebate?

Some EVs have near zero PARF value,  that is my only chance to own a EV.......COE EV of course 😅

Edited by Ct3833
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Ct3833

Ct3833

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On 7/29/2024 at 9:52 AM, Beehive3783 said:

Bo pian, still cheaper than buying new cars, or buying used cars with inflated prices due to the COE trend.

Both my lao pok car have crossed the 15 years mark, still no regrets renewing their COEs. Except no pride lah, but who cares 😅

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