Need advice: cheapest car replacement route?

[Kxbc]

On 1/12/2024 at 11:29 AM, Rickster said:

My vote goes to buy new entry level B&B japanese/korean car in 2025/6.

I'm leaning towards betting on a lower COE in 2025/6. Look at the data of COE here https://coe.sgcharts.com/ . Come 2026, the number of COEs can easily be 2 to 3 times, or even more per bid (assuming govt don intervene). Given the collapse of COE price observed for the past quarter with just a little injection of COEs, I think with the windfall of COEs coming, prices will likely moderate further.

Sharing my experience on one of my cars previously, a made-in-japan mazda 2 which i bought brand new and drove till scrap (240K mileage). On the 7th year onwards, the repair costs, excluding general servicing, can easily add 1-3K per year on average (based on prices >10 years ago). So please factor in at least 2k-4K per year of repair costs for your car if you are to renew COE.

 

I bought both cars new in 06 and 16. Hopefully, 26 will be low coe year too. I know of 2 persons who own mazda 3. 1 sold it at around 5th year mark as mazda technicians are unable to resolve recurring faults. The 2nd one running theirs in it's 9th year. Never heard they have issues. Sometimes it is really heng suay. 

[Rickster]

On 1/12/2024 at 1:23 PM, Kxbc said:

I bought both cars new in 06 and 16. Hopefully, 26 will be low coe year too. I know of 2 persons who own mazda 3. 1 sold it at around 5th year mark as mazda technicians are unable to resolve recurring faults. The 2nd one running theirs in it's 9th year. Never heard they have issues. Sometimes it is really heng suay. 

True, it's also about heng suay.

But what I'm actually referring to is maybe better rephrased as maintenance beyond just oil change for COE cars.

There will be more things that will need replacement in a typical older car >10 years like radiator, water pump, ignition coil, drive shaft, wheel bearings, air con compressor, steering shaft, side mirror motor, fuel pump, gearbox, throttle body, ABS system, sensor issues etc. 

So ya, if i were to calculate the cost of ownership for COE renewal, I'd factor in some money for such things.

 

Edited January 12 by Rickster

[Beregond]

I actually know a guy who drive a atis 221.

20+ years.  1 owner. He renew 2nd time coe 10 years.  Mean that car he gonna drive 30 years. 

I think such ownership is the cheapest.😂

[ccc888]

On 1/12/2024 at 7:17 PM, Beregond said:

I actually know a guy who drive a atis 221.

20+ years.  1 owner. He renew 2nd time coe 10 years.  Mean that car he gonna drive 30 years. 

I think such ownership is the cheapest.😂

Renew COE <40k make sense….else i will change new car or stop driving if cannot afford.

 

Edited January 12 by ccc888

[Beregond]

On 1/12/2024 at 7:26 PM, ccc888 said:

Renew COE <40k make sense….else i will change new car or stop driving if cannot afford.

 

U can only keep renewal if u know your car well. 

And for me I think 2 key point.

1st is never got into a major accident before. Because once the chassis is out.  The car cannot drive properly even after alignment. 

And  2nd thing . The engine never over heat before or never drive until no engine oil before.

Other then that everything can be repair.

If u consider how much installment a new car cost nowadays.  

The amount u repair or pay for replacement is just a small %

[ccc888]

On 1/12/2024 at 7:31 PM, Beregond said:

U can only keep renewal if u know your car well. 

And for me I think 2 key point.

1st is never got into a major accident before. Because once the chassis is out.  The car cannot drive properly even after alignment. 

And  2nd thing . The engine never over heat before or never drive until no engine oil before.

Other then that everything can be repair.

If u consider how much installment a new car cost nowadays.  

The amount u repair or pay for replacement is just a small %

New car without coe around 60k....so renew coe >40k make sense to u but not to me haha

[inlinesix]

On 1/12/2024 at 8:17 PM, ccc888 said:

New car without coe around 60k....so renew coe >40k make sense to u but not to me haha

For cars with low PARF, it makes perfect sense

[Stratovarius]

On 1/7/2024 at 10:33 AM, Kxbc said:

Ride on TS thread. 

My case

1. Qasqhai 2L non turbo. Accident free except for dented fender due to my careless whacking side mirror into a rubbish bin. 

2. Coe expires mid 2026

3. Parf paid was $20k. By mid 2026,will be $10k

4. I use the car as pt A to Pt B type. Not itchy butt. My last car was 10 years old when I scrapped. Low mileage ~15k km pa. So far, still like the car for adequate torque and bhp. 

5. Only routine maintenance so far except for replaced aircon leak in Yr 5. 

6. Downsides: tyres are expensive due to weird size, battery lasts on average 1.5 years, petrol getting more expensive but I have no nearby ev charging station if I intend to switch to ev. 

My goal is reduce cash outlay overall to put more into my retirement fund.

The period 2026 to 2036 will be my last car as I don't want to drive from late 60s onwards. 

If I renew coe, I will opt for 10 year so that I can stretch it out even more. 

Downsides of coe renewal : higher road tax (110% to 150% than currently $1.4k), higher insurance (still can cover 3rd party? Now $800+). Can the car last another 10 years? I think so, at least 7 to 8.

If I buy a new car, it will be a cat A Japanese b&b model. 

Would you have any guru advice for me? Renew or buy new in 2026?

 

Financially, its better to renew if your parf is low, car in good condition and lower mileage. You can always renew for 10 years and sell later with an imaginary parf. 

Car purchase can be emotional as well. If it's your last 10 years, might as well spend abit more a whack a new car to enjoy? 

and stock tire size are always odd. Just change to those common sizes. Not a problem for me.

[Beanoyip]

On 1/7/2024 at 10:33 AM, Kxbc said:

Ride on TS thread. 

6. Downsides: tyres are expensive due to weird size, battery lasts on average 1.5 years, petrol getting more expensive but I have no nearby ev charging station if I intend to switch to ev. 

 

 

I'll just add on the EV side of things.

How far is the nearest EV charger? You know you don't have to purposely charge it near your home.. you can do it when you're out and about, in the malls etc or when you're running errands or a morning coffee etc. 

[Mkl22]

On 1/12/2024 at 7:26 PM, ccc888 said:

Renew COE <40k make sense….else i will change new car or stop driving if cannot afford.

 

Why 40k?

[Kxbc]

On 1/13/2024 at 9:57 AM, Beanoyip said:

I'll just add on the EV side of things.

How far is the nearest EV charger? You know you don't have to purposely charge it near your home.. you can do it when you're out and about, in the malls etc or when you're running errands or a morning coffee etc. 

1.5km away. 3 slots only. Slow charger. 

Cannot imagine drive there after work to charge, probably full house because so many others waiting too. And then going again at 12 midnight to retrieve the car. 

Those official statements which equate ev charging slots to number of petrol stations are big fxxking idiots. 

1 petrol station at least 4 slots. Pump petrol 10 min max. That means 1 station can service 24 cars easily in one hour. 

Let them come back to us how to compare charging slots to petrol stations. 

 

[Rickster]

On 1/13/2024 at 1:22 PM, Kxbc said:

1.5km away. 3 slots only. Slow charger. 

Cannot imagine drive there after work to charge, probably full house because so many others waiting too. And then going again at 12 midnight to retrieve the car. 

Those official statements which equate ev charging slots to number of petrol stations are big fxxking idiots. 

1 petrol station at least 4 slots. Pump petrol 10 min max. That means 1 station can service 24 cars easily in one hour. 

Let them come back to us how to compare charging slots to petrol stations. 

 

Ya, i also think there is no way a petrol kiosk can ever service the same number of EVs as petrol cars unless battery swapping is available.. meanwhile in the near future, petrol kiosks will need to change their business model to make up lost revenue to EVs. Nowadays getting more common to see fast food and cafe in a petrol kiosk.

[Freeder]

https://m.sgcarmart.com:443/used_cars/info.php?ID=1229377&utm_content=SLeligible
 

I know need high loan but play until so big🤭

[daffodilistic]

Personally I don't understand why most people care so much for depre, remaining PARF value, etc. It's a sunken cost already from the moment you PayNow the dealer, so shouldn't the focus be on the monthly loan payment and maintenance costs like petrol, wash, etc?

Edited January 17 by daffodilistic

[Ct3833]

On 1/18/2024 at 7:43 AM, daffodilistic said:

Personally I don't understand why most people care so much for depre, remaining PARF value, etc. It's a sunken cost already from the moment you PayNow the dealer, so shouldn't the focus be on the monthly loan payment and maintenance costs like petrol, wash, etc?

Monthly loan duration can be long can be short or even full cash payment, monthly loan or cash payment is about affordability , PARF is about how much to write off per month or per year, it is about willingness to pay. One who can afford to pay cash for a car may not be willing to pay for high depre of a car. 

[Volvobrick]

On 1/18/2024 at 7:43 AM, daffodilistic said:

Personally I don't understand why most people care so much for depre, remaining PARF value, etc. It's a sunken cost already from the moment you PayNow the dealer, so shouldn't the focus be on the monthly loan payment and maintenance costs like petrol, wash, etc?

There are basically 2 types of buyers. First are the P and L type, second group cares only about monthly cash flow. 

No need to guess which group has ample cash reserves and which group includes hand-to-mouth ones. 

[daffodilistic]

On 1/9/2024 at 3:09 PM, boonhat_91 said:

Sorry just gonna ride along on this thread. Anyone able to share how much margin above paper value were dealers offering for used cars in the last 1-2 years? Curious to know where is the bottom line if I were to shop for 2018-2020 era used cars.

Don't need to think too much, current prices is basically current COE price for your car divided by years left +dealer markup

[Karoon]

Are auction cars still a thing? It was my cheapest route when I was younger and skint, and there was a special cat on MCF then.