Need advice: cheapest car replacement route?

[Jamesc]

On 1/6/2024 at 5:10 PM, Lala81 said:

Mine is 16k parf rebate so that's pretty significant. Scrap Jan 25. Almost certainly not going to renew. 

A 7-8 year old car maybe an option. 

 

You are right 16k is not small peanuts. 

Better scrap and take the 16k back.

7-8 year old car is also a very good idea.

Edited January 6 by Jamesc

[Ct3833]

On 1/5/2024 at 11:55 PM, Jl255 said:

Need advice from the gurus. My car COE expires in 2025. I'm looking for the most cost effective route to owning a car. 

Some options:

1) Renew COE for another 5yrs

2) Buy a 2nd hand car

Which of the 2 options is cheaper in the long run? If option 2, when should i be buying the 2nd hand car? I just want the cheapest option. Or is there another cheaper option that i'm not aware of? Tks!

If your car is a good reliable Japanese brand with low PARF, best option is to renew COE, especially by 2025 if COE is low, as much aspossible, renew it for 10 years if you want to stretch your PARF $ write off

Edited January 6 by Ct3833

[Jamesc]

I heard jamesc had a lot of good 7-8 year old 

But he is very fair.

He always say if you find a better car at a lowest price please buy from that dealer and don't buy from him.

[Mkl22]

On 1/6/2024 at 5:23 PM, Ct3833 said:

If your car is a good reliable Japanese brand with low PARF, best option is to renew COE, especially by 2025 if COE is low, as much aspossible, renew it for 10 years if you want to stretch your PARF $ write off

Yup I’ll renew and see how in 2028/9. If coe is low enough scrap and buy new. 
buying a used car from 2025-2028/9 is a greater risk. The PARF of 8.9k is the opportunity cost. 

[Jamesc]

On 1/6/2024 at 5:23 PM, Ct3833 said:

If your car is a good reliable Japanese brand with low PARF, best option is to renew COE, especially by 2025 if COE is low, as much aspossible, renew it for 10 years if you want to stretch your PARF $ write off

That's good advice renew for 10 years.

The most stupid thing to do is only renew for 5 years 

If after 5 years COE shoots up have to scrap car and buy a new or used car 

And if COE is very high whether buy a new or used cars either the AD will sharpen his knife and slaughter the TS or the used car dealers will sharpen his butter knife and slaughter the TS but not so sharply lah.

I don't know why so many people renew only 5 years.

[Lala81]

On 1/6/2024 at 5:52 PM, Jamesc said:

That's good advice renew for 10 years.

The most stupid thing to do is only renew for 5 years 

If after 5 years COE shoots up have to scrap car and buy a new or used car 

And if COE is very high whether buy a new or used cars either the AD will sharpen his knife and slaughter the TS or the used car dealers will sharpen his butter knife and slaughter the TS but not so sharply lah.

I don't know why so many people renew only 5 years.

Need to pay full cash... 

[Mkl22]

On 1/6/2024 at 5:52 PM, Jamesc said:

That's good advice renew for 10 years.

The most stupid thing to do is only renew for 5 years 

If after 5 years COE shoots up have to scrap car and buy a new or used car 

And if COE is very high whether buy a new or used cars either the AD will sharpen his knife and slaughter the TS or the used car dealers will sharpen his butter knife and slaughter the TS but not so sharply lah.

I don't know why so many people renew only 5 years.

French cars can only renew 5years. Why put more funds in. If coe is 60k, then putting 30k into FD is better than on a frenchie. 

[Brass]

On 1/6/2024 at 11:26 AM, Mkl22 said:

With basic coe cars need to get popular models that lots renew. 
Just experience that even a 2006 Nissan latio has some problems finding some brand new original parts. 
too many models in the car market now. Lots of spare part stockist don’t keep much unless the many on the road like the altis. 
with rarer conti, good luck sourcing. Either pay lots or wait for shipment from Europe or both. If it’s a lotus, sure let it sit and wait, owner can afford. 
A bread and butter conti needs to be up 24/7. Else not much use as a daily commuter. 

Latio seems neither here nor there to me. It's a clio underneath.

If I want Japanese I will go full Jap.

On 1/6/2024 at 6:51 PM, Mkl22 said:

French cars can only renew 5years. Why put more funds in. If coe is 60k, then putting 30k into FD is better than on a frenchie. 

Better than no car isn't it, imagine having a 4k depre car when others are 10k.

Also FD gives only ~1k for 30k for 1 year the last I checked, downsides of not having a car is much worse than the few +K upside.

[Thaiyotakamli]

If doesnt use daily then getgo or bluesg

[Jamesc]

I can tell everyone I am also very worried about doing the wrong thing.

If I restock now and buy a lot of cars and COE goes down 40-50k I lose a lot of money.

If I don't buy now and COE goes up 50-100k I will be kicking myself.

 

[Jamesc]

On 1/6/2024 at 6:35 PM, Lala81 said:

Need to pay full cash... 

If anyone needs a loan to renew COE I can help you arrange a loan at very favourable rates.

[Kxbc]

On 1/6/2024 at 10:16 AM, Carbon82 said:

Car ownership is a very complex matter (unless $$$ is not an object) and should be allowed to be a FYP for degree course.

OK I will try to provide you with some pointers for the 2 options of yours. 

1. To renew COE, you have to be sure your car is in good running condition, and most will said must be a non-conti make (reliability point of view). And go for 10 years renewal instead of 5 years if your PARF value is substantial ($15K or more) so that your paper depreciation will be lower. 

2. Buying a 2nd hand car need a lot of research and leg work as every single car is different, not just about model / colour / accessories , but the condition and perceived reliability. Engine, gearbox, electronic are areas you need to pay special attention to, instead of how shiny is paint work or the number of creases on the leather seats. 

As some has pointed out, the price might appears cheaper but depreciation is normally not much lower than new car, while some can even deprecated ore than new. Also, interest rate is typically higher than new car, so do factor all these into your equation. 

With COE premium stabilizing, and may be even lower come end of 2024, save up / earn more to aim for a new car would be a better choice. You have to manage your own expectations, such as the brand and model, cat A VS cat B, compact and economical hatchback / sedan vs premium compact sedan/ SUV, etc. 

Do share with us what are you currently driving and what model are you looking at (for used car), so that we can provide you with better advices. 

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?

 

[Kxbc]

On 1/6/2024 at 7:21 PM, Brass said:

Latio seems neither here nor there to me. It's a clio underneath.

If I want Japanese I will go full Jap.

 

My old car was a Latio. It was well put together. No problem at all except for spoilt aircon over 10 years. No rattling of any part even on day I scrapped. 

Downsides were inadequate torque and soft brakes.

Cheap to drive and maintain. And comfortable. 

I quite like the car except for the downsides. 

[ccc888]

On 1/7/2024 at 1:18 AM, Jamesc said:

I can tell everyone I am also very worried about doing the wrong thing.

If I restock now and buy a lot of cars and COE goes down 40-50k I lose a lot of money.

If I don't buy now and COE goes up 50-100k I will be kicking myself.

 

Wana be biz owner so…..else become salesperson lor

[ccc888]

On 1/7/2024 at 10:39 AM, Kxbc said:

My old car was a Latio. It was well put together. No problem at all except for spoilt aircon over 10 years. No rattling of any part even on day I scrapped. 

Downsides were inadequate torque and soft brakes.

Cheap to drive and maintain. And comfortable. 

I quite like the car except for the downsides. 

Yes older Nissan cars all have spongy brakes which i hate haha. AC replacement vy common across all bnb jap/kimchi cars.

Older bnb cars all no torque one lor.

[ccc888]

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?

 

2L road tax renewal not worth it imo. Bestest if 1.5L or less.

Beyond 10years really unknown….might have some big repairs heng suay de.

imho, either get a new car and enjoy till u retired (think of ways to earn/grow more money rather than save)

OR stop driving altogether in 2026 and save 200-250k for the last 10years and u could retire earlier perhaps 

[Jamesc]

On 1/7/2024 at 10:58 AM, ccc888 said:

Wana be biz owner so…..else become salesperson lor

I am one woman trapped in a man body show.

I am biz owner, salesman, office boy, runner all pow ka leow one.

No choice.

[Scorpiong]

On 1/7/2024 at 11:02 AM, ccc888 said:

Yes older Nissan cars all have spongy brakes which i hate haha. AC replacement vy common across all bnb jap/kimchi cars.

Older bnb cars all no torque one lor.

Yes, my older Nissan Sylphy also has issue and left one year 3 months. Recently just changed new valve body and overhaul the gearbox. The workshop boss told me that once the vehicle left around 2 years, always got gearbox issues. I saw his workshop, so many older cars sent for overhaul gearbox, not only jap cars, there are also europe cars. I will drive till 10 years and consider to renew the coe or just scrap the car.