COE supply to raise after 7-yr slide -ST 8.4.14

[Temperament]

Assuming car is still in good condition reaching 10yrs.
eg, vios car scrap value can get back $10k?
5 yrs extend COE = (60K COE) = $30K
Road Tax increase = $2000/yr * 5 yrs
Insurance increase = $2000/yr * 5 yrs
All in all, the costs are there... just calculate if worth it or not?

Note old cars has to be maintained and parts replacements are not cheap... :O

A 2005 vios when scrapped between 9-10 year should get back around 7k since OMV is roughly 12.5k.
5 year COE = PQP 74k / 2 = 37k

Without taking into account increased cost of insurance and road tax, to renew COE for 5 year will cost 44k, 37k cash and 7k sunk cost.

A 5 year old Vios on sgcarmart costs around 56k before discount. Taking into account the parf rebate, I will think getting a used car seems to be a better idea. Moreover, cash outlay is smaller as buyers can take out a 50% loan and excess cash can be put into good use.

Uncle Temp u like Italian cars? I think this 5 year old Fiat Pundo is value for money. OMV is higher(17k) than similarly ranged jap cars so parf rebate at 10 year is higher. Depreciation at 6k p.a. http://www.sgcarmart.com/used_cars/info....88&DL=2286

I'm not a car dealer btw.

Thank you for the maths. You are right if PQP doesn't drop to 10K to
20K, it's better to buy a 5 year old car.

But the problem is my Vios is very "funny".
2nd-hand car dealers keep on pasting leaflets on my wind screen to ask me to sell.
And i think the reasons are due to my " special minor car accidents".
My Vios has brand new back bumper/booth assembly, front bumper/bonnet assembly, aircon condenser/fan assembly, cooling liquid, starter, alternator, car body and paint quite beautiful, etc..
Plus i follow maintenance schedules quite well as i was/am a "born technician "throughout my life".
Plus, plus the car's body and paint and interiors are O. K. since day one the car has been parked in HDB sheltered carpark, most of the time. (Aka not working since 53).
Even when i am driving, i like to park the car in the "shade".
Never like to sit on very hot driving seat after the SUN does it's work.

I am a Fussy Pot isn't it?
But then everyone has his own idiosyncrasy, i believe.
What's yours?
Have you discovered it yet?
So is it worth to keep my Vios for another 5 years, when the time comes? Ten years seem not worth due to 50 % more for road tax.
i understand only 5 years COE extension is a recent concession by LTA.
Thanks for all the inputs.

Temp, I am silently confident that a special event will occur when we are nearing 2016. Lots of cars are going to be scrapped this year and next.
There might be a chance to get COE discount of say 20%?

Is this discount worth it for the price of convenience? Or can we make it work harder in the share market and wait for another new low for COE?

I also suspect near 2016 some special goodies w be given out, to make citizens a bit happier. Maybe a different category to seperate the foreigner and locals. Be patients n the Coe may go on sale. Usually every 4 yrs goodies w be handed out

Alas! i can wait only till 03 Aug. 2015 + 1 month grace by paying a penalty. HOPE GE IS IN 2015 lol!
If need to scrap car, how the best way to do it?

[valuebuddies]

Uncle Temp, just take public transport like I do, it is more convenient in the sense that don't need to scratch head to find parking lot during weekend. In a value-focus forum, I would say that COE now is already super overvalued.

[Belg]

A 2005 vios when scrapped between 9-10 year should get back around 7k since OMV is roughly 12.5k.
5 year COE = PQP 74k / 2 = 37k

Without taking into account increased cost of insurance and road tax, to renew COE for 5 year will cost 44k, 37k cash and 7k sunk cost.

A 5 year old Vios on sgcarmart costs around 56k before discount. Taking into account the parf rebate, I will think getting a used car seems to be a better idea. Moreover, cash outlay is smaller as buyers can take out a 50% loan and excess cash can be put into good use.

Uncle Temp u like Italian cars? I think this 5 year old Fiat Pundo is value for money. OMV is higher(17k) than similarly ranged jap cars so parf rebate at 10 year is higher. Depreciation at 6k p.a. http://www.sgcarmart.com/used_cars/info....88&DL=2286

I'm not a car dealer btw.

Thank you for the maths. You are right if PQP doesn't drop to 10K to
20K, it's better to buy a 5 year old car.

But the problem is my Vios is very "funny".
2nd-hand car dealers keep on pasting leaflets on my wind screen to ask me to sell.
And i think the reasons are due to my " special minor car accidents".
My Vios has brand new back bumper/booth assembly, front bumper/bonnet assembly, aircon condenser/fan assembly, cooling liquid, starter, alternator, car body and paint quite beautiful, etc..
Plus i follow maintenance schedules quite well as i was/am a "born technician "throughout my life".
Plus, plus the car's body and paint and interiors are O. K. since day one the car has been parked in HDB sheltered carpark, most of the time. (Aka not working since 53).
Even when i am driving, i like to park the car in the "shade".
Never like to sit on very hot driving seat after the SUN does it's work.

I am a Fussy Pot isn't it?
But then everyone has his own idiosyncrasy, i believe.
What's yours?
Have you discovered it yet?
So is it worth to keep my Vios for another 5 years, when the time comes? Ten years seem not worth due to 50 % more for road tax.
i understand only 5 years COE extension is a recent concession by LTA.
Thanks for all the inputs.

Temp, I am silently confident that a special event will occur when we are nearing 2016. Lots of cars are going to be scrapped this year and next.
There might be a chance to get COE discount of say 20%?

Is this discount worth it for the price of convenience? Or can we make it work harder in the share market and wait for another new low for COE?

I also suspect near 2016 some special goodies w be given out, to make citizens a bit happier. Maybe a different category to seperate the foreigner and locals. Be patients n the Coe may go on sale. Usually every 4 yrs goodies w be handed out

Alas! i can wait only till 03 Aug. 2015 + 1 month grace by paying a penalty. HOPE GE IS IN 2015 lol!
If need to scrap car, how the best way to do it?

Temp, probably LTA will inform you on this scrapping. Like what valuebuddies said. The COE is over-valued. Just by keeping the money in the pocket feels shiok than buying that paper. Of cos, we will not keep it, we will invest it and in time buy back a cheap transport when COE is at its true intrinsic value. :p

[Temperament]

Thank you for the maths. You are right if PQP doesn't drop to 10K to
20K, it's better to buy a 5 year old car.

But the problem is my Vios is very "funny".
2nd-hand car dealers keep on pasting leaflets on my wind screen to ask me to sell.
And i think the reasons are due to my " special minor car accidents".
My Vios has brand new back bumper/booth assembly, front bumper/bonnet assembly, aircon condenser/fan assembly, cooling liquid, starter, alternator, car body and paint quite beautiful, etc..
Plus i follow maintenance schedules quite well as i was/am a "born technician "throughout my life".
Plus, plus the car's body and paint and interiors are O. K. since day one the car has been parked in HDB sheltered carpark, most of the time. (Aka not working since 53).
Even when i am driving, i like to park the car in the "shade".
Never like to sit on very hot driving seat after the SUN does it's work.

I am a Fussy Pot isn't it?
But then everyone has his own idiosyncrasy, i believe.
What's yours?
Have you discovered it yet?
So is it worth to keep my Vios for another 5 years, when the time comes? Ten years seem not worth due to 50 % more for road tax.
i understand only 5 years COE extension is a recent concession by LTA.
Thanks for all the inputs.

Temp, I am silently confident that a special event will occur when we are nearing 2016. Lots of cars are going to be scrapped this year and next.
There might be a chance to get COE discount of say 20%?

Is this discount worth it for the price of convenience? Or can we make it work harder in the share market and wait for another new low for COE?

I also suspect near 2016 some special goodies w be given out, to make citizens a bit happier. Maybe a different category to seperate the foreigner and locals. Be patients n the Coe may go on sale. Usually every 4 yrs goodies w be handed out

Alas! i can wait only till 03 Aug. 2015 + 1 month grace by paying a penalty. HOPE GE IS IN 2015 lol!
If need to scrap car, how the best way to do it?

Temp, probably LTA will inform you on this scrapping. Like what valuebuddies said. The COE is over-valued. Just by keeping the money in the pocket feels shiok than buying that paper. Of cos, we will not keep it, we will invest it and in time buy back a cheap transport when COE is at its true intrinsic value. :p

Agreed.
That's the most logical, the Head can understand.
The Heart leh, cannot stop craving for the convenience of owning a car.

We have been driving for 25+ years straight. Recently, we had the experience of not having a car during this last Chinese New Year for about 2 weeks. My car was in the workshop for repair after the freak accident. We found the withdrawal symptoms hard to bear. We went everywhere using buses and taxi.
The problem was/is when you need a TAXI BADLY, everyone seems to have the same idea. And mostly at this time, the taxi on the roads also seems to disappear into thin air.
So how to depend on our taxi system?
Make a private long term arrangement with one or some taxi drivers?
Cheaper then owning a car?
i doubt it?

[Freenasi]

About the taxi thing, I always see taxi drivers taking nap at the carpark with the aircon and car running. Is the diesel really that cheap?

[funman168]

Well, u lose sm convienence, gain $$$
Can't hv ur cake n eat it

Temp, I am silently confident that a special event will occur when we are nearing 2016. Lots of cars are going to be scrapped this year and next.
There might be a chance to get COE discount of say 20%?

Is this discount worth it for the price of convenience? Or can we make it work harder in the share market and wait for another new low for COE?

I also suspect near 2016 some special goodies w be given out, to make citizens a bit happier. Maybe a different category to seperate the foreigner and locals. Be patients n the Coe may go on sale. Usually every 4 yrs goodies w be handed out

Alas! i can wait only till 03 Aug. 2015 + 1 month grace by paying a penalty. HOPE GE IS IN 2015 lol!
If need to scrap car, how the best way to do it?

Temp, probably LTA will inform you on this scrapping. Like what valuebuddies said. The COE is over-valued. Just by keeping the money in the pocket feels shiok than buying that paper. Of cos, we will not keep it, we will invest it and in time buy back a cheap transport when COE is at its true intrinsic value. :p

Agreed.
That's the most logical, the Head can understand.
The Heart leh, cannot stop craving for the convenience of owning a car.

We have been driving for 25+ years straight. Recently, we had the experience of not having a car during this last Chinese New Year for about 2 weeks. My car was in the workshop for repair after the freak accident. We found the withdrawal symptoms hard to bear. We went everywhere using buses and taxi.
The problem was/is when you need a TAXI BADLY, everyone seems to have the same idea. And mostly at this time, the taxi on the roads also seems to disappear into thin air.
So how to depend on our taxi system?
Make a private long term arrangement with one or some taxi drivers?
Cheaper then owning a car?
i doubt it?

[Belg]

Temp, I am silently confident that a special event will occur when we are nearing 2016. Lots of cars are going to be scrapped this year and next.
There might be a chance to get COE discount of say 20%?

Is this discount worth it for the price of convenience? Or can we make it work harder in the share market and wait for another new low for COE?

I also suspect near 2016 some special goodies w be given out, to make citizens a bit happier. Maybe a different category to seperate the foreigner and locals. Be patients n the Coe may go on sale. Usually every 4 yrs goodies w be handed out

Alas! i can wait only till 03 Aug. 2015 + 1 month grace by paying a penalty. HOPE GE IS IN 2015 lol!
If need to scrap car, how the best way to do it?

Temp, probably LTA will inform you on this scrapping. Like what valuebuddies said. The COE is over-valued. Just by keeping the money in the pocket feels shiok than buying that paper. Of cos, we will not keep it, we will invest it and in time buy back a cheap transport when COE is at its true intrinsic value. :p

Agreed.
That's the most logical, the Head can understand.
The Heart leh, cannot stop craving for the convenience of owning a car.

We have been driving for 25+ years straight. Recently, we had the experience of not having a car during this last Chinese New Year for about 2 weeks. My car was in the workshop for repair after the freak accident. We found the withdrawal symptoms hard to bear. We went everywhere using buses and taxi.
The problem was/is when you need a TAXI BADLY, everyone seems to have the same idea. And mostly at this time, the taxi on the roads also seems to disappear into thin air.
So how to depend on our taxi system?
Make a private long term arrangement with one or some taxi drivers?
Cheaper then owning a car?
i doubt it?

Talking about driving, I have been with a car since I can ever afford to have one till now. Nothing beats the feeling of waking up late and still getting to work on time. There is not going to be any value to be tagged to convenience. It is simply - priceless.

There is still value left in taking cars.
From my observation on the roads (including some of my sales friends), there are a lot of cars who have left about 1-3 years of COE left on the road. This cars can be the best value of money for anyone, in terms of (maintenance, depreciation, road tax, insurance). I might consider this option if I have to drive. Sometimes car is necessary to go to faraway places in Malaysia.

Alternative solution to cars
I seriously am thinking of giving up my car once its up in 5 years time. Simply it being too expensive to own one, also it is very convenient to go around in Singapore (buses, MRT, taxis). If I would to be a permanent taxi -goer, I might consider getting having some taxi friend's car number handy. Or I would book a taxi the night before - to avoid last minute disappointment.
If there would be a requirement to really drive a car - on road trips or Chinese New Year. I might consider renting a car for that period.

Like I say, Talk is really cheap and having a mindset shift in having that convenience is uphill. End of the day, I do not allow any situation to affect my own well being, rather I change the situation to compliment my well bring.

[Temperament]

"End of the day, I do not allow any situation to affect my own well being, rather I change the situation to compliment my well bring."

Well said.
"HUA HEE TO HO"

[Belg]

"End of the day, I do not allow any situation to affect my own well being, rather I change the situation to compliment my well bring."

Well said.
"HUA HEE TO HO"

There is still hope to get a better priced COE during 2015 - 2016. Our ERP system and newly minted speed camera is still reading a positive growth on LTA's revenue forecast. A fast decreasing car population doesn't relate well with our master plan. :p

[Caelitus]

I scrapped the car in late Nov 2013 after driving for 13 yrs 5 months and switched to public transport. Your lifestyle will change. However, I think you can adapt. The public transport network is pretty good and when you need it, the taxi can be booked.