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(09-04-2014, 02:55 PM)Temperament Wrote: My Vios is going to be 10 years in AUG 2015. Can i extend my COE for another 5 years? Or compulsory to extend to 10 years? Is it worth to extend at all? Or just sell for people to extend the COE? How to do the maths? Help!
Buying a new car is definitely beyond my understanding-Mind Boggling lah!
Buying a 2nd-hand car might as well keep my own car by extending the COE; as advised by my motor mechanic.
Firstly, you can renew for 5 or 10 years, just pay the PQP, which is the last 3 months average of COE's prices. And i think you cannot take a car loan from the bank to pay this. Full cash only.
Secondly, if you renew your COE, this means that you will lose the PARF/COE rebate when you scrap you vehicle any time before the 10th year mark. If you scrap between 9-10th year, i believe you can get back 50% of OMV.
I am not sure about insurance for vehicles above 10 years old, i think not many insurance companies will give you a quote for the car's insurance. If they do give, it may be a higher amount than normal cars between 0-10 years.
Lastly, not forgetting COE cars have higher road tax up to additional 50% for >14 years old cars.
Do your sums for both scenarios and i think you will be able to know which way is more cost-effective. 
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(09-04-2014, 02:55 PM)Temperament Wrote: My Vios is going to be 10 years in AUG 2015. Can i extend my COE for another 5 years? Or compulsory to extend to 10 years? Is it worth to extend at all? Or just sell for people to extend the COE? How to do the maths? Help!
Buying a new car is definitely beyond my understanding-Mind Boggling lah!
Buying a 2nd-hand car might as well keep my own car by extending the COE; as advised by my motor mechanic.
Bro Temp, buying 5 years is halving the COE value on that particular month by half. 10 years is the full value. Not sure if you can buy now and bid lowest (lucky if you strike it low!)
LTA ruling that once you buy 5 yrs, you can only continue buying for the next 5 yr COE and not 10 yrs COE.
hahaha, like we know if all these rules will stay the same. Hope it clarifies.
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(09-04-2014, 03:20 PM)yawnyawn Wrote: (09-04-2014, 02:55 PM)Temperament Wrote: My Vios is going to be 10 years in AUG 2015. Can i extend my COE for another 5 years? Or compulsory to extend to 10 years? Is it worth to extend at all? Or just sell for people to extend the COE? How to do the maths? Help!
Buying a new car is definitely beyond my understanding-Mind Boggling lah!
Buying a 2nd-hand car might as well keep my own car by extending the COE; as advised by my motor mechanic.
Firstly, you can renew for 5 or 10 years, just pay the PQP, which is the last 3 months average of COE's prices. And i think you cannot take a car loan from the bank to pay this. Full cash only.
Secondly, if you renew your COE, this means that you will lose the PARF/COE rebate when you scrap you vehicle any time before the 10th year mark. If you scrap between 9-10th year, i believe you can get back 50% of OMV.
I am not sure about insurance for vehicles above 10 years old, i think not many insurance companies will give you a quote for the car's insurance. If they do give, it may be a higher amount than normal cars between 0-10 years.
Lastly, not forgetting COE cars have higher road tax up to additional 50% for >14 years old cars.
Do your sums for both scenarios and i think you will be able to know which way is more cost-effective.
Uncle Temp,
Just extend 5yrs COE, when prices of COE drop to10-20k. sell away the old car as resale or scrape it(U still can refund back the COE). Buy New.
Insurance buy 3th party coverage only. Should be cheaper than what u r paying now.
The thing about karma, It always comes around and bite you when you least expected.
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Question: can COE extension car be converted to an
OPC car? Thanks.
"... but quitting while you're ahead is not the same as quitting." - Quote from the movie American Gangster
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(09-04-2014, 05:49 PM)opmi Wrote: Question: can COE extension car be converted to an
OPC car? Thanks.
Yes u can but there will be no more rebate of 17k so it is not worth it.
The thing about karma, It always comes around and bite you when you least expected.
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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
1) Try NOT to LOSE money!
2) Do NOT SELL in BEAR, BUY-BUY-BUY! invest in managements/companies that does the same!
3) CASH in hand is KING in BEAR!
4) In BULL, SELL-SELL-SELL!
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Is road tax and insurance really each $2000/yr * 5 yrs for extended another 5 year COE car?
WB:-
1) Rule # 1, do not lose money.
2) Rule # 2, refer to # 1.
3) Not until you can manage your emotions, you can manage your money.
Truism of Investments.
A) Buying a security is buying RISK not Return
B) You can control RISK (to a certain level, hopefully only.) But definitely not the outcome of the Return.
NB:-
My signature is meant for psychoing myself. No offence to anyone. i am trying not to lose money unnecessary anymore.
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(09-04-2014, 09:25 PM)Temperament Wrote: Is road tax and insurance really each $2000/yr * 5 yrs for extended another 5 year COE car?
Depend on your engine CC
Age of Vehicle Annual Road Tax Surcharge
More than 10 years 10%
More than 11 years 20%
More than 12 years 30%
More than 13 years 40%
More than 14 years 50%
The thing about karma, It always comes around and bite you when you least expected.
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(09-04-2014, 07:47 PM)brattzz Wrote: 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.
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for budget car-owners, try to get hyundai/kia cars, cos spare parts availability is good, 2-3 parts dealers in sg, and cheaper than japs & of cos european cars, and most workshops can do replacement/repairs workmanship easily..
NO, i am not a CAR dealer nor a parts dealer nor a car workshop!!
i drive a KIA picanto!
1) Try NOT to LOSE money!
2) Do NOT SELL in BEAR, BUY-BUY-BUY! invest in managements/companies that does the same!
3) CASH in hand is KING in BEAR!
4) In BULL, SELL-SELL-SELL!
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