Is it advisable to renew COE?

[darkmatt]

The reason behind the 5 year ruling is to protect road users on the road.

The govt wants people to take ownership and maintain their vehicle. So if people renew for 10 years, they will put effort in maintaining their vehicle.

They think that when people just renew for 5 years, they will just let the car rot.

No policies can please everyone. People that dun understand the rationale behind the policies will not appreciate it.

what about those who only have the financial muscle to renew for 5 years at a time?

 

[Stallone]

1. got cold hard cash to renew
2. dun mind higher road tax
3. insurance only 3rd party (unsure)
4. maintenance cost might escalate


above 4 points u can overcome, by all means go ahead n renew

 

[nerdyfrog]

what about those who only have the financial muscle to renew for 5 years at a time?

Bro, that scenario is the same as those who cannot afford 20% down-payment but wants to drive a car in the 1990s. Maybe LLST have to let go the car lor.

Same issue as no money but want to stay condo. Life is such ba.

Limited resources, unlimited wants. Law of scarcity. I want more money.

look for a personal loan may be an alternative.

 

[Unique99]

i heard last time got coe loan but at higher interest rate...not sure now

 

[Beta_Tester]

i think can loan.. but i think must go those finance coy.

 

[Unique99]

i think can loan.. but i think must go those finance coy.

interest rates higher

 

[daryl76]

if the car is a legend/classic

why not? b4 i changed car, i had plans to renew my COE come 2011

but the cost is too high so decided not to

 

[tmfwy]

if the car is a legend/classic

why not? b4 i changed car, i had plans to renew my COE come 2011

but the cost is too high so decided not to

I agree with this.

alot of COE car owners are now stuck in the same dilemma. Those that had the car during 2009 era and decided not to renew COE for whatsoever reason are now jumping up and down..

 

[DMM252]

If you renew, then you lose your PARF, which can be several thousands easily. That money can be used for downpayment of a say 5 year old 2nd hand car.

 

[lattesurf]

Luckily my dad decided to renew his COE for his e30 in the early part of 2009, when the COE was at an all time low. Paid $5k+ for 10 years, super good deal!

 

[tmfwy]

If you renew, then you lose your PARF, which can be several thousands easily. That money can be used for downpayment of a say 5 year old 2nd hand car.

OK. I can't help but share my view on this.

Nice sports car 1.8L
Paper Value of $15K at say end of 2008.
PQP at that time was around 6k
Would you
a. Not renew COE, thereby saving your PARF/PQP of $10K
b. Renew COE at 6K, losing your PARF/PQP of $10K

At that time, no one knew COE will spike so high.
Those that choose (A), preserved their PARF/existing PQP of $10K, only to lose >$50K today, if they renew COE. They also lose big time on the resaleability of their cars.
Those that choose (B), lost their PARF/existing PQP of $10K, only to gain at least >$20K on car resaleability, and save >$50K on PQP if they choose to renew

What you are stating may be the fact, but it is a narrow minded way of thinking. Penny Wise, Pound Foolish.

 

[lattesurf]

Couldn't agree more. Save $10k in min PARF, but end up pay many times more for a new car. Even if were to include in additional road tax, more parts replacement, overhaul, over 10 years still wouldn't cost even half of a similar new car price.

 

[darkmatt]

actually, buying a COE car is alot cheaper.

like for me, i had a choice. if i get a parf car, i can drive only abt 5 years. and its only a vios.

if i get COE car, i can drive for 9 years and its a GC8.

actually, i find no point getting a parf car just for the rebate.

if u really like the car, be it parf/coe, just buy it.

 

[tmfwy]

Actually, COE car is more expensive, depending on car price.
I'll start a new thread on this later..

 

[darkmatt]

Actually, COE car is more expensive, depending on car price.
I'll start a new thread on this later..

lol.. i just bother on how long i can drive with the same amount put in

35k for 5 year old vios(drive 5 years)

or 35k for GC8(Drive 8 years)

and also, in terms of performance, GC8>Vios

 

[aaur4man]

Actually, COE car is more expensive, depending on car price.
I'll start a new thread on this later..

i always knew that.........

 

[aaur4man]

lol.. i just bother on how long i can drive with the same amount put in

35k for 5 year old vios(drive 5 years)

or 35k for GC8(Drive 8 years)

and also, in terms of performance, GC8>Vios

u pay back in petrol.......maintenance.......etc.

but whether the FINAL cost is cheaper or more ex than that vios..... have to calculate.

some buy ex jap for only good FC but didnt know the savings over 10 years may not cover the initial topup over korean,msian,continental cars etc.

 

[darkmatt]

u pay back in petrol.......maintenance.......etc.

but whether the FINAL cost is cheaper or more ex than that vios..... have to calculate.

some buy ex jap for only good FC but didnt know the savings over 10 years may not cover the initial topup over korean,msian,continental cars etc.

killer is road tax. lol.

maintenance is slightly higher. but will take longer coz need to source for parts.

petrol same what. lol. 1 tank/week is 1 tank/week.

insurance slightly higher.

no parf rebate

with COE rebate

 

[aaur4man]

oh ya forgot........sucker!!!!!! yahahaha

 

[darkmatt]

oh ya forgot........sucker!!!!!! yahahaha

whats that? lols