Should I renew coe now?

[dgeralds]

My cat A COE expiring on 17 Dec 2025. Should I renew NOW (by this week) or wait until last minute hoping that COE PQP will go down?

 

[reddevil0728]

My cat A COE expiring on 17 Dec 2025. Should I renew NOW (by this week) or wait until last minute hoping that COE PQP will go down?

you can do a simulation.... how much must COE drop over the next few months for you to be better off than renewing now

see if it's even feasible

 

[dgeralds]

you can do a simulation.... how much must COE drop over the next few months for you to be better off than renewing now

see if it's even feasible

Thank you. Bought already. Burnt $100,644 !

 

[abcde78]

you can do a simulation.... how much must COE drop over the next few months for you to be better off than renewing now

see if it's even feasible

Best remark ever

 

[Atrina_Boy]

If want to renew. Go for 10 years instead of 5.

 

[reddevil0728]

Best remark ever

hmmm why so?

 

[Cumzilla]

Thank you. Bought already. Burnt $100,644 !

Why your PQP still $100644, should including yesterday one right?

 

[reddevil0728]

Why your PQP still $100644, should including yesterday one right?

Nope. If you go read the details here

https://onemotoring.lta.gov.sg/content/onemotoring/home/owning/coe-renewal.html

 

[marxace]

Thank you. Bought already. Burnt $100,644 !

Is there loan for COE or full cash?

 

[pclow59]

 

[winningeleven]

Is there loan for COE or full cash?

I am not so sure whether there is such a loan to allow owner to borrow the full amount to renew coe.

The only " coe loan" I know work like this
U "sold" off your existing coe expiring soon car to a car dealer . Then the car dealer resell it to you about 30% more than the coe PQP . For example $150k. Then the car dealer applied used car loan 70% of the car purchase which is about $105k. From there. U paid as per normal for used car loan.

Although U r the only owner for the car since day 1. But then your car will have 3 transfers in the record . (If as that the car has 2 previous owners)

 

[ratppl]

My cat A COE expiring on 17 Dec 2025. Should I renew NOW (by this week) or wait until last minute hoping that COE PQP will go down?

Are you going to full cash for renewal or taking loan? if later, the interest is close to 40% at the end of the 10 years which mean your yearly depre is 14K plus lost of the PARF and 50% increase inroad tax after 5th year..so all in all, is about 16K +/- vs new car.
So if you taking loan for renewal, i don't think is a good choice. But if you can full cash the renewal, why not consider new ride or 2nd hand car?

 

[ratppl]

I am not so sure whether there is such a loan to allow owner to borrow the full amount to renew coe.

The only " coe loan" I know work like this
U "sold" off your existing coe expiring soon car to a car dealer . Then the car dealer resell it to you about 30% more than the coe PQP . For example $150k. Then the car dealer applied used car loan 70% of the car purchase which is about $105k. From there. U paid as per normal for used car loan.

Although U r the only owner for the car since day 1. But then your car will have 3 transfers in the record . (If as that the car has 2 previous owners)

There are many now doing this with interest from 2.48% depend on whether full loan, 120 months tenure...etc

 

[winningeleven]

There are many now doing this with interest from 2.48% depend on whether full loan, 120 months tenure...etc

Last time my brother was told max only 7 years and the interest was 3.2% in 2017

wow. Now can 120 months .

 

[dgeralds]

Are you going to full cash for renewal or taking loan? if later, the interest is close to 40% at the end of the 10 years which mean your yearly depre is 14K plus lost of the PARF and 50% increase inroad tax after 5th year..so all in all, is about 16K +/- vs new car.
So if you taking loan for renewal, i don't think is a good choice. But if you can full cash the renewal, why not consider new ride or 2nd hand car?

Thank you. Already renewed with cash. I may drive only for 3 to 5 years and then sell away as I wouldn't be requiring a car anymore.

 

[free2d]

Oooo, you renew before it expires?
Dont want to gamble?
Price is crazy man…

 

[reddevil0728]

Oooo, you renew before it expires?
Dont want to gamble?
Price is crazy man…

you do this. you see for yourself whether you think it is feasible with your gamble...

you can do a simulation.... how much must COE drop over the next few months for you to be better off than renewing now

see if it's even feasible

 

[really_noob]

Thank you. Already renewed with cash. I may drive only for 3 to 5 years and then sell away as I wouldn't be requiring a car anymore.

Renew already don't think so much, just enjoy. If you're a nerd and want to work the numbers, don't forget to factor in the 3 months of COE which you gave up by renewing earlier, there's monetary value in the 3 months too.

 

[reddevil0728]

Renew already don't think so much, just enjoy. If you're a nerd and want to work the numbers, don't forget to factor in the 3 months of COE which you gave up by renewing earlier, there's monetary value in the 3 months too.

true BUT. it's a sunk cost... need to value how much MORE you are paying in exchange to not lose 3 months

 

[free2d]

feasible

No offense.
Its a gamble.
Need to calculate to loose or gain in these 3 months.
good for you. Pay liao then no need to think anymore.
Trend is going upzz.
Cheers