thoughts on scrapping

[morkutao]

it's base on your coe.

if you have to take a loan, then the scenario when you need to repair will be different. you will think if I were to pay $10k for repair, it's equal to the interest payment, still worthwhile but you may need to repair every few weeks or so.

easier decision if full cash, just scrap and lose the $11k whenever you see some bigger repair. and mercs do get expensive repair if you have not been doing preventative maintenance.


the car will be a goner.. if you have extra cash, renew 10 years so maybe later people can buy $1-10k above paper value... if just 5 years, then won't worth too much.

bro kebinu, thanks for your clarification.

if based on COE, meaning renewing for 10 years currently @ $97k, and assuming scraping at 12th year will take back $77.6k

question: for scraping, means to sell to dealers right?

question 2: but for above, won't they based on current COE (assuming at the 12th year mark COE at that point in time is at 60k) to buy over my car?

as a dealer, why would they buy at $77.6k, when they can buy at 60k?

as a owner selling, even with COE dipping, i can still lock in at $77.6k so there's no need to sell to any dealer right?

 

[kebinu]

bro kebinu, thanks for your clarification.

if based on COE, meaning renewing for 10 years currently @ $97k, and assuming scraping at 12th year will take back $77.6k

question: for scraping, means to sell to dealers right?

question 2: but for above, won't they based on current COE (assuming at the 12th year mark COE at that point in time is at 60k) to buy over my car?

as a dealer, why would they buy at $77.6k, when they can buy at 60k?

as a owner selling, even with COE dipping, i can still lock in at $77.6k so there's no need to sell to any dealer right?

dealers usually buy at paper value from you, which will be similar to scrap yard.
Yes

$77.6k at year 12.
Since you will be taking loan, your interest will be extra cost, this means even bigger loss in the first few years of renewal, which is the common age for high maintenance cost for your car make.

 

[Comage]

Who knows I might drive for the full 15 years.

and if coe is favourable, let’s say during the 12 or 13 year mark, I’ll just push it to the AD for a trade in. Lazy to sell separately also.

Dead-end cars with 5 years renewed, will sell very, very close to dereg value with a margin of only at most $5k-20k tops, iirc, when you sell it at the 12 or 13-year mark.

Closer to the 14year, they will sell only for dereg value + $5k max.

Compared to cars renewed for 10 years, you will see that the "sale price over dereg value" can go up to +$40k, even for a B&B Toyota vehicle.

Good luck.

 

[Tyrian]

Dead-end cars with 5 years renewed, will sell very, very close to dereg value with a margin of only at most $5k-20k tops, iirc, when you sell it at the 12 or 13-year mark.

Closer to the 14year, they will sell only for dereg value + $5k max.

Compared to cars renewed for 10 years, you will see that the "sale price over dereg value" can go up to +$40k, even for a B&B Toyota vehicle.

Good luck.

Got example bro?

 

[EJB]

Dead-end cars with 5 years renewed, will sell very, very close to dereg value with a margin of only at most $5k-20k tops, iirc, when you sell it at the 12 or 13-year mark.

Closer to the 14year, they will sell only for dereg value + $5k max.

Compared to cars renewed for 10 years, you will see that the "sale price over dereg value" can go up to +$40k, even for a B&B Toyota vehicle.

Good luck.

Additionally, renewing 10 years, if you suddenly intend to drive finish, you have this option.

Maybe drive into 6th year, you strike toto, you sell, also won't lose on the COE money, since it's refunded. I don't see 5 years renewal beneficial.

My sis also thinking to renew in another 5 years when her car is due, she wanted to do 5, I told her do 10, then sell at 5th year if really don't want the car. You get better value and you don't lose money if you intend to scrap anyway.

Renew 5 years, anything happen, you cut short yourself of the option to continue driving another 5.

 

[Comage]

Additionally, renewing 10 years, if you suddenly intend to drive finish, you have this option.

Maybe drive into 6th year, you strike toto, you sell, also won't lose on the COE money, since it's refunded. I don't see 5 years renewal beneficial.

My sis also thinking to renew in another 5 years when her car is due, she wanted to do 5, I told her do 10, then sell at 5th year if really don't want the car. You get better value and you don't lose money if you intend to scrap anyway.

Renew 5 years, anything happen, you cut short yourself of the option to continue driving another 5.

Well, there's good and bad I think.

For 5 years, though it's non-renewable, the PQP rates is still a lesser amount to pay, making it a very viable option to pay off in full cash amount, rather than taking a loan to renew for 10 years.

Driving a fully-paid off car is still "somewhat" a more desirable option (financially) than tanking a car loan with interest rates to pay off.

Of course, don't go and renew for 5 years on some one-of-a-kind vehicle - which we have seen some dumb car guys do in the past before...

 

[Comage]

Got example bro?

I have dropped you a PM... Such cases are very easy to find and see...

 

[EJB]

Well, there's good and bad I think.

For 5 years, though it's non-renewable, the PQP rates is still a lesser amount to pay, making it a very viable option to pay off in full cash amount, rather than taking a loan to renew for 10 years.

Driving a fully-paid off car is still "somewhat" a more desirable option (financially) than tanking a car loan with interest rates to pay off.

Of course, don't go and renew for 5 years on some one-of-a-kind vehicle - which we have seen some dumb car guys do in the past before...

Ah yes, of course, do a 10 year COE only if you don't have to take a hefty loan for it.

 

[Comage]

Ah yes, of course, do a 10 year COE only if you don't have to take a hefty loan for it.

Ya, saw some account on reddit where some SG guy said his dad ran into some money troubles, and they tried to sell the family car... and the dealer did the sums and said they STILL need to PAY him some amount or something - in order to offload/sell the car to the dealer.

And that guy is asking for advice on what he can do next...

No prizes for guessing what kind of sales agreement the dad signed when he happily bought that car.

 

[EJB]

Ya, saw some account on reddit where some SG guy said his dad ran into some money troubles, and they tried to sell the family car... and the dealer did the sums and said they STILL need to PAY him some amount or something - in order to offload/sell the car to the dealer.

And that guy is asking for advice on what he can do next...

No prizes for guessing what kind of sales agreement the dad signed when he happily bought that car.

Many, don't think before they sign.

 

[morkutao]

dealers usually buy at paper value from you, which will be similar to scrap yard.
Yes

$77.6k at year 12.
Since you will be taking loan, your interest will be extra cost, this means even bigger loss in the first few years of renewal, which is the common age for high maintenance cost for your car make.

bro kebinu, thanks for this confirmation.

this opens up another thought for consideration, since if COE were to drop. there is an option to just scrap the car knowning that the unused COE will be based on the current PQP ($97k) if renewed.

 

[morkutao]

Ah yes, of course, do a 10 year COE only if you don't have to take a hefty loan for it.

haiz, buying a piece of paper just to drive in Singapore...

btw, is it possible to get 100% loan? assuming if 3%, that's paying additional 20k more.

the reason for doing this is because i could use this 97k cash to do trades in US market to generate returns.

 

[EJB]

haiz, buying a piece of paper just to drive in Singapore...

btw, is it possible to get 100% loan? assuming if 3%, that's paying additional 20k more.

the reason for doing this is because i could use this 97k cash to do trades in US market to generate returns.

This is the country's regulations, every country has their own, SG has to curb car ownership else everywhere will be like China during CNY, jam mad. I know it's dumb but we have our choices.... pay and enjoy or not... so LL lor.


To take 100% I think you need collateral, so have to see what the finance companies want from you. It should be viable but 3% is unlikely. Likely higher I believe.

 

[morkutao]

hi all bros,

have summed up my viewings with dealers from sgcarmart quotz, carrro, carousell oneshift, and others.

many of them seems to be wanting to export the car out and advised not to renew - not entirely sure how true or they might just renew themselves

seems like even @ 11k depre to drive this cla180, the cost of maintaining in the long run will be higher and to be considered for VS getting the parf + body value, and look into another 2nd hand COE jap car.

 

[Comage]

hi all bros,

have summed up my viewings with dealers from sgcarmart quotz, carrro, carousell oneshift, and others.

many of them seems to be wanting to export the car out and advised not to renew - not entirely sure how true or they might just renew themselves

seems like even @ 11k depre to drive this cla180, the cost of maintaining in the long run will be higher and to be considered for VS getting the parf + body value, and look into another 2nd hand COE jap car.

A wise man once said:

"If you cannot afford to buy a <insert conti car brand> car brand new, you certainly cannot afford a used car from that same brand"

Good luck.

 

[ZhuTou!]

hi all bros,

have summed up my viewings with dealers from sgcarmart quotz, carrro, carousell oneshift, and others.

many of them seems to be wanting to export the car out and advised not to renew - not entirely sure how true or they might just renew themselves

seems like even @ 11k depre to drive this cla180, the cost of maintaining in the long run will be higher and to be considered for VS getting the parf + body value, and look into another 2nd hand COE jap car.

Pro and con. Cla180 vs attrage, this is like staying in condo vs kampong hut. Condo have swimming pool etc. Kampong hut dun even have wifi. U can only play marble there. Yes attrage is that bad.

If saving money is ur priority, buy attrage. If not renew cla180 is a better decision. The drive and comfort level is totally diff for these 2 cars.

Dealer of coz will ask u to scrap so that they can sell u their cars. Or renew cla180 themselves and sell it off. With the current car price in the market, they can sell off the cla180 easily. Why should i drive altis if merc is cheaper to buy? Got satki badge got comfort.

 

[EJB]

Pro and con. Cla180 vs attrage, this is like staying in condo vs kampong hut. Condo have swimming pool etc. Kampong hut dun even have wifi. U can only play marble there. Yes attrage is that bad.

If saving money is ur priority, buy attrage. If not renew cla180 is a better decision. The drive and comfort level is totally diff for these 2 cars.

Dealer of coz will ask u to scrap so that they can sell u their cars. Or renew cla180 themselves and sell it off. With the current car price in the market, they can sell off the cla180 easily. Why should i drive altis if merc is cheaper to buy? Got satki badge got comfort.

Given this is SG... 4 wheels are better than none.

4 conti wheels are better than 4 wheels.

4 NEW conti wheels are better than 4 conti wheels.

Whichever makes the budget and lets you drive on happily, works. The whole busload of passengers next to even an Attrage, will be 'why I don't have a car'. Be happy, be grateful...

 

[morkutao]

Pro and con. Cla180 vs attrage, this is like staying in condo vs kampong hut. Condo have swimming pool etc. Kampong hut dun even have wifi. U can only play marble there. Yes attrage is that bad.

If saving money is ur priority, buy attrage. If not renew cla180 is a better decision. The drive and comfort level is totally diff for these 2 cars.

Dealer of coz will ask u to scrap so that they can sell u their cars. Or renew cla180 themselves and sell it off. With the current car price in the market, they can sell off the cla180 easily. Why should i drive altis if merc is cheaper to buy? Got satki badge got comfort.

thanks bro Zhutou for the advice,

yes, anyhow attrage could still be better off than blueSG..

if 100%, loan, would means paying 20k more in interest, and depre will be at 13k.

 

[morkutao]

Given this is SG... 4 wheels are better than none.

4 conti wheels are better than 4 wheels.

4 NEW conti wheels are better than 4 conti wheels.

Whichever makes the budget and lets you drive on happily, works. The whole busload of passengers next to even an Attrage, will be 'why I don't have a car'. Be happy, be grateful...

thank u sir EJB

 

[dgeralds]

hi all bros,

have summed up my viewings with dealers from sgcarmart quotz, carrro, carousell oneshift, and others.

many of them seems to be wanting to export the car out and advised not to renew - not entirely sure how true or they might just renew themselves

seems like even @ 11k depre to drive this cla180, the cost of maintaining in the long run will be higher and to be considered for VS getting the parf + body value, and look into another 2nd hand COE jap car.

Hi. I may be interested in your car. Can you PM me? I couldn't PM you....don't know why..