Singapore Expats Forum

Renew COE or buy new car

Discuss anything relating to automotive here, from car leasing to buying a vehicle.

Sponsored by:
Image
AVIS Car Rental
User avatar
skipper
Member
Member
Posts: 48
Joined: Mon, 16 Apr 2012

Re: Renew COE or buy new car

Postby skipper » Wed, 12 Jul 2017 6:43 pm

I'm the OP and a bit "ashamed" to say that even after doing the sums, we did otherwise and bought a new car (new model). But I guess the system will stay like this -- the govt can't afford to do away with this revenue stream.
http://www.asiaone.com/singapore/s92b-come-car-taxes-and-coe-premiums-fy2017

PNGMK
Director
Director
Posts: 4764
Joined: Thu, 21 Mar 2013

Re: Renew COE or buy new car

Postby PNGMK » Wed, 12 Jul 2017 10:24 pm

skipper wrote:I'm the OP and a bit "ashamed" to say that even after doing the sums, we did otherwise and bought a new car (new model). But I guess the system will stay like this -- the govt can't afford to do away with this revenue stream.
http://www.asiaone.com/singapore/s92b-come-car-taxes-and-coe-premiums-fy2017


It's not an easy decision - sometimes a lot easier to take a loan and get a nice new car rather than cough up a huge amount of cash for a new COE. I have no regrets about renewing my COE but I have a clear deadline on when I want to leave and I would have still had negative equity on a car loan (it's at least a few years now to get on top of that if you only pay 30% down).
I have gay, black, Asian friends and then JR8.

JustSee
Regular
Regular
Posts: 122
Joined: Sun, 04 Mar 2012

Re: Renew COE or buy new car

Postby JustSee » Thu, 13 Jul 2017 2:07 pm

I did the calculations lots of time in my mind, there is no justification of buying a new car (Unless you really want to) compared to renewing a COE.
New cars breakdown as well, and you might be switching to a car where parts are a lot more expensive than the one you have now, or even a less reliable car than the one you have. Add on top of that the fact that new cars lose most of their value in the first 4 years - you're better off buying a 2nd hand or keeping yours, the PARF is a nice addition towards the new car when you scrap your old one, but it is just rolled into the new car.

That's at least my 2 cents...


  • Similar Topics
    Replies
    Views
    Last post

Return to “Cars & Motorcycles”

Who is online

Users browsing this forum: No registered users and 1 guest