Newer car or COE car?

[abbby]

I have a friend who is looking to buy a car but unsure whether it's better to get a 7-8 year old car or a COE car...which one makes more sense (if both are almost the same condition)?

[PNGMK]

7-8 year old. He can scrap it for the PARF rebate. COE only cars are hard to resell.

[abbby]

Sounds like a good idea, thanks for that!

[Lisafuller]

There is a saying that a car loses half its value the minute it drives off the dealership lot. While this figure is inaccurate what it means to emphasize is how quickly cars depreciate as soon as they are purchased, even if they have not been used for very long or very often. Particularly in Singapore, where cars are so expensive it’s always better to buy one that is lightly used for a fraction of the price of a new one. More often than not you can’t even tell the difference. And as PGNMK pointed out, when you scrap the car you do qualify for the PARF rebate.