COE is transferred with the car and is part of the selling price. So, otherwise nearly identical cars will vary greatly in price if one has a COE that will expire shortly, whereas the other has a COE that has just been renewed.skooch wrote:Hi All,
I would appreciate some advice on car ownership in Singapore. I am thinking of buying one but can't decide if I should buy from a dealer ( all the complications of COE etc are taken care of ) or buy privately. If I buy privately do I need to go and bid for a COE ? How would I do this ?
No.Also, with regards to insurance, I built up a good no claims discount when I was living in the UK, is it possible to transfer it to Singapore as car insurance here seems very expensive.
As with everywhere else, leasing makes sense in only very limited circumstances, such as being here only a very short time. Otherwise, buying is the better way to do. Remember, the lessor has to deal with COE, road tax, and registration fees, just like everyone else.Sorry, last bit, is it worth leasing a car over buying one ?
Thanks in advance.
Actually, there is a market for nearly expired COE cars. I bought 1991 Honda Civic with 18 months of COE left for $3,000. Given COE prices these days, the car was essentially free.skooch wrote:Hi,
Thanks for your help. In practice is there a minimum number of years of COE left that you should look to have when buying a second hand car ?
Thanks
COE is still a very controversial item in Singapore, as it essentially adds about $2,000 or more tax per year to drive the thing. It's a tax that probably does nothing to keep the cars off the road.skooch wrote:I see what you mean about there being a market for nearly expired COE cars. What happens at the end though if you were to sell it ? Do you have to provide a COE with the car or do you just scrap it ?
Whilst I understand the need to limit the numbers of cars in Singapore I am stunned at the mark up of vehicles even without the COE.
I noticed its possible to go and bid for a COE yourself. Can you do this even before you have decided on a car ? Is it likely that you can get a good deal ?
I am about to take my Basic theory test so that I can get a conversion of my UK license. Can I bid for a car or purchase a car prior to getting the Singapore license ?
It is basically the same thing... just somewhat more complicated. If the car is scrapped, you get back the prorated COE plus, if scrapped in the first 10 years, prorated registration fee. So, in this case, depreciation is the main differential, year to year, COE discussions not withstanding.skooch wrote:So I guess the question is, if the initial outlay for a car is so high, when I come to sell it would I make the vast majority of the money back minus to depreciation. I am trying to work out if it is relative to say buying and selling a car in the UK where you will be able to sell the car and lose just the depreciation.
No, the only thing that matters is the asking purchase price. All the numbers are bullsh*t, except they can be kind of useful in determining how the owner views COE, etc. Let's take an example from the website for the purposes of analysis.skooch wrote:I have learnt more on this post than I have from google so thanks for the help !
One last question, I have been looking at second hand cars and there is a value for price, a value for OMV, a value for depreciation and a value for COE. Does this mean the cost of the second hand car is all these values added together ? Its not very clear. I am looking at sgcarmart.
Thanks again for all the help.
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