(09-04-2014, 09:59 PM)yawnyawn Wrote: [ -> ] (09-04-2014, 07:47 PM)brattzz Wrote: [ -> ]Assuming car is still in good condition reaching 10yrs.
eg, vios car scrap value can get back $10k?
5 yrs extend COE = (60K COE) = $30K
Road Tax increase = $2000/yr * 5 yrs
Insurance increase = $2000/yr * 5 yrs
All in all, the costs are there... just calculate if worth it or not?
Note old cars has to be maintained and parts replacements are not cheap... :O
A 2005 vios when scrapped between 9-10 year should get back around 7k since OMV is roughly 12.5k.
5 year COE = PQP 74k / 2 = 37k
Without taking into account increased cost of insurance and road tax, to renew COE for 5 year will cost 44k, 37k cash and 7k sunk cost.
A 5 year old Vios on sgcarmart costs around 56k before discount. Taking into account the parf rebate, I will think getting a used car seems to be a better idea. Moreover, cash outlay is smaller as buyers can take out a 50% loan and excess cash can be put into good use.
Uncle Temp u like Italian cars? I think this 5 year old Fiat Pundo is value for money. OMV is higher(17k) than similarly ranged jap cars so parf rebate at 10 year is higher. Depreciation at 6k p.a. http://www.sgcarmart.com/used_cars/info....88&DL=2286
I'm not a car dealer btw.
Thank you for the maths. You are right if PQP doesn't drop to 10K to
20K, it's better to buy a 5 year old car.
But the problem is my Vios is very "funny".
2nd-hand car dealers keep on pasting leaflets on my wind screen to ask me to sell.
And i think the reasons are due to my " special minor car accidents".
My Vios has brand new back bumper/booth assembly, front bumper/bonnet assembly, aircon condenser/fan assembly, cooling liquid, starter, alternator, car body and paint quite beautiful, etc..
Plus i follow maintenance schedules quite well as i was/am a "born technician "throughout my life".
Plus, plus the car's body and paint and interiors are O. K. since day one the car has been parked in HDB sheltered carpark, most of the time. (Aka not working since 53).
Even when i am driving, i like to park the car in the "shade".
Never like to sit on very hot driving seat after the SUN does it's work.
I am a Fussy Pot isn't it?
But then everyone has his own idiosyncrasy, i believe.
What's yours?
Have you discovered it yet?
So is it worth to keep my Vios for another 5 years, when the time comes? Ten years seem not worth due to 50 % more for road tax.
i understand only 5 years COE extension is a recent concession by LTA.
Thanks for all the inputs.