my car is 4 years + going on 5 years in a couple of months
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i heard my friend saying that i should scrap my car and buy a new one.. why is that? he said that i'll even earn some money in the process.. i know nuts about the value of cars.. will someone pls enlighten me? is it worth it to scrap and buy a new one now?
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Hi brother,Originally posted by dibilo:i heard my friend saying that i should scrap my car and buy a new one.. why is that? he said that i'll even earn some money in the process.. i know nuts about the value of cars.. will someone pls enlighten me? is it worth it to scrap and buy a new one now?
If you have drive the car for nearly 5 alrieady, and is paying by 7 year loan, you will most likely to at least break even for yr car. depending on the loan outstanding and the scape value of the car.
if the scape value is higner then the outstanding loan, u can get money back by selling yr car. If not, u have to top up to sell yr car.
for car reg nearly 5 year ago, the PARF rebate is 130% of the OMV if u de-reg b4 5 year and 120% for between 5 to 6 years.
Btw, i sell cars leh, please give me business if you need to buy cars, hehe.
cheers!!!!! -
Hmm....If you car is 4years+, so you got it in year 2000. C.O.E. that time is very much higher than presently. From my standpoint, i would not say that you will "earn" some money, but in actual fact i will call it savings. In year 2000, the C.O.E. is about $30K +/- if i am not wrong, and today the C.O.E. is about $20K +/-
Therefore in simple calculation : C.O.E. from year 2000 / 10 years
= $30,000 / 10 years
= yearly $3,000
C.O.E from today / 10 years
= $20,000 / 10 years
= yearly $2,000
Base on this simple calculation, you are actually saving $1,000 per year~
And one more thing, vehicle register before May 2000, gets back (130% of O.M.V.) + (50% of your C.O.E.) if you scrap before it's 5 years old.
This is just my one cent worth of thought. Hope it is usefull to you.
Cheers! -
juz found out that my car is registered in 2000 july.. does that mean that i'll miss out on the 130% O.M.V ?? if my car had been fully paid for, is it advantagous to scrap now? pls pardon my noobness in this calculations.. i know nuts about them.. thx
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u will get yr 130% rebate if u sell yr car b4 july 2005.Originally posted by dibilo:juz found out that my car is registered in 2000 july.. does that mean that i'll miss out on the 130% O.M.V ?? if my car had been fully paid for, is it advantagous to scrap now? pls pardon my noobness in this calculations.. i know nuts about them.. thx
so can start looking for car now, (hehe remember find me)
if your loan is fully paid, then very easy to get ride of yr car and find new car.
But then, u will have to started preparing to pay for mth installment all over again.
if you are stable and will like a new car to enjoy, by all means get a new one since COE so low now.
But if not stable, then think twice b4 getting new car.
Cheers!!!!!! -
thx.Originally posted by elfhunter:u will get yr 130% rebate if u sell yr car b4 july 2005.
so can start looking for car now, (hehe remember find me)
if your loan is fully paid, then very easy to get ride of yr car and find new car.
But then, u will have to started preparing to pay for mth installment all over again.
if you are stable and will like a new car to enjoy, by all means get a new one since COE so low now.
But if not stable, then think twice b4 getting new car.
Cheers!!!!!!
if buy car from you muz give discount hor -
You will get the 130% OMV value for vehicle registered before May 2002, not May 2000.Originally posted by sdfb:Hmm....If you car is 4years+, so you got it in year 2000. C.O.E. that time is very much higher than presently. From my standpoint, i would not say that you will "earn" some money, but in actual fact i will call it savings. In year 2000, the C.O.E. is about $30K +/- if i am not wrong, and today the C.O.E. is about $20K +/-
Therefore in simple calculation : C.O.E. from year 2000 / 10 years
= $30,000 / 10 years
= yearly $3,000
C.O.E from today / 10 years
= $20,000 / 10 years
= yearly $2,000
Base on this simple calculation, you are actually saving $1,000 per year~
And one more thing, vehicle register before May 2000, gets back (130% of O.M.V.) + (50% of your C.O.E.) if you scrap before it's 5 years old.
This is just my one cent worth of thought. Hope it is usefull to you.
Cheers!
Did a quick check for you, July 2000 COE is $38,499 for Cat A (<1600 CC). So, assuming you have a 1599 CC car with $14,000 OMV, then the scrap value is
50% COE + 130% OMV
= 50%*38499 + 130% * 14000
= 19250 + 18200
= 37,450
Your scrap value depreciation per year from this point onwards
= 10% COE + 10%OMV
= 3850+1400
= 5250
New Similar 1599 CC Car ~ 70,000 with scrap value ~ 8,000 after 10 years
Depreciation per year ~ (70,000 - 8,000)/10 = 6,200
So, it is a little more, but if you add in maintenance cost, then . . . . . . . . .
For exact costing, check your log card for the actual COE and OMV value and do your own maths. You probably have to check the cost of the new cars as well. It is quite likely that it is worthwhile to consider scraping your car to buy a new one. -
Oh, yah, thanks for the correction. Its in the year 2002 not 2000.Originally posted by dibilo:juz found out that my car is registered in 2000 july.. does that mean that i'll miss out on the 130% O.M.V ?? if my car had been fully paid for, is it advantagous to scrap now? pls pardon my noobness in this calculations.. i know nuts about them.. thx
Therefore if you scrap your vehicle : -
before July 2005, you will get back (130% of you O.M.V.) + (50% of your C.O.E.).
Between August 2005 to July 2006, you will get back (120% of you O.M.V.) + (40% of your C.O.E.).
Between August 2006 to July 2007, you will get back (110% of you O.M.V.) + (30% of your C.O.E.).
An so on...
You can also check your exact vaule here
https://www.psi.gov.sg/NASApp/tmf/TMFServlet?app=LTA-OSMC-EPR&isNew=true
Cheers!