Confusing figures.....help!!!!

• onit

  13 Feb 05, 16:25

  hello
  
  i am first time buyer.......have no idea what parf,omv and coe means exactly
  
  i am close to buy a 1.3 auto hyundai getz....
  
  it says....>.Price: $44,800
  Registration Date: 09-May-2003
  Depreciation: $4,565 per year
  COE: $28,109
  OMV: $10,977
  monthly $570 +
  0 driveaway
  
  can someone enlightened me with what those figures means....the dealer told me with this getz pricing.....it will "break even" nicely in case i want to give it up in 2 yrs time...he told me that this car has good paper value ???wat is that suppose to mean.
  
  i have heard of nasty encounters from friends.....who had to pay huge offsets to sell away their car..
• hengrix

  13 Feb 05, 16:34

  Dont bother with wat this dealer says. Go get a new Getz. The price for a new getz is only 50K now so wat for getting one of nearly 2 years old at 44K. Furthermore buying a Korean car is already risky enuf, to cut down on the risk and prolong usage, go get a brand new car with warranty, even though COE might be lower now, calculate all odds u still gain from buying a brand new car.
• bul!sh!t

  13 Feb 05, 17:33

  [quote]Originally posted by onit:
  
  i have heard of nasty encounters from friends.....who had to pay huge offsets to sell away their car [quote]
  
  i'm currently in this situation can't change or sell my vehicle. if want to change/sell my vehicle got to top up money, all my friends got this problem too.(if you bump in a lot for down payment then it is different case)
  
  for your case if you take up a 8 years loan u will need to carry on the car installment for around 4years then consider break even.
  
  if u want to sell your vehicle to a dealer after two years you will have to top up maybe up to 7k
  
  check out these links
  
  http://www.lta.gov.sg/motoring_matters/motoring_vo_tax_pte.htm
  
  http://www.onemotoring.com.sg/publish/onemotoring/en/motoring/information/left/de-register_a_vehicle0/PARF_COE_Rebates.html
  
  
• calamine

  13 Feb 05, 17:45

  PARF is some additional tax that you pay besides COE.
  The value has changed over time, sometime ago it was 80% of the OMV, then it dropped, and dropped again.
  
  This is also the money that you get back when you scrap the car at the end of 10 years (if scrap before 10, you get remaining of COE back too).
  
  Anyway, the COE of tha car is $28~k. That means $28~k was paid to use the car for ten years.
  Right now the COE is less than $20~k for 10 years.
  
  Assuming you want to use the car till its COE is up....... you should just get a new car.
  
  $4565 for 1.3l Auto Getz
  
  New Car (price from some guy who posted on forum. *UNCHECKED*):
  
  Getz 1.3(A) 3dr $46,888
  
  Pardon me, but isn't this cheaper ? 46888/10 years = $4688/yr without subtracting the PARF that you get back after 10 years ?
  
  
• onit

  13 Feb 05, 21:37

  hey .thanks to all that contributed to my queries
  
  as i mentioned earlier on.....i intend to give up the getz say 2 yrs from now......btw how do i know the getz parf value?
  
  i dun mind buying a new getz........went thru 3 dealers.........2 months over....no news.....one agent ployed me into giving $500 for bidding of the getz.......and he disappears now.....even sms-ing me about my inability to prove the transactions......
  
  to put the matter worse......due to some reasons.......unknown to me...all banks refuses %100 loan for brand new cars while they do the otherwise for a second hand.....
  
  i am sick of waiting and the car sharing scheme( i am on it currently) to commute for work purpose is ripping me off........it totally sucks....
  
  i need a good decent car......reliable, and for getz ,well known of its fuel economy........i guess works well for my budget
  
  and most importantly......i really need to know if i could trade or surrender the car back in say 2 yrs time without forking a penny........thats my biggest worry..
  
  testdrove the car.......was good......although second hand cars comes with hindering probs...
  
  
• bul!sh!t

  14 Feb 05, 00:07

  Originally posted by onit:

  hello
  
  i am first time buyer.......have no idea what parf,omv and coe means exactly
  
  i am close to buy a 1.3 auto hyundai getz....
  
  it says....>.Price: $44,800
  Registration Date: 09-May-2003
  Depreciation: $4,565 per year
  COE: $28,109
  OMV: $10,977
  monthly $570 +
  0 driveaway
  
  

  anyone pls correct me if i'm wrong
  
  current coe value of car =$28,109 divide 10years x current car age(8years 3mths)=$23189
  
  pls refer to chart
  http://www.lta.gov.sg/motoring_matters/motoring_vo_tax_pte.htm
  
  http://www.onemotoring.com.sg/publish/onemotoring/en/motoring/information/left/de-register_a_vehicle0/PARF_COE_Rebates.html
  
  current parf rebate =($10,977x110%)75%=$9056.025
  
  current scrap value is parf+coe =$9056.025+$23189=$32245.025
  
  two years later the car scrap value shall be parf + (coe at that time) =$9056.025+$17568.125=$26624.15
  
  assume that you take a 8yrs loan from bank at 2.2% per annual
  
  $44,800x2.2%x8yrs+$44,800=$52684.8
  monthly installment shall be $52684.8 divide 96mths=$548.8
  
  2 years later you intend to sell your car (scrap value is $26624.15)
  
  you still owe bank $52684.8-($548.8x24mths)=$39513.6(answer including interests)
  
  less interests =(note:some bank require you to pay a early settlement penalty)
  $44,800 x 2.2% x 6years = $5913.6 - by $39513.6= $33600(you owe bank without penalty)
  
  if u are able to sell your car to a dealer 3k+ above scrap value= $26624.15+3k plus(assuming 30k) then u will have to top up $33600-$30k=$3600 inorder to sell your car.
  
  it will take you maybe around 2 more years to truely break even.(at scrap value)
  
  rough quide only