Is getting an OPC a good idea?
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I guess many are familar with OPC here.
I was thinking that is getting a OPC a good idea. Consider these:
- What if you dont want to drive it for 10 years.
- What if you can't drive for 10 years (due to some form of emergency maybe...and you have to sell the car)
Unless you sell it as an OPC, most probably you need to convert back to normal plate, then you are required to top up the unused difference of the rebate IN CASH and not in instalments. This can amount to a considerable amt of money esp if you sell early.
Also, regarding selling as an OPC, no offense to the owners, maybe I am bias but i see so many getz, aveo, matrix, picanto, kelisa owner, but what are the chances that people would buy a five year old picanto, getz, kelisa on OP plate. So next best alternative is to scrap and it means that you're still back to topping up the difference in cash.
Putting aside those who only use a car on the unrestricted hours(which some of my friends really does), come to think of it, it might not be worth if you want to balance cost and driving everyday (to work, school, etc). To me, it does not justify the inconvenience. Although you might get a car cheap and inevitably reduces monthly instalments, but problem comes when the above scenarios enter your decision making consideration, esp the 2nd one. For example, if for some reason you need cash urgently, you are coerced not to sell the car because if you sell, it will deplete you further in monetary terms.
Also, consider this:
If you plan to sell the car in say 5 years, you will probably realise that you need $8500 to pay back the rebate and to have the cash to pay back, you either save consistently or pray to strike 4D, Toto, whatever.
To save consistently means you have to put aside a certain amount each month aside, which dont you think equates to paying a higher instalment for a normal plate car? On the other hand, a normal car doesnt inconvenient you to buy and tear coupon for driving on restricted hours.
So, a savings of $1700 a year plus the road tax of $800 per year, which you probably dont see the money in exchange for a situation where further down the road in a few years, you have to take out a signiciantly few grands to repay back the loan..does it justify for an OPC? Should one just opt for a normal car instead instead of OPC?
Just penning some of my thoughts.
Correct me if I am wrong and would appreciate your comments/ views.
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Originally posted by free4ever:
Thoughts?? Sounds more like frustrated blabberings to me....Since you make it sound like you'll lose either way, why dun u just forget about the car then
I guess many are familar with OPC here.
I was thinking that is getting a OPC a good idea. Consider these:
- What if you dont want to drive it for 10 years.
- What if you can't drive for 10 years (due to some form of emergency maybe...and you have to sell the car)
Unless you sell it as an OPC, most probably you need to convert back to normal plate, then you are required to top up the unused difference of the rebate[b] IN CASH and not in instalments. This can amount to a considerable amt of money esp if you sell early.
Also, regarding selling as an OPC, no offense to the owners, maybe I am bias but i see so many getz, aveo, matrix, picanto, kelisa owner, but what are the chances that people would buy a five year old picanto, getz, kelisa on OP plate. So next best alternative is to scrap and it means that you're still back to topping up the difference in cash.
Putting aside those who only use a car on the unrestricted hours(which some of my friends really does), come to think of it, it might not be worth if you want to balance cost and driving everyday (to work, school, etc). To me, it does not justify the inconvenience. Although you might get a car cheap and inevitably reduces monthly instalments, but problem comes when the above scenarios enter your decision making consideration, esp the 2nd one. For example, if for some reason you need cash urgently, you are coerced not to sell the car because if you sell, it will deplete you further in monetary terms.
Also, consider this:
If you plan to sell the car in say 5 years, you will probably realise that you need $8500 to pay back the rebate and to have the cash to pay back, you either save consistently or pray to strike 4D, Toto, whatever.
To save consistently means you have to put aside a certain amount each month aside, which dont you think equates to paying a higher instalment for a normal plate car? On the other hand, a normal car doesnt inconvenient you to buy and tear coupon for driving on restricted hours.
So, a savings of $1700 a year plus the road tax of $800 per year, which you probably dont see the money in exchange for a situation where further down the road in a few years, you have to take out a signiciantly few grands to repay back the loan..does it justify for an OPC? Should one just opt for a normal car instead instead of OPC?
Just penning some of my thoughts.
Correct me if I am wrong and would appreciate your comments/ views. [/b]
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All these are confusing.
I am so confused that I just get a normal registration where I can use the car as and when I like without any worry. -
if working hrs is ard 7am~7pm den worth buying opc,
why u wanna buy a normal plate & collect dust in the carpark whole day -
There are ppl who gets a OPC as a second car. Usually a MPV which they used it on the weekends to take their family out.
They normally have a sedan car liao but get a OPC car so that the familt can sit more comfortable specially if they go on malaysia trip often. -
there are also some who buy OPC sports cars ! Fast creatures to boast up their driving power during weekends and maybe to impress their girl friends
to me, it is just a great way for us to 'afford' a car with 'restrictions' -
Another thing is budget.... Affording a normal car in Singapore is not cheap... involving a lot of things and money esp. If u does not earn at leat 3k / mth. A normal car may sounds tight for u.
Thus ppl go for OPC, cheaper and providing u a transport during after work hours or weekends....
im considering abt getting one OPC too.
Balance have to pay in cash if wan to convert to normal car ??
is that true ??? -
free4ever,Originally posted by free4ever:I guess many are familar with OPC ....
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So, a savings of $1700 a year plus the road tax of $800 per year, which ....
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i tink u made a mistake, its $17k of rebate.... in any case, i would never buy a OPC plate if i wanna get a car... it defeats the purpose of convenience... unless my working hours are non-office hours type, then i may consider... furthermore, cars are so cheap nowadays tat its not very tough to own one... if ur budget restraint urself so much tat u hav to resort to getting a OPC, then forget abt owning one... "feeding" and maintaining one is gonna kill ya in long term... -
"Cars are so cheap nowadays..."??? That is subjective....Buying one in Singapore now versus say even a year ago might be **cheaper**. But when you compare with other countries, our cars are still ridiculously expensive!! And then what about the higher petrol price, higher ERP, and higher everything else? You might same a bit upfront, but lose a lot more in the long run.....Originally posted by keith_typeR:free4ever,
i tink u made a mistake, its $17k of rebate.... in any case, i would never buy a OPC plate if i wanna get a car... it defeats the purpose of convenience... unless my working hours are non-office hours type, then i may consider... furthermore, cars are so cheap nowadays tat its not very tough to own one... if ur budget restraint urself so much tat u hav to resort to getting a OPC, then forget abt owning one... "feeding" and maintaining one is gonna kill ya in long term... -
cars r cheap...but hard to maintain
and some cars are~what u paid is what u get...or worse
it's so cheap that its crappy -
Basically i think all wld agree that Singapore has a very high standard of living.... Cars and houses are so expensive that u will just live ur life off juz paying debts..... OMG !
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No, bro. It is correct. You are given $17k rebate spread over a period of 10 years, so that makes it $1700 per year saved. Hear from a couple of SE when I check with them.Originally posted by keith_typeR:free4ever,
i tink u made a mistake, its $17k of rebate.... in any case, i would never buy a OPC plate if i wanna get a car... it defeats the purpose of convenience... unless my working hours are non-office hours type, then i may consider... furthermore, cars are so cheap nowadays tat its not very tough to own one... if ur budget restraint urself so much tat u hav to resort to getting a OPC, then forget abt owning one... "feeding" and maintaining one is gonna kill ya in long term...
Precise, because there is this side of my thinking which very similar to yours that it defeats the purpose of convenience but at the same time, another contradicting thoughts tells me that $2500 is not a small sum saved per year makes me start the thread. -
oh yes yes, u mentioned $1700 per yearOriginally posted by free4ever:No, bro. It is correct. You are given $17k rebate spread over a period of 10 years, so that makes it $1700 per year saved. Hear from a couple of SE when I check with them.
Precise, because there is this side of my thinking which very similar to yours that it defeats the purpose of convenience but at the same time, another contradicting thoughts tells me that $2500 is not a small sum saved per year makes me start the thread.
well, if buying a car causes the pocket to be so tight, then i rather take the train/bus or even cab... wat good is a car if u cant even afford the petrol -
Hi ppl...
If one wan to convert a OPC back to a normal , the rebate 17k have to be paid back in cash ???? can any1 verify this ???
tat means if 1 bought a OPC car and decided to change it to normal in 3 yrs... he has to be ard 1700 x 7 = $ 11900 (say the loan is for 10 yrs). -
Sorry all, what is the timing for OPC?
Weekdays ? 7am - 7pm ??
Weekends leh??? sat & sun got same or diff timing??
car parking got any cheaper? -
from http://www.lta.gov.sg/motoring_matters/index_motoring_vo.htmOriginally posted by Saggice:Hi ppl...
If one wan to convert a OPC back to a normal , the rebate 17k have to be paid back in cash ???? can any1 verify this ???
tat means if 1 bought a OPC car and decided to change it to normal in 3 yrs... he has to be ard 1700 x 7 = $ 11900 (say the loan is for 10 yrs).
Submit an application form to the LTA at 10 Sin Ming Drive. You will need to pay a conversion fee of $100 and top-up the road tax for your converted car.
In addition, if your car was originally registered as an OPC, you will need to top-up the 'unused' upfront rebate as follows:
Top up fee =
$17,000 X (120 months - No. of months and days registered at time of conversion)
120 months
You must also change your car's red number plates to normal ones within 3 days. -
from http://www.lta.gov.sg/motoring_matters/index_motoring_vo.htmOriginally posted by Nu^Ren:Sorry all, what is the timing for OPC?
Weekdays ? 7am - 7pm ??
Weekends leh??? sat & sun got same or diff timing??
car parking got any cheaper?
An OPC can be freely driven on Sundays, public holidays and during the following non-restricted hours: -
Mondays to Fridays: from 7.00pm to 7.00am
Saturdays & Eve of the 5 major Public Holidays*: 3.00pm onwards
*New Year, Lunar New Year, Hari Raya Puasa, Deepavali and Christmas. -
Originally posted by Nu^Ren:
Sorry all, what is the timing for OPC?
Weekdays ? 7am - 7pm ??
Weekends leh??? sat & sun got same or diff timing??car parking got any cheaper?
I am sorry, NO, becos OPC still a car that takes up the same amount of space in the car park lot...
In fact, you should pay more for your season parking becos you park longer in your carpark (during the day)...