worthwhile to change car anot?

• loss

  27 Jul 05, 11:59

  hi
  
  could anyone advise if i shld change my existing car- paid $39k for COE in Mar 2000, currently getting back abt $35k if i were to dereg..bought my car at $87k
  
  was lookin at nissan sunny & toyota vios, duno which want to choose, want a minimum loan & lowest top up from deregistering the car..
  
  pls help me...
• wbucket

  27 Jul 05, 12:31

  Any problem with the present 1? By the way, what is your ride?
• dewsd

  27 Jul 05, 12:53

  Originally posted by loss:

  hi
  
  could anyone advise if i shld change my existing car- paid $39k for COE in Mar 2000, currently getting back abt $35k if i were to dereg..bought my car at $87k
  
  was lookin at nissan sunny & toyota vios, duno which want to choose, want a minimum loan & lowest top up from deregistering the car..
  
  pls help me...

  I'm thinking about changing mine as well.
  There's a lot of factors to consider.
  
  your current outstanding loan. Need to call your finance company to find out how much you need to pay to repay (they need to deduct the interest amounts for remaining tenor)
  
  Find out how much you can sell you car & compare PARF/COE to determine depreciation. Compare against the depreciation of the car you wish to buy.
  You can get the average OMV from LTA's website. Simpy take 55% of OMV to compare with the price of the car.
  
  Good Luck!
• loss

  27 Jul 05, 14:14

  Originally posted by dewsd:

  I'm thinking about changing mine as well.
  There's a lot of factors to consider.
  
  your current outstanding loan. Need to call your finance company to find out how much you need to pay to repay (they need to deduct the interest amounts for remaining tenor)
  
  Find out how much you can sell you car & compare PARF/COE to determine depreciation. Compare against the depreciation of the car you wish to buy.
  You can get the average OMV from LTA's website. Simpy take 55% of OMV to compare with the price of the car.
  
  Good Luck!

  
  
  thanks dewsd..
  
  just to clarified smthg & maybe u can help me piece the info together..
  
  1. i shld be able to sell off existing car at $35k.
  2. compare PARF /COE - where do i get this info?
  3. u mean i get the average OMV of the car i wnated to buy?
  vios May 2005 OMV - $12305 (55% OF $12305=$6767)
  4. 55% of vios OMV compare with which price?
  5. i hv got no outstanding loan on current car
  
  apologies, i'm very illiterate in this area..thanks alot..
  
• loss

  27 Jul 05, 14:18

  Originally posted by wbucket:

  Any problem with the present 1? By the way, what is your ride?

  hi wbucket..
  
  there's no prob with existing car..
  
  what is ride?
• fondue

  27 Jul 05, 19:36

  that means what car are you driving
  
  Since your car was reg. in mar 2000, your parf rebate when you scrape your car will be your omv*120%. you can find out the omv value of your car in the log card.
  
  Suppose you scrape in Sept, your coe will still have 4.5 yrs, scrape value of your car can be calculated by :
  
  scrape value now = (omv x 1.2) + 17.5k[coe paid x 4.5/10 yrs]
  take an omv of 14k, then scrape value now will be abt 34.3k
  
  by the tenth yr, your parf rebate will be left with 14k * 80% = 11.2k [coe zero]
  
  annual dep. will be abt (34.3 - 11.2)k / 4.5yrs = 5.1k
  
  if you can sell yr car higher than 34.3k now, then your dep will be even higher if you keep your current ride.
  
  if i am not wrong, annual dep. of a new vois is slightly less than 5k now (thats if you spread it over 10yrs), so i think you can consider changing. I think the waiting time for vois is about 3 mths now.
• huoye

  29 Jul 05, 11:12

  juz go www.onemotoring.com.sg
  on the left click on online enquiries
  den click on parf/coe
  den key in ur NRIC, vehicle no. and intended date of de-reg
  and magic!! u got ur paper value
• dewsd

  29 Jul 05, 21:38

  Originally posted by loss:

  
  
  thanks dewsd..
  
  just to clarified smthg & maybe u can help me piece the info together..
  
  1. i shld be able to sell off existing car at $35k.
  2. compare PARF /COE - where do i get this info?
  3. u mean i get the average OMV of the car i wnated to buy?
  vios May 2005 OMV - $12305 (55% OF $12305=$6767)
  4. 55% of vios OMV compare with which price?
  5. i hv got no outstanding loan on current car
  
  apologies, i'm very illiterate in this area..thanks alot..
  

  Hi loss,
  
  I just started to learn as well. I'll try to answer your question.
  But if anyone reading this has something to add, please feel free to add in your comments, so we all can learn something.
  
  (2) Go to www.onemotoring.com.sg >> Online Enquires >> PARF/COE Rebate
  Add up "PARF Rebate Amount" & "COE Rebate Amount" which will give you the base value of your car.
  
  (3) Yes. 55% of OMV will give you the value of the car @ end of 10 years
  
  (4) Take the selling price of the car to minus the (55% of OMV), then divide by the remaining years of the COE to give you the annual depreciation. Do the same for your car and compare the depreciation amounts.
  
  (5) no outstanding loan, easier to calculate. No loans to repay.
  
  Hope the above helps.
  
• IcedLemon

  30 Jul 05, 02:01

  39k coe still wait for wat? faster dereg lar. anything abv 30k too expensive to ride tis days.