My car is reaching the end of its COE this end month. I am thinking of renewing it for 5 years or getting a new car. Which one should I do? - Seedly
Seedly logo
Seedly logo
 

General

Anonymous

Asked on 08 Oct 2018

My car is reaching the end of its COE this end month. I am thinking of renewing it for 5 years or getting a new car. Which one should I do?

. New car wise the cost will be 23k more. Considering the condition of my car which needs repair services for air con and some servicing parts are harder to find. Would like to seek advice from those who have made such decision before. Thanks!

0 comments

2 answers

Answer Now

Answers (2)

Sort By

Most Upvote

  • Most Upvote
  • Most Recent
Daniel Ling
Daniel Ling
Level 5. Genius
Answered on 26 Oct 2018

I would buy new. But that's me.

Living a comfortable life is more important than saving money but introducing headaches.

For better analysis.

Calculate your expenses in terms of repair and other cost over n we still 5 years.

Is it close to 23 k?

If yes, the answer depends on how much margin of difference that is sensible for you.

Also remember that 23 k is for 10 years not 5 years. So you should compare against 11.5 k instead.

For me it's clear.

0 comments

👍 0
Kenneth Lou
Kenneth Lou, Co-founder at Seedly
Level 9. God of Wisdom
Updated on 07 Jun 2019

It's all in the depreciation per year! So you have to really just factor that in... If you can pay for that per year and justify that spending then you're good to go haha.

Our family has made this decision around 3 times in the last 5 years.

We bought a COE car actaully (a small white Nissan Latio) which as around 6k depreciation a year. Not too bad... no more PARF value.

And also now the COE seems quite low, so for a 5 year COE is around $16k? Also not bad... so you can actually think about it.

We're actually looking now also, as we're looking to hunt for another COE car which is not too bad condition and we can make some enhancments to it... this was our decision making process :)

1 comment

👍 0
Bryant Tan
Bryant Tan

29 Mar 2019

I wonder if coe car insurance and road tax higher? How much?