When is the best time to sell my Latio

[moochi]

Hi fellow lations,

My latio is coming 5 yrs old in april. Wondering how long can the car last without any major problems?
So far, it has been serving me well, sending for servicing every 10000km and i've change only battery and tyres and of course aircon filters.
Not sure if i should sell now or just live with it till end of COE in 2015. I don't mind driving an old car btw 
What will happen if i keep it till COE expiry? Do I get anything back or just scrap it?
Why does most singaporeans change their cars in 2 - 3 yrs or does everyone makes alot of $$$ 
Does it not work out to be more expensive, selling a used car at a loss then buying a brand new car with higher depreciation in the first years? Anyone can enlighten me?

[dsrio]

you will still get back your parf value at the end of 10 years, just go to onemotoring site and enter the year you intend to deregister your vehicle, that will be the minimum value you can get.

1) owning a car is already a loss, and yes, most people are just extending their losses by buying a new car every 3 years as they extend the instalment on the car, unless of coz you pay everything upfront.

2) if your latio is still serving you well and your backside not itchy, then just keep on driving it. My last ride did give me several problem thus I decided to change at the 4th year to latio.

[Midnight]

Threadstarter...

If you sell now, u also need to buy another one?

Car is expensive noe. U sell high u also buy high = take higher loan, unless u have loaded to pump in more moolah for downpayment.

But according to the parf system structure, from the 5th year onwards, our 'remaining value' of the car falls steeply...

[nakshire]

nowadays not good to buy new car... unless u sibeh rich... or sell ur first hand car for a 2nd hand car...

[gatier]

Threadstarter...

If you sell now, u also need to buy another one?

Car is expensive noe. U sell high u also buy high = take higher loan, unless u have loaded to pump in more moolah for downpayment.

But according to the parf system structure, from the 5th year onwards, our 'remaining value' of the car falls steeply...

Not Really true for newer cars. It fall but not as steeply as before as there was a change in the OMV to ARF percentage. This 5th year onwards thing only apply to cars 2002 or before as it was 130% of OMV before 5th year and follow by 10% deduction every year. for cars after 2002 it is only 75% of OMV before 5th year and follow by 5% deduction every year

Cheers

[Midnight]

Not Really true for newer cars. It fall but not as steeply as before as there was a change in the OMV to ARF percentage. This 5th year onwards thing only apply to cars 2002 or before as it was 130% of OMV before 5th year and follow by 10% deduction every year. for cars after 2002 it is only 75% of OMV before 5th year and follow by 5% deduction every year

Cheers

Thanks for the clarification dude, :-)

But overall, the value falls faster right? That is what makes many people backside itchy, got reason to change car...
 

For me, if my cvt gearbox serves me well... i will be happy to keep driving it.

[kenmaine1008]

tink most of us here changed to a newer one.. as most cars > 4yrs face potential problems in the future... 

[expresso]

i agree with one of the bros..." unless your ride gives u alot of problem, ..."
I changed mine to latio as i faced problem for my previous ride and it was not roomy enough..

[gatier]

Thanks for the clarification dude, :-)

But overall, the value falls faster right? That is what makes many people backside itchy, got reason to change car...
 

For me, if my cvt gearbox serves me well... i will be happy to keep driving it.

Yes, it will drop. COE will drop yearly while ARF will drop about $900 per year (Taking Parf at $18,000) starting at the 5th year. compared to cars before 2002 which will drop $1800 per year. That's why everyone used to change car before the 5th year.

Also previously loan is only at max 7 years , which you will not need to top up at the 4th-5th year if you sell your car.

That's how the before 5th year thing came about.

Cheers

[moochi]

Just went on one motoring to check on my Parf/COE rebate. I will only get back $10,216.00!
I paid $54k for the car including bank interest. Wah... means i'll lugi almost $44k if i keep it till the end? 

[gatier]

Just went on one motoring to check on my Parf/COE rebate. I will only get back $10,216.00!
I paid $54k for the car including bank interest. Wah... means i'll lugi almost $44k if i keep it till the end? 

Car are not an asset in singapore. It will depreciate every year (whether you paid in full or with loan) due to our COE system. You can only "own" the car for 10 years in singapore.

Taking the price you pay and deduct the parf value (end of 10 years) and divide by 10. That will be your depreciation per year.
44K for 10 year or $4.4k per year is quite low lah. My Latio is $4800 per year higher than yours I more  .
Current latio should be about $5600 per year. If you sell before 10 years, normally your depreciation will be higher.

Depreciation is useful when you want to buy a second hand car and you will know whether it is worth to get a new or 2nd hand

cheers

[valeon]

You can only "own" the car for 10 years in singapore.

I never think I "own" the car. I prefer to say I "rent" from garment the car.

[Midnight]

Yes, it will drop. COE will drop yearly while ARF will drop about $900 per year (Taking Parf at $18,000) starting at the 5th year. compared to cars before 2002 which will drop $1800 per year. That's why everyone used to change car before the 5th year.

Also previously loan is only at max 7 years , which you will not need to top up at the 4th-5th year if you sell your car.

That's how the before 5th year thing came about.

Cheers

Thanks for the info man...so not necessary to rush for the 5th year mark to sell car liao hahaha

[moochi]

Car are not an asset in singapore. It will depreciate every year (whether you paid in full or with loan) due to our COE system. You can only "own" the car for 10 years in singapore.

Taking the price you pay and deduct the parf value (end of 10 years) and divide by 10. That will be your depreciation per year.
44K for 10 year or $4.4k per year is quite low lah. My Latio is $4800 per year higher than yours I more  .
Current latio should be about $5600 per year. If you sell before 10 years, normally your depreciation will be higher.

Depreciation is useful when you want to buy a second hand car and you will know whether it is worth to get a new or 2nd hand

cheers

Thank you for explaining how it works  I think i'll keep driving it for now then. 

[Demio]

Thank you for explaining how it works  I think i'll keep driving it for now then. 

If u really wanna change for watever reasons, maybe u can consider 2nd hand ride

i recently changed my mazda2 for a 2nd hand ride

Date of purchase : 18 Aug 2006
PRice of my old ride : S$ 52,588
Deposit : S$ 5588
INterest : 3.5% in Aug 06 (due to I lump my lst year free insurance of 1.6K into 7 years loan - if not, it be 2.85%)
Monthly installment : $697.00
Loaned 7 years

New Ride
Civic 1.8
Selling price to me : S$54,500
Owner Purchase price : S$ 79,000 plus plus
Date of car : 8 Aug 2007
Mileage : 34500 km
I loan : $54,000 spread over 7 years
Monthly Installment : S$ 748.00 plus plus
Int Rate : 2.28%
Overall, car in good condition, with detailed service records from KM.
Still got a bit of that new car smell.

If really wanna consider 2nd hand ride, maybe can try buying from direct owners...

It really depends on luck when it comes to purchasing 2nd hand ride, if the 2nd hand ride is not to your liking, move on to another selection...as there are quite alot of choices around...
this is my POV...pls dont flame me..
haha
thanks for viewing...

[twelfth]

my pov, now hard to change car
vios 1st hand cost near 70k thank to coe cat a 28k now
unless sell car take bicycle.

[Demio]

my pov, now hard to change car
vios 1st hand cost near 70k thank to coe cat a 28k now
unless sell car take bicycle.

yes..quite hard...
my case is that I agreed on the deal two weeks ago...
just managed to settle the loan approval and clear my old ride...
I guess i am lucky this time round.

[Jazz]

If u really wanna change for watever reasons, maybe u can consider 2nd hand ride

i recently changed my mazda2 for a 2nd hand ride

Date of purchase : 18 Aug 2006
PRice of my old ride : S$ 52,588
Deposit : S$ 5588
INterest : 3.5% in Aug 06 (due to I lump my lst year free insurance of 1.6K into 7 years loan - if not, it be 2.85%)
Monthly installment : $697.00
Loaned 7 years

New Ride
Civic 1.8
Selling price to me : S$54,500
Owner Purchase price : S$ 79,000 plus plus
Date of car : 8 Aug 2007
Mileage : 34500 km
I loan : $54,000 spread over 7 years
Monthly Installment : S$ 748.00 plus plus
Int Rate : 2.28%
Overall, car in good condition, with detailed service records from KM.
Still got a bit of that new car smell.

If really wanna consider 2nd hand ride, maybe can try buying from direct owners...

It really depends on luck when it comes to purchasing 2nd hand ride, if the 2nd hand ride is not to your liking, move on to another selection...as there are quite alot of choices around...
this is my POV...pls dont flame me..
haha
thanks for viewing...

Congratz for your new ride. 

[ralliart99]

Threadstarter...

If you sell now, u also need to buy another one?

Car is expensive noe. U sell high u also buy high = take higher loan, unless u have loaded to pump in more moolah for downpayment.

But according to the parf system structure, from the 5th year onwards, our 'remaining value' of the car falls steeply...

this i really agree... its like selling your hdb flats... ppl selling like crazy to get the cash on hand but they don't understand they have to pay another flat which is also at a all time high now... end up some have to live at beaches... came out on the papers mah... somemore car is not an asset, its a liability...... must think twice
 

[Midnight]

this i really agree... its like selling your hdb flats... ppl selling like crazy to get the cash on hand but they don't understand they have to pay another flat which is also at a all time high now... end up some have to live at beaches... came out on the papers mah... somemore car is not an asset, its a liability...... must think twice
 

coe 30k now. The time has come. Cars are not so easily affordable now. Better pamper our car now and hopefully it will serve us longer.. at least long enuff till the car price comes down due to some change in regulations or policies....