Off Peak Car (OPC)

Qitai SG

If we assume the same OMV of 12K and COE of 23K, and assuming 17K offset, then the scrap value @ 7 years is 10K. So, perhaps 14K would be an appropriate resale value.

But note that the above assumes stable COE value which is probably a very bad assumption. The resale value of a car is very much dependent on the price of a new car. And if a new car is a lot cheaper or more expensive, then the resale value is lower or higher accordingly. Most buyer do make a comparison of the cost of buying a new car compared to the cost of a resale car. And if it make sense to buy a resale car, then the demand will push up the resale value. During the time before 1997, I have even heard of stories of people earning money after using a car for 1-2 years, since the COE is raising rapidly during those period.

citrus SG

Can someone please tell me how to buy this $20 day coupons? Is it something like parking coupons where you can buy a whole stack in advance and peel off the appropriate dates? Or is it something that you've to buy from the post office on the day of use? Very Happy

Thks!

X-Wolf SG

Anbody knows how to calculate the scrap value of OPC cars? Is the % PARF same as normal car? The $17k has to be pro-rated and paid back to LTA?

Wheels on Fire SG

PARF for OPC is same as normal car. The 17k rebate is used to offset COE, unless yr COE is lower than 17k, watever excess rebate will then be used to offset yr ARF which is tied in to yr PARF. Otherwise, no effect on PARF.

No need to pay back LTA regardless when u de-reg car. Only need to pay back pro-rated rebate it u want 2 convert it back to normal car.

Ritz79 SG

hey u can buy e weekend coupon at e post office, lta. u can buy as many as u wan to.

i too drive a opc car, cos e 1st thing is, i dun like e idea that i pay so much for my car incl insurance, ROAD TAX and my car is in my work place car park for 10 hours...and if u wan to sell e car, just convert it back to nornal plate, pay e difference(pro rated) and sell it... most OPC car milage is very low.....

just my 5 cents worth... Smile

cheers

free4ever SG

Hi Ritz79, can share on how the coupon work? I am quite interested to know. You said you can buy as many as you want to but how do you show to the authorities that you are using a valid coupon? Is it like parking coupon where you tear off or is it like different colour for different day as in those used long time ago for cbd before the erp started? Rolling Eyes

I guess you are right in the sense that converting back to a normal plate and sell off make sense as you can probably fetch a higher price if the mileage is low.

Ritz79 SG

e weekend coupon is just like e parking, but bigger..like e size of an exercise book and its colorful…. just pluck out the year, date, and month and u can dirve for a day…. if tp/rov c u driving in e day, they surely will stop u to physically check yr coupon and c if u got tempered with it…so DUN CHEAT..its not worth it… i kena stop a few times already…...

free4ever SG

ICIC, thanks for the info. Very Happy Really not worth tempering as they physically check, unlike the parking coupon where the parking attendant only view the coupon from outside the car....

Hehe...thought of something...if you got a passenger, as the passenger to hold the coupon, tear only the year and month, then if tp/rov is spotted, then ask your passenger to quickly tear the date... Mr. Green If never kana means save $20 already... If never ever get caught, one month uses extra $20 for driving a opc like a normal car... Evil or Very Mad Haven't really seen the coupon before, dunno can be done of not...but just a ad-hoc thought...

Ritz79 SG

hahaha...like that u and yr passenger will be looking out for TPs/ROVs instead of concentrating on yr driving... Razz

SeeTees SG

Dun Temper with the coupons... My friend did. For that, he was "rewarded" with a 2 week stay (inclusive of Lodging and 3 meals) at: QUEENSTOWN REMAND PRISON...

free4ever SG

This is not tempering right? Tempering is like tear and put back...This is just a matter of time of when to tear...hehe I guess it is some loophole of the system... Mr. Green

But my advice is still dont , if want to try, make sure don't get caught...not worth the risk...not worth going to prison for $20...

I hope no tp/rov visit this thread... Twisted Evil

free4ever SG

haha, ya agree, good way to keep yourself awake... Mr. Green

Wheels on Fire SG

Agreed totaly. If u really out to try yr luck, dun put coupon at all. At most fine $5000. If caught tempering then TP throw in free lodging. But then again 5000 buck mean u got to "siam" 250 time w/o getting caught to break even!!!!!

Bottomline, dun try either ways. Simply not worth the effort. Govt not stupid one ok. Wink

100% SG

Can i ask when i flip open classfifed, i seldom see off-peak cars for sale.. so it's like you only get to have off-peak cars when u buy new one? or even those renew COE one also can? but usually those will have normal COE already renewed b4 they put on 2nd hand car sale.

rumie SG

hey, i’m getting an off-peak Lancer soon!!! works out to $450/mth for 0% down if loan approve!!!

free4ever SG

Usually people convert their OPC back to normal plate so that it is easier to sell. I guess there are still a handful who sell OPC as OPC.

I have a question that can one convert a second hand car from normal to off-peak? How does the 17k rebate applies here then?

As for the COE car, I guess people dont want to own a car for a few months before they take it to scrape, so usually the old owner will renew so that it will be easier to sell. Again there are still a handful who does drive for a fw month before scraping the car....

zenixth SG

From what I knew, the 17K rebate only applies to new cars. If you want to convert a second hand car to OPC, only the road tax rebate of $800 applies.

wbucket SG

Actually the $17k will still be rebated, but pro-rated. Meaning if the car is 5 years old, then owner convert it to OPC, then you get $8.5k. Or a 8 year old car will be rebated (17*number of years left/10 =) $3.4k. Then there is a fee of $200(??) to pay too.

nick28 SG

me tempted to get a toyota vios auto OPC at $57,776, so after rebate is $40,776. With a downpayment of $3776, loan will be $37,000. Based on 2.2% for a 7yr loan, the monthly instalment is about $500. on a 10 year loan at 2.4%, the monthly instalment is about $375. (based on HSBC's 1 year interest rebate)

based on a $100 petrol per month and open carpark of $65, it works out to be $665 per month for a 7 yr loan. Thats like 25% of my take home pay. Do u guys think its ok to spend this proportion of pay in a car? Just need some views. Thanks.

just curious, how much petrol do u guys use for an OPC per month? Also, how frequent do u need to service an OPC scheme car? How much is a round of maintenance servicing?

In addition, how much is the road tax for a 1.5l vios after the $800 rebate?

I am currently 29 with a year's licence. My wife is 28 yrs old with 7yrs licence. Is it more worth it to buy the car in her name? Whats the premium like for our age range?

Lastly, any other recommendation of cars with similar price range of $50k - below $65K cars?

carmour SG

Hi 100%,

Off Peak cars where got cannot find 2nd-hand ones. http://www.sgcarmart.com/main/listing.php?MOD=opc&CAP=Any&PR1=0&PR2=&TP=Any&GR=Any&FR=Any&TO=Any

Check these out. Got quite a few for sale. Laughing

« Previous Page Next Page »