Buying the cheapest car in SG

c2on2 SG

Hi people

Just askin if u pple have ani idea whats roughly the cheapest car in those used cars dealers cost together with COE , insurance, etc..

thanks

ricklee SG

From what i gathered from newspaper and sgcarmart.com, the cheapest car now are those COE cars extented to 2011 from year 1990 to1993. Their cost is 2k above paper value w/ average 3500k depreciation. The average cost will be around 24k unless u are talking abt the 1 dollar COE. Those found in the newspaper that cost below 16k are gimmicks from sellers to attact customers only.

edited: Those figures i mention are mostly 1000cc cars e.g. starlet, Daihatsu Charade, etc. which have low insurance and of coz good fuel consumption + cheap maintaince.

Xtraun SG

wow rick...u r truly rite..r u in this line??

Danisdead101times SG

maybe you can try RX7...

ricklee SG

Err nop, i not in this line but i have been looking through the newspaper for cheap, affordable, low maintaince car for around a year. I am planning to buy one Wink

For the Rx-7, no doubt it's cheap now. Everyone can afford a Rx-7 (in a sense just buy the car), but not everyone can afford the ridicules fuel consumption of 300km per full tank of 90 dollars. Further more very little shops in singapore and malaysia know how to repair rotary engine. Their spare parts are too expensive.

Lancerlot SG

sorry to burst ur bubble, but the coe cars are only worth 12k plus in paper value and you are paying 24k that means u r losing 12k to the dealers. those coe till 8/2011 cars are value at 18k at its renewal point. that means the value now is much less 18k divide by 10 times the numbers of yrs left=11to12k.

I was considering a coe car too, but decided against it as there is little or no value left if u get into an accident and the car has to be scrap. you make an instant paper loss of 12k.

cheers

ricklee SG

By right it should cost less than 18k, but by left can i find such car pricing? I am a very realistic person. I am just stating the facts. Too bad singapore make car price too expensive for singaporeans Crying or Very sad

There is always risk in everything we do e.g. buying cars, houses, etc. It just depends on the individual if they wants to take the calculated risk.

toyota_lover SG

bro, consider a new car if yearly depreciate above $4.5k Shocked

Xtraun SG

basically having a car is truly bringing alot in covenience, but on the other hand, too much add-ons to maintain it. wonder how much the dealer made in selling one coe car.

Lancerlot SG

the calculated risk is that if you drive a coe car, u have no safeguard(parf) if accident happens.

Realistically speaking, its the dealers which inflate the real value of the car.

the following are two examples i shortlisted in my search...(not taking to a/c interest)

A) coe car - 20k(lets say u get gd deal)
20k/ 82months( 8/2011) = 244pm

B) parf car -27k(what i got)
27k - 10k(parf 80%) ---17k/ 48months( 10/200 Cool = 354pm

if kena accident until veh not economical viable to repair (as of today):

A) get back 12k (coe 18444)

B) 14k parf (omv 13k), 10k coe rebate (coe 25k)= 24k

so lost of 8k if chose A, n lost of 3k if chose B. but if you talk about cheapest car in SG, i would dare say that it would be cars that you personally renew your coe. becaz the value u pay in coe would be the depreciation for the next 10yrs, n if you get 23k coe, yearly deprec wil be $2300 Shocked isn't that amazing!?!

ricklee SG

Good calculations there, can u explain more on the parf car? interesting risk reduction methology at the same time drive '98 cars then '91 cars which have more safety features Surprised

evodarren SG

bro look at this website…http://www.singaporecarsonline.com/

Lancerlot SG

tks. furthermore you enjoy lower insurance premiums for parf cars than coe cars. another point to note is that (general rule, not taking into a/c well maintained coe cars) coe cars tend to have more mechanical problems due to wear n tear on the roads. if you factor these facts wif the higher road tax u got to pay, u are better off wif a second hand parf car (by the way i'm 100% no dealer ok, just a consumer Cool )

or if you want to enjoy free waranty n the brand new image, get a new car. parf cars b4 2002 enjoy higher rebates, so if u r looking to reduce ur risk, look for one between 98-02.

cheers

Xtraun SG

Hi Lancerlot,

Wow very impressive calculations indeed. That means ur bought ur current car at 17k, meaning only left 2-3 years of coe rite?

in that case, when the current coe expires, then say u get a $23k coe for renewal, therefore ur total amount u have paid is $40k - allowing u drive for say 13 years as compare to coe car renewed with 08/2011 coe expiry - abt 7 yrs left at which dealer selling at $23k. (that's my current drive Cool )

In terms of accident coverage, of course B is much better. What i am looking at is the period that can drive the car at minimal cost. yup, maintenance wise, of course coe car is higher - higher risk here at lower paid up car price. juz my 10cent opinion Smile

Lancerlot SG

my ride i paid 27K 4 it. coe 4 more yrs(sounds like bush). at the end of 4yrs, i get back 10k if scrap (parf). So effectively is 17k for 4 yrs.

if i renew coe i forgo the 10k plus add say 23k for coe renew. that means i pay 33k to renew coe 4 ten more yrs.

Cool older the car, the more parts need to be replace. just did one big one at 500bucks. change the rear shocks,skim disc rotory, flush atf n filter, flush radiator plus rust treatment, adjust exhaust, batt charge, engine gasket tighten, k&n filter, audio installation...nxt 20k must change timing belt n engine oil. Confused

So there is a benefit from buying brand new, got warranty n free servicing. but i heard a lot bad tings from doing it wif ur agent. Sum play punk bad service, slipshot servicing never change parts at all...weigh the pros n cons

since i like cars so much my nxt one will be a 5-6yr old car.then can do it up n play wif the parts..hehe Wink

CryoGenic SG

Juz remember dealer's mark up the price (e.g COE $22k, car selling for $28k) for the body, but insurance company may not recognise that as the market value.

Let's say you bought Third Party + Fire/Theft, and ur car got stolen or burnt to a crisp, I doubt the insurance will pay much or anything for the body. (Esp. if u spent money modding it, they dun recognise ur mods). So effectively, u are only getting ur COE rebate back. (Sian, mite as well dun buy insurance...if only...heh)

So renewed COE cars are a bit 'risky' in terms of their value and for insurance purposes. But if nothing happen, the vehicle well-maintained, its actually a good buy compared to new car. One can opt for those more 'performance-oriented' cars like Civics or if can afford, an RX-7 why not. Most of us can't afford a new 'sports/sporty car', so one way is to get a renewed COE one.

Xtraun SG

oh i see.. u paid 27k, if u renew, say at 20k coe, wah 47k liao..."si bei dang pun". if i'm u, shd scrap get back 10k and top a bit to buy some more parf car...i believe u gonna do that Wink

maybe next drive u can show me wat mod u do to ur car. by the way u driving the lancer before 2 models before the current one rite?

Yup yup...true that more parts may need to change for coe car....mine so far as got 3 mths warranty, change 2 rubber hose as got petrol leakage...now no prob and FC is 14.5km/litre...hee Laughing

Great to hear ur advice..thks bro lancerlot!

MasterJoe SG

I bought my Subaru M80 viki some months ago. Yearly is about 2500. I finally come to my sense, car is just a transport. In Singapore, its not worth to spend so much on it since price of ownership is high. After changing a few cars, i decided to save $ for other uses, so its comes to a conclusion the Viki.

Buying COE car, you have to consider the yearly addition of 10% road tax til max 150%. If your car is small, it can be negligible. If you are driving car like 1.6L, you will be end up paying alot alot more. So why not consider Parf car or new car then.

For my car, i have calculated the risk of loss. To get even, i have one year to do that. As i am paying 3 years of loan for a 7 year car. This is to get debt free as soon as possible. Also i pay less interest on my car. So After one year if anything serious happen to my car, i would have break even. And after that i may even have some cash back after scrapping the car. So it really depends on the type of car, road tax, loan interest, insurance and current market and COE to determine what car is economic to buy. In addition, it should suit your taste. Doesnt have to be a COE car or a Parf car.

Xtraun SG

heh heh so i suppose u be getting a coe rx-7 or civic real soon bro Wink

Xtraun SG

hi masterjoe, can see with ur viki..tax will be minmal...my coe car also 1 litre. Razz

wah u really very "sheng"...can pay loan in 3 years...think u can afford better cars...if i am ur wife...very lucky...such a thrift hubby Rolling Eyes