Your comments on COE Dropping

[surfedelic]

Do you think that the COE will drop any further ? Personally I foresee it will hit 10K very soon.

[mUAr_cHEe]

drop even more after CNY....

my lotus elise 111R has never been so affordable....

*whips out cheque book*

[surfedelic]

Yah I think after the CNY is going to hit rock bottom ....... so your dream is coming true ....

Heard from some car dealer that Toyotas did not place their bids for the recent bidding. That's why the COE so low ... but don't know true or not .... or just wanna force innocent consumer to place their order ..... countercheck with a Toyotas SE ... ... it is true that alot of SE did not bid ...as they are holding alot of open cat COE ....... so does it means they are bundling the open cat to those new buyers ?

[kschew1498]

@!%#$&@#$*!@#!^%@...........thats what I can say!!!!..... ...Would have bought a car with a larger CC!.....

For those who are thinking of a new car......mia tu liao!!!!!

[lightningstrike]

last i heard from my car dealer frenz, PARF value is gonna be scraped soon.

[yazid]

last i heard from my car dealer frenz, PARF value is gonna be scraped soon.

Does that mean the car paper value is no longer COE+PARF? Will lose more money!

[DeepBlue]

sad...that's my comment. Just bought a car SFN#@*%& ....

[lightningstrike]

Does that mean the car paper value is no longer COE+PARF? Will lose more money!

bro, i really dunno. but the last i heard, the scrapping of PARF shld happen ard April this year. look out for it. but dun flame me if it doesn't happen.

Maybe those cars that were bought under the COE + PARF package will still retain their paper value......... hopefully.

[surfedelic]

But if there is no PARF so it means that new car price should be even cheaper .. so those bought earlier will not be able to sell their car .......... sounds we are taken for a ride ....

Beside that the COE is sliding fast - those who like myself paid 30+ COE ... imagine depreciation based on COE is already 3 K /year and now it is half of that for new car .......

I heard about PARF benefit slowly decreasing but not so soon as in this year. This is something new.

[DeepBlue]

talk about it ...I bought my Rav4 at 32K COE.....after 1 and a half year....I still get nightmares thinking abt how much I lost

[lightningstrike]

dun get upset by all these........ what i hv heard r purely hearsay, rumours, "wind" etc....... nothing concrete. juz sit back and see what the LTA has installed for us.

[diabolus]

even if the PARF is scrapped, those who paid for the PARF will still be able to get their rebates. Same as those having 80% last time as compared to the 60% now.But the problem is when you wanna sell the car.

who will pay for a PARF car when a new car cost around the same.

i think the only way next time will be to scrap the car liaoz.

[surfedelic]

talk about it ...I bought my Rav4 at 32K COE.....after 1 and a half year....I get nightmares thinking how much I lost

Bro .... I think alot of them knows that car sure loose money ... but to loose so much in such a short time is really heart-breaking...

I think there is 2 factor here .. one is the COE and the other is the loan which tied you in ... . that dont let you change car so easily ..

Currently the bank charge another 20% rebate for termination of loan ... whereas in the pass under rule 78 there is already a penalty calculated into the formula ...eg. car buyer buy a toyotas vios now and sells it 1 year later - .... he will have to pay the penalty of 20% interest rebate + interest Rebate penalty which already comes with the formula R = n(n+1)/Lt(Lt+1) x Total interest. But understand that this applies to certain loan amount above 55K I think ...

That's explain why not many people will not be changing car so fast ... other than COE fluctuation... there is also the bank loan charges ...

But look like the COE fluctuation kills alot of car dealer ....

[diabolus]

if my memory never fails me...ok here it goes...

There are basically 2 types of loans for cars, the HP Act and the Non-Act.

The HP act is covered under the Hire Purchase act and you have the Rule 78. It also states that the bank/finance company will have to give you notice when you default on payments( 4th and 5th schedule) and also time to settle with them when they repossess your car. The Non-Act means that the loan that you are taking will be treated like all secured loans from banks/finance companies. There will also be a penalty payment of a certain percentage if you want to foreclose the loan.

To find our if yours is under HP Act or Non-Act, calulations as below -

HP Act

Price of car - Price of COE = <$55k

Non-Act

Price of car - Price of COE = >$55k

Sorry if i'm wrong, but i remembered it this way.

[Achilles Tang]

Hmmm..... maybe its time... for the AT Mobile to hit the road!

[surfedelic]

if my memory never fails me...ok here it goes...

There are basically 2 types of loans for cars, the HP Act and the Non-Act.

The HP act is covered under the Hire Purchase act and you have the Rule 78. It also states that the bank/finance company will have to give you notice when you default on payments( 4th and 5th schedule) and also time to settle with them when they repossess your car. The Non-Act means that the loan that you are taking will be treated like all secured loans from banks/finance companies. There will also be a penalty payment of a certain percentage if you want to foreclose the loan.

To find our if yours is under HP Act or Non-Act, calulations as below -

HP Act

Price of car - Price of COE = <$55k

Non-Act

Price of car - Price of COE = >$55k

Sorry if i'm wrong, but i remembered it this way.

From what I know there is another 20% interest rebate penalty on top of the HP act - rule 78 with effect recently. This is what I understand from a friend who works in the Bank.

[weileong]

I thought the with the changes in the hire purchase act, there in no more pentalty for early settlement?

Or rather no more rule of 78 in effect.

http://www.parliament.gov.sg/Legislation/H...lls/0400037.pdf

[RAV-65]

Actually for those intending to buy a car and dun own a car now, standby for the best time to get the ride you wan!!!!

[surfedelic]

I thought the with the changes in the hire purchase act, there in no more pentalty for early settlement?

Or rather no more rule of 78 in effect.

http://www.parliament.gov.sg/Legislation/H...lls/0400037.pdf

No more penalty is definitely not true because my father-in-law just collect his car last week - I verified with the SE .. she told me there is a 20 interest rebate penalty..... for early termination.

[jc85]

Anyone heard of 5 yr COE plan?

[diabolus]

No more penalty is definitely not true because my father-in-law just collect his car last week - I verified with the SE .. she told me there is a 20 interest rebate penalty..... for early termination.

i presume that the car your FIL bought falls under the Non-Act loan?

i remember that the new HP act actually benefits the consumers.

[diabolus]

Anyone heard of 5 yr COE plan?

bro,

i tot its only for COE renewal?

[jc85]

bro,

i tot its only for COE renewal?

Not sure. Heard that they are looking at the posibility of just issuing 5 yrs COE instead of 10 yrs since most drivers will change car in less than 5 yrs.

[diabolus]

in dat case, there will be no more break even point liaoz.

5 yrs COE + PARF rebate...break even at 2.5 yrs ar?

[surfedelic]

I spoke to my friend who works in the bank. He told me the rule 78 was mandatory in the past. But the government didn't scrapped it if you read it down to the dot... now the bank have free play meaning it is up to them to have rule 78 still in the new loan basically to protect them .... but in addition with another 20% interest rebate penalty currently. If you don't want to have rule 78 tied down and the additional interest rebate penalty then you take the floating interest option.... so whichever suits you ....

Diabolus,

I am not sure with regards to your category ....My FIL pay 50% for the car so his loan amount is only 30K ... I even checked twice with the SE why there is a 20% interest rebate ....she told me it was standard