Singapore Expats

Hello, I am thinking of getting a car in sg but am very confused how it all works (COE, OMV, etc.). I am a first-time car buyer so bear with my questions which are pretty basic:

- the prices quoted on websites like sgcarmart, do they include or exclude COE?
- for a particular car model, is it possible to calculate the market value after X number of years?
- if I pay $50k for a CEO, and then sell the car after 5 years, do I get the full $50K back from the buyer; does COE depreciate? how does it work?
- How does OMV come into the picture of car valuation/pricing? OMV seems to be so much lower than the selling price anyway?
- how do you think of the economics of buying new vs. used cars? which models retain its value well?

See this thread.

http://forum.singaporeexpats.com/ftopic80655.html

Y dun u consider rental instead?

flying_carpet wrote:Hello, I am thinking of getting a car in sg but am very confused how it all works (COE, OMV, etc.). I am a first-time car buyer so bear with my questions which are pretty basic:

- the prices quoted on websites like sgcarmart, do they include or exclude COE?
- for a particular car model, is it possible to calculate the market value after X number of years?
- if I pay $50k for a CEO, and then sell the car after 5 years, do I get the full $50K back from the buyer; does COE depreciate? how does it work?
- How does OMV come into the picture of car valuation/pricing? OMV seems to be so much lower than the selling price anyway?
- how do you think of the economics of buying new vs. used cars? which models retain its value well?

Rental is ridiculously expensive, I'd never recommend it to anyone who wants a car for more than 1 year in Singapore, all you are doing is lining the pockets of people who have bought a car and are paying off the finance themselves. therefore the cost of a rental is far greater than a second hand car exactly the same! the cheapest I could find in Singapore was a 4 year old Altis for $1500 a month and I now have a much better car for a total price of less than that!

I assume you want to rent out your car Sunflowerger yeah?

nutnut wrote:Rental is ridiculously expensive, I'd never recommend it to anyone who wants a car for more than 1 year in Singapore, all you are doing is lining the pockets of people who have bought a car and are paying off the finance themselves. therefore the cost of a rental is far greater than a second hand car exactly the same! the cheapest I could find in Singapore was a 4 year old Altis for $1500 a month and I now have a much better car for a total price of less than that!

I assume you want to rent out your car Sunflowerger yeah?

I sold mine and rented one for long term. If I still have my own car, I will rent to people for that kind of price.

Renting your car out (if not licensed) is illegal, you would be fined for it and the companies renting cars out are charging exorbitant rates!

A friend of mine used to rent a middle size car for ~900 but it was a Proton For ~1.5k I agree, it makes not too much of the financial and practical sens.

It was for similar reasons why I bought my HDB flat.

sundaymorningstaple wrote:It was for similar reasons why I bought my HDB flat.

And the worse part of owning car here is that it is not entirely yours. Few years down on COE (for more if you are able to extend) and wham, you can kiss your car goodbye to the metal scrappers!