My friend recently Trade in his previous Toyota Altis for 30K (about same age as mine) and bought a new one.
I thought: Wow, it's still worth so much. Assume Mine is worth 20K, it might be worth it to consider getting a new attrage (the cheapest Japanese saloon in market)
I called the Mitsubishi showroom and ask for a quotation. I was quoted 8K for my Vios of mileage 180k. When I say de-registering the car now or by May would give me 8K too, since my ARF is about 14K and I have 1 more year to go. She didn't reply.
So, guess I am still back to my original plan of renewing COE.
Maybe my friend mileage is low. But the trade-in value is quite ridiculous IMHO.
Had I manage to get a higher trade-in value, the depreciation rate might have convinced me to jump ship and consider getting a new car. But it's about the same rate of depreciation now:
Assume I renew my car for 5 years for 25K and gave up my PARF of 7k. It's 32K. So depreciation is less than7 K a year.
Trading my car for a new Attrage would also mean I get a depreciation of 8K a year.
Not very huge difference if u ask me, but I would have much better cash flow renewing my car since I need not worry about loans. As for servicing or repair, I think it is still much cheaper then paying a loan of about 500-600 per month.
But I would get to drive 5 years more. I am quite sure my wife would like to have the convience of a car. I would like to provide for that too.
The savings of $600 over 5 years would be $36000, which could be my downpayment for my next car, if I so wish to get 1.
I looked at second hand car of 1-2 years too, but a search of Sg carmart for cars register from 2015 onwards show prices about the same for a brand new Attrage. Makes no sense to me again. If I look at cars with 5 years Remaining. It's the same.
But looking around for options does help me make a more informed choice.