Dear Bimmer friends: The motivation in keeping one's BMW in top condition seems not to pay off that well in Singapore. Personally I am shocked to learn that a 03/2001 BMW 728ia with everything on board except navigation fetch less than S$ 10,000 plus paper value in this country. What a waste in actual fact! Take my car with only 78,000 on the meter in a beautiful black colour/interior black leather and like new. It is basically worthless. Its paper value is S$ 79,248 PARF until next year in March (no depreciation until then) and the COE loss per month only S$ 291 - yet no value to the market! I am surprised that there is so little appreciation for a car in Singapore with a mind of "export car" whenever I meet a sales person from the industry. Not many countries with such a luxerious feel towards second hand cars. I am a true car lower. I have this BMW here now for sale, have just bought a lovely new 750ia and my wife is a happy owner of a BMW cabrio 1997 with only 48,000 km on the meter. We are going to extend that model for another 10 years as it is too lovely to end as scrapmetal. How to continue be motivated to keep a good car here in top top condition. Anyone with a solution ....... have a nice evening
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Motivation to keep one's BMW in top condition does not pay off - it seems!!
- Thread starter askaer
- Start date
VolanteDB9
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Re: Motivation to keep one's BMW in top condition does not pay off - it seems!!
don't say worthless...many of us will take your M3 as treasure! juz dun sell to/through some unknown sales pax...SEI said:
Re: Motivation to keep one's BMW in top condition does not pay off - it seems!!
One of the impact of the COE scheme is a shorter life-span of cars on Singapore's road. That means older models are phased out faster than in other countries, given the way these (COE, road tax) systems work in accelerating the depreciation in the actual value of the car.
There are many issues to contend with. Warranty issue is one. Then of course you have to think about the 10-year COE renewal - hence it makes financial sense to buy another car by trading in the old model rather than trying to get another ten year’s useful life out of it. Finally, road tax issue. It becomes progressive for cars > 10 years old. It increases exponentially from the 10th year onwards, 110% in the 11th year, 120% in the 12th and so on to a maximum of 150% from the 15th year onwards....
Still, there will always car enthusiasts looking for good-conditioned cars. The E36 is a case in point. In fact, I have a sense that more people appreciate the E36 ( 1991 - 1998 ) than the pre-facelift E46 model ( 1998 - 2001 )...... It is a case of passion.
One of the impact of the COE scheme is a shorter life-span of cars on Singapore's road. That means older models are phased out faster than in other countries, given the way these (COE, road tax) systems work in accelerating the depreciation in the actual value of the car.
There are many issues to contend with. Warranty issue is one. Then of course you have to think about the 10-year COE renewal - hence it makes financial sense to buy another car by trading in the old model rather than trying to get another ten year’s useful life out of it. Finally, road tax issue. It becomes progressive for cars > 10 years old. It increases exponentially from the 10th year onwards, 110% in the 11th year, 120% in the 12th and so on to a maximum of 150% from the 15th year onwards....
Still, there will always car enthusiasts looking for good-conditioned cars. The E36 is a case in point. In fact, I have a sense that more people appreciate the E36 ( 1991 - 1998 ) than the pre-facelift E46 model ( 1998 - 2001 )...... It is a case of passion.
askaer said:
Re: Motivation to keep one's BMW in top condition does not pay off - it seems!!
askaer,
Basically, owning cars here is like leasing a car for 10-years.....stupid COE system! Unsubstantiated rumours are also going around[err pls dont quote me hor] that soon there will be some 300 new ERP gantries and if true I am assuming this to replace road tax and should have no effect to COE. We are unfortunate that car prices here are subjected to high import taxes and such. It is very disheartening sometimes when u are in another country and the car we drive is only 1/3 its price we pay here. So in short, depreciation depreciation ! and a lot of depreciation for cars in SIngapore. As some say, the moment you collect yr car and drive it out of the showroom, its value is immediately some $10 to 20k lower
If yr car is in good condition, try to advertise over forums and sell it yrself. For 'vintage' cars, usually Cars Salesmen will tell u it has no market lah, people prefer new cars, can only export and all that kuku stories which may not always be true. I think Merc and BMWs have pretty good second hand mkt value.
askaer,
Basically, owning cars here is like leasing a car for 10-years.....stupid COE system! Unsubstantiated rumours are also going around[err pls dont quote me hor] that soon there will be some 300 new ERP gantries and if true I am assuming this to replace road tax and should have no effect to COE. We are unfortunate that car prices here are subjected to high import taxes and such. It is very disheartening sometimes when u are in another country and the car we drive is only 1/3 its price we pay here. So in short, depreciation depreciation ! and a lot of depreciation for cars in SIngapore. As some say, the moment you collect yr car and drive it out of the showroom, its value is immediately some $10 to 20k lower
If yr car is in good condition, try to advertise over forums and sell it yrself. For 'vintage' cars, usually Cars Salesmen will tell u it has no market lah, people prefer new cars, can only export and all that kuku stories which may not always be true. I think Merc and BMWs have pretty good second hand mkt value.
Re: Motivation to keep one's BMW in top condition does not pay off - it seems!!
In my opinion, i think a more positive and less painful approach would be to have a mindset of keeping the car in prime condition for self satisfaction rather than trying to keep it prime for the next owner in order to fetch a better price.
I just use my car in everyway possible (track it, spray it, mod it, spin it, jam it, crash it) until its done; then call it a day.
Not everyone's cup of tea i assume? Anybody wants to buy my car now?
In my opinion, i think a more positive and less painful approach would be to have a mindset of keeping the car in prime condition for self satisfaction rather than trying to keep it prime for the next owner in order to fetch a better price.
I just use my car in everyway possible (track it, spray it, mod it, spin it, jam it, crash it) until its done; then call it a day.
Not everyone's cup of tea i assume? Anybody wants to buy my car now?
askaer said:
Re: Motivation to keep one's BMW in top condition does not pay off - it seems!!
I can think of at least 2 reasons:
New car salesman re-inforces the idea that old cars are a liability. Someone called me and said that I should trade-in for a new car. I was told the one I have is old (nearly 5 years), will be prone to breakdown and have expensive repairs. I think the salesman is shooting himself in the foot because he is telling me that the the cars are likely to bomb after 5 years. Imagine a Rolex salesman telling me that. I will buy a Casio and change a watch every year. It takes the joy and fun out of owning a great car. The salesman does not know that he was telling me that the car he is going to sell me is of poor quality, will breakdown after 5 years and will be expensive to repair. Will I buy a car from him? Hey, if you guys are listening, better train your sales force better.
The second reason is that is is so, so costly to keep the car in tip top condition - not the cosmetics but the mechanical parts. I maintain my car well and changed all the recommended parts. However, I get the feeling that the workshop is trying to get as much out of me as possible. They will tell me to change this and that and when I asked why, they say it 'may' breakdown in the future. I paid a few Ks last December for parts replacement. Guess what? The car brokedown because of a cracked expansion tank in January. So second recommendation to the folks out there - train your support staff well and satisfy your customer first and not the bottem line.
I would like to keep and maintain my BM for a longer while but now I am not so sure.
I can think of at least 2 reasons:
New car salesman re-inforces the idea that old cars are a liability. Someone called me and said that I should trade-in for a new car. I was told the one I have is old (nearly 5 years), will be prone to breakdown and have expensive repairs. I think the salesman is shooting himself in the foot because he is telling me that the the cars are likely to bomb after 5 years. Imagine a Rolex salesman telling me that. I will buy a Casio and change a watch every year. It takes the joy and fun out of owning a great car. The salesman does not know that he was telling me that the car he is going to sell me is of poor quality, will breakdown after 5 years and will be expensive to repair. Will I buy a car from him? Hey, if you guys are listening, better train your sales force better.
The second reason is that is is so, so costly to keep the car in tip top condition - not the cosmetics but the mechanical parts. I maintain my car well and changed all the recommended parts. However, I get the feeling that the workshop is trying to get as much out of me as possible. They will tell me to change this and that and when I asked why, they say it 'may' breakdown in the future. I paid a few Ks last December for parts replacement. Guess what? The car brokedown because of a cracked expansion tank in January. So second recommendation to the folks out there - train your support staff well and satisfy your customer first and not the bottem line.
I would like to keep and maintain my BM for a longer while but now I am not so sure.
Blitzer
Well-Known Member
Re: Motivation to keep one's BMW in top condition does not pay off - it seems!!
that, in essence, is the primary goal of the great singapore govt. ALL boils down to $$$$. Of course, with due regard to the fact that they r trying to make car ownership more affordable and hence car usage more costly, the underlying implication is that cars are a LUXURY, and hence car ownership should be 'regulated' as much as possible with regards to those who don't own cars, and thus, the long term push towards usage of public transport.
so we're nicely 'spit-roasted' on the 1 end thru high taxes.... and on the other end 'penalised' thru low residual values for our cars... irregardless of the condition... and for the many like me, who will be carrying on the lifespan of my car.. an extended whammy thru even higher taxes...
...what a vunderfooL ezistence zees ees....... viva-La P _ P !....
that, in essence, is the primary goal of the great singapore govt. ALL boils down to $$$$. Of course, with due regard to the fact that they r trying to make car ownership more affordable and hence car usage more costly, the underlying implication is that cars are a LUXURY, and hence car ownership should be 'regulated' as much as possible with regards to those who don't own cars, and thus, the long term push towards usage of public transport.
so we're nicely 'spit-roasted' on the 1 end thru high taxes.... and on the other end 'penalised' thru low residual values for our cars... irregardless of the condition... and for the many like me, who will be carrying on the lifespan of my car.. an extended whammy thru even higher taxes...
...what a vunderfooL ezistence zees ees....... viva-La P _ P !....
Re: Motivation to keep one's BMW in top condition does not pay off - it seems!!
Yeap....thats the reason why I belong to the Class-of-33 [ and not 66 ]
Yeap....thats the reason why I belong to the Class-of-33 [ and not 66 ]
