downgrading car to OPC

[whyzee]

hi guys.. dont know if anyone here experienced with this..

im considering downgrading my current car, kia cerato, into an OPC car..

 

reason being..

i got bike now, i drive less... cost of maintaining n pumping petrol too siong anyway.. so, minimum driving = more savings..

 

i cant really sell the car, cos just got it less than one year, havent break even.. so, to reduce damage to wallet.. im thinking of downgrading to OPC...

 

any advise? some ppl say will affect OMV.. but being noobie, im not too sure how it affect me in future too... btw, if can cut down cost, i intend to keep it for at least next 3 years... its 2 year old now..

 

advantage of OPC... lower road tax.. n cheaper insurance issit?

 

dont flame if i get anything wrong.. i just to be englightened.

 

or not sure, if can trade in for a cheap, small OPC car....

[Demon]

 

any advise? some ppl say will affect OMV.. .

 

There is no impact on your OMV.

 

advantage of OPC... lower road tax.. n cheaper insurance issit?.

 

Lower road tax, yes. Cheaper Insurance, No.

 

or not sure, if can trade in for a cheap, small OPC car....

 

Before you can trade in for a "cheap and small OPC" car, you would need to settle your current loan, and that would mean you will have to fork out an additional sum because the proceeding from the sale of your car is not enough to settle the outstanding amount owed.

 

Some dealers may offer you a new car, and you snowball your existing loan with the new car loan. Don't even get tempted on such deals, you just sink faster.

 

[Rio Kakashi]

your installment will still b the same.. just cheaper road tax dats all bro

[paiseh]

Just to take note:

 

Change to OPC u need to pay $100 as processing fees

 

U can change back to full time anytime. BUT, u need to pay $150 to convert back to full time.

[whyzee]

so.. i guess the difference is jus road tax.. current road tax is 900 per year.. OPC is 100+ per year? so, downgrade to OPC cant get any rebate wor? sighz

[paiseh]

ya, no rebates. worse thing is still need to pay money to downgrade.

[jia_yvon]

no rebate

cheaper roadtax n cheaper insurance. YEs. both cheaper. tts it

 

if possible, rent it out ?

[blast3dGaL]

My OPC (Hyundai Verna) insurance is $1380/annum. Road tax $70 i think.

 

Depends la.. My car I bought for my parents to use. And they only use it over the weekend and late night to go JB because got relative there and to fuel up la I guess.

 

I did call up some car dealers to ask if I can trade for a new car, my car is also about 1 yr old. He mentioned something like topping up between $5 - $10K min to trade...

 

I am not a car person, so I really dunno if that is right, too steep, or okay.. Neither can I say OPC more worth or normal plate more worth keeping...

[Guest NPNT]

blast3dGaL got wad car?

[Throttle]

blast3dGaL got wad car?

 

 

wah lau , people already say it's a hyundai Verna

[Throttle]

zesture, i am not flaming you but i hope you learn your lesson even though it's by the hard way.

 

for those fellas out there who think that affording the monthly payments for a car means can afford a car, do think again. once you fall into this hole, it well take a long time to climb out.

[Throttle]

zesture, i am not flaming you but i hope you learn your lesson even though it's by the hard way.

 

for those fellas out there who think that affording the monthly payments for a car means can afford a car, do think again. once you fall into this hole, it well take a long time to climb out.

[Guest NPNT]

wah lau , people already say it's a hyundai Verna

**** mann... either im old or blind.

 

zesture, i am not flaming you but i hope you learn your lesson even though it's by the hard way.

 

for those fellas out there who think that affording the monthly payments for a car means can afford a car, do think again. once you fall into this hole, it well take a long time to climb out.

 

 

 

zesture, i am not flaming you but i hope you learn your lesson even though it's by the hard way.

 

for those fellas out there who think that affording the monthly payments for a car means can afford a car, do think again. once you fall into this hole, it well take a long time to climb out.

but y u post twice? haha.

[whyzee]

thats to make sure i remember.

 

yah. its a hard lesson learned.. so, right now, working up to climb out of the hole. n i guess, downgrading aint an option now...

[jia_yvon]

nv nv nv buy 1st hand car!!!!!

[madman]

when u convert to opc, you dun get the rebates back instantly also, unlike new opc, get the 17k instantly.

 

when convert back, need to top up, based on how many years of coe left. my 3 yr old opc if convert, only need to pay 12k more, instead of 17k which i tot initially.

 

whether to buy 1st hand car, bike or not, depends on individual. 2nd hand has it's fair share of problems and could cost you more in the end as well.

 

i would say, it's better to think hard b4 committing to get a car, brand new or not.

 

throttle is right, dun tink can afford the installments means can buy car. that's what my cousin tot so, until i calculate how much it'll cost him per month, and he gave up the idea of owning one.

 

$600/mth installment

$300/mth petrol est...

$90/mth hdb MSCP, $250/mth est Carpark in CBD area.

$100/mth donation to erps.

 

Total already more than $1300... insurance, rd tax, maintenance not even count in yet.

[rankief]

downgrade to opc insurance also cheaper meh? by how much %?

[kopvampp]

OPC insusurance got no discount at all will be the same as normal plate...

[samnet]

insurance company (NTUC) do quote 20% lower if it's OPC.

 

If u do convert ur car into OPC, there is an additional rebate (additional Parf) for you. This is calculated at $2200 per annum of conversion. I believe LTA takes into consideration the upfront $17k (+ interest)which you had paid for. Hope this helps.

[bo mai lah]

zesture, i am not flaming you but i hope you learn your lesson even though it's by the hard way.

 

for those fellas out there who think that affording the monthly payments for a car means can afford a car, do think again. once you fall into this hole, it well take a long time to climb out.

 

for once, i agree 100% with u!!!!

[Arcfire]

I've got another question:

 

1) Is it possible to renew the COE for an OPC car? If so, how much is needed to be paid?

 

2) Is it possible to convert a COE car to OPC?

[--BuSa--YoNg--]

No point cuz ur monthly still paying e same n e oni diff is ur road tax & insurance cheaper oni so no point converting but anything u can give me a call @ 91816357..........

[GuiNNeSS]

I've got another question:

 

1) Is it possible to renew the COE for an OPC car? If so, how much is needed to be paid?

 

2) Is it possible to convert a COE car to OPC?

 

 

1) Depend on that time the COE price.

 

2) Yes

[jason_fz6]

insurance company (NTUC) do quote 20% lower if it's OPC.

 

If u do convert ur car into OPC, there is an additional rebate (additional Parf) for you. This is calculated at $2200 per annum of conversion. I believe LTA takes into consideration the upfront $17k (+ interest)which you had paid for. Hope this helps.

 

i cant remember exactly , but this (above) is the correct answer. converting to opc also saves you money from using the car, such as less petrol, less parking, less maintenance, etc. so if you are looking to reduce cost and biking more, this is an option.

 

my getz road tax as opc is only $50. I dont know why so low also. insurance with NCD everything is $670++ even cheaper than my bloody bike, man. ntuc does give a discount for opc, some insurance companies dont. take the trouble to switch insurance lah.

 

when you do decide to get rid of your car, you will get back some parf rebate, coe rebate etc. and now you can cash it out if you dont want to get a new car. but not much lah.....

 

hope this helps for you. I also in the same boat, ride more than drive, then want to reduce cost.

[Dafanshu]

when u convert to opc, you dun get the rebates back instantly also, unlike new opc, get the 17k instantly.

 

when convert back, need to top up, based on how many years of coe left. my 3 yr old opc if convert, only need to pay 12k more, instead of 17k which i tot initially.

 

whether to buy 1st hand car, bike or not, depends on individual. 2nd hand has it's fair share of problems and could cost you more in the end as well.

 

i would say, it's better to think hard b4 committing to get a car, brand new or not.

 

throttle is right, dun tink can afford the installments means can buy car. that's what my cousin tot so, until i calculate how much it'll cost him per month, and he gave up the idea of owning one.

 

$600/mth installment

$300/mth petrol est...

$90/mth hdb MSCP, $250/mth est Carpark in CBD area.

$100/mth donation to erps.

 

Total already more than $1300... insurance, rd tax, maintenance not even count in yet.

 

I like this breakdown. Very clear and accurate.