I'm thinking of buying a new bike and I'd like some input/advice

[Foxtrot Delta]

Hi everyone,

 

My current Suzuki En-125 COE will be ending next year March and I won't be renewing it. The bike is simply too troublesome and expensive to maintain as my local mechanic say this parts are really hard to come by.

 

So I was offered a SYM GTS 200 (FZ plate) for S$1000, (excluding road tax, insurance and COE), the COE will be ending on Sept next year.

 

 

I'm currently working as an IT Support Specialist and earning S$1400+ after CPF and will not be able to make the full payment package of Motorcycle, road tax, insurance, inspection and COE for a grand total of S$5500+. I am thinking of drawing a loan for the Motorcycle, road tax and inspection, and simply transferring the insurance from my old bike to the new one if I chose to buy it.

 

 

I'm just checking if this is a good decision to make and if there any consideration to make.

 

Thanks in advance.

[chaechae]

I can't comment on your plans but I would like to suggest factoring part of your budget to other miscellaneous hidden costs like maintenance and repairs(if needed), if you already haven't.

[ych22]

Unexpectedly spent $200 more than I wish, on repairs and parts this year. Because careless on road + kena hit and run in carpark by car. If your budget is tight, all the more you need to consider irregular costs like servicing and parts and repairs.

 

Also need to pay $4k+ for COE renewal now. If you buy and renew COE immediately, then have to forfeit the remaining 10 month COE. 1000 + 4500 (PQPR Nov 2014) = 5500

 

Plus other things sure more >5500, be careful bro.

[Foxtrot Delta]

Unexpectedly spent $200 more than I wish, on repairs and parts this year. Because careless on road + kena hit and run in carpark by car. If your budget is tight, all the more you need to consider irregular costs like servicing and parts and repairs.

 

Also need to pay $4k+ for COE renewal now. If you buy and renew COE immediately, then have to forfeit the remaining 10 month COE. 1000 + 4500 (PQPR Nov 2014) = 5500

 

Plus other things sure more >5500, be careful bro.

 

Wait, why is forfeiting the remaining 10 month COE a good thing? Shouldn't waiting until the COE to finish before renewal be more reasonable?

[ych22]

Because PQPR might increase by next year. When COE jump from 2k to 2.7k and then 2.7k to 4k this year, can see many people on the forum discussing whether to forfeit and renew immediately....in the end also hard to predict

[MR BIKER]

Scooters are high maintenance machines. the idea to change your en to sym is NOT good decision by your mechanic. you need to know how well the sym has been used. the difference between the en coe ending and the sym is not much differeence and still you have to top up 1k.

seeing as your current pay is such, its best your look for a different machine eg : wave, yamaha x1 , these machines are very durable.

[Foxtrot Delta]

Scooters are high maintenance machines. the idea to change your en to sym is NOT good decision by your mechanic. you need to know how well the sym has been used. the difference between the en coe ending and the sym is not much differeence and still you have to top up 1k.

seeing as your current pay is such, its best your look for a different machine eg : wave, yamaha x1 , these machines are very durable.

 

I do want to buy an SYM or more specifically a large 200 CC scooter comfortable for 2 people to ride on in an urban area like Singapore.

 

But now thinking back, maybe I should just buy a cheaper temporary bike until I can find a company that pays decently for their IT staff... :-/

[MR BIKER]

I do want to buy an SYM or more specifically a large 200 CC scooter comfortable for 2 people to ride on in an urban area like Singapore.

 

But now thinking back, maybe I should just buy a cheaper temporary bike until I can find a company that pays decently for their IT staff... :-/

 

GOOD DECISION. get your budget correct then decide. i am not too sure if you parents to support / or family, but with 1.4k a month, trust me IT WILL be very tight on your budget to get a 9 years old scooter.

[matthias76]

Bike with COE less than 2 years non renewable are aplenty. Should be able to get one and tong until finances get better. Some may say the maths worked out to be the same when you keep changing bikes. But I beg to differ. The interest you pay for the loan makes it worse off just to try to get a bike which is economically speaking a better deal. Loaning too much may end up with heavy commitments and more stress when unexpected things happened. A fully paid 1 year COE left bike that you ride is still better than a 9 year COE bike being repossessed.

 

Have faith. I'm sure you will find a better job soon.

[TsuchimiRin]

I apologize for jumping into this thread for a different advice, I am going to buy a new bike and the shop says they need to take my original IC, is this practice the norm?

[Foxtrot Delta]

I apologize for jumping into this thread for a different advice, I am going to buy a new bike and the shop says they need to take my original IC, is this practice the norm?

 

What do you mean by taking your Original IC? If it is for necessary admin stuff, then yea... If they keeping it as collateral, then no... Might even be illegal I think...

[TsuchimiRin]

What do you mean by taking your Original IC? If it is for necessary admin stuff, then yea... If they keeping it as collateral, then no... Might even be illegal I think...

 

They say they will need to hold onto my IC for the registration of the new bike which I intend to purchase. Of course they will return it back to me but during the process of the registration, they will need to hold onto it.

[kaiq]

I would prefer you not to pass over your ic like this. Pass them your photocopy first. Ask when do they need the original copy of your ic, then accompany them along. It's troublesome for you but it's for your own good.

 

It's there is no loan involved then only need to do transfer and insurance. Insurance you should diy, so only left transfer.

 

It's a matter of trust, and I can't trust them like this.

[TsuchimiRin]

I would prefer you not to pass over your ic like this. Pass them your photocopy first. Ask when do they need the original copy of your ic, then accompany them along. It's troublesome for you but it's for your own good.

 

It's there is no loan involved then only need to do transfer and insurance. Insurance you should diy, so only left transfer.

 

It's a matter of trust, and I can't trust them like this.

 

Duly noted and thank you for the advice.

[elephant]

In singapore its economic suicide to buy any vehicles on loan. Dont do it.

 

Hope you get a better paying job.

 

 

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[zalk]

Hmm first time I hear EN125 expensive to maintain. You can get parts shipped from alixpress.com you know. Anyway, if you really no money must take loan go for the credit card 0% payment plan. The shop's in-house financing can be up to 12% over the loan period. Thats $1200 of a $10000 bike. Its a lot of money.

[matthias76]

Bro...he monthly pay less than 2500 where got credit card...even have the credit limit where got 10000...

 

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[elephant]

Dont be silly. Takingg a loan for a depreciating 'asset' n one with an expiry date is silly.

 

Dont fall into that trap.

 

 

 

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