WRONG MOVE #2: BUYING A CAR IN SINGAPORE

Some time in mid-December 2015, I would have to make a decision to i) scrap my car, ii) renew the COE for 5-years, iii) buy a new car or iv) buy a PARF car.

It is not an easy decision to make. The main consideration is plonking good money into a depreciating asset.

Let's do the sums for a Honda Fit to be scrapped.

(Installment + usage/maintenance) per month = $1,083. This sum includes petrol, parking at home & work, ERP, insurance, road tax and regular servicing, changing of parts. 

PARF rebate at scrap = $9,500.

So, after scrapping the car in December I get an 'increment' of $1,083 per month and a $9,500 bonus? 

OK, take my car.