The car that we have is reaching the end of its 10 years cycle (specifically, it has been with us for 9 years).
The escalating cost of COE (certificate of entitlement) to own a car is truly astounding and heart-breaking. The dream of owning a car is becoming literally a dream, beyond the reach of people with average income.
We have own a total of 4 cars (in Singapore) over the past 4 decades - starting with a second-hand Toyota Starlet (had it for about 4 years), then Toyota Corolla (for 8 years), then Camry (for 8 years) and current Toyota Wish (9 years).
As the saying goes, we never own the car - at the end of 10 years cycle, the cash value of a car is literally 'zero'.
With the government's intention to phase out petrol-run vehicles in the next few years, our family went to BYD branch in Alexander Rd for preliminary exploration end Sept 2024. As fate will have it, I was pleasantly surprised of news that BYD was bringing in a 7 seater MPV in the coming month - we made a $1K booking fees. While we were away on holidays in Austria, I was informed that the car was available for test drive in the 3rd week of November. Test drive the car and made final confirmation of the booking - the car costs a total $180K. My current Toyota Wish had a trade in value of $17K.
And was finally informed that the new BYD M6 car will arrive in 2 weeks time!
Owning a car is a costly affair. We are literally driving a house in the busy road - a house that will deplete in cash value with each passing year!
Is it going to be the last time I own a car? (now that I am already in early 60s).
