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).
What a heartfelt reflection on your car journey, HuanKee! It’s truly a bittersweet moment when we have to say goodbye to a vehicle that has been part of our lives for so long. The rising costs of car ownership can be daunting, especially with the changes in the industry. Your experience with the new BYD M6 sounds exciting, and it's great to see you embracing the future of driving! For anyone in Adelaide considering similar changes, there are cash for cars services in Adelaide can help to ease the transition. It’s a convenient way to get value from your old car while moving on to new adventures!
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