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In the midst of a pandemic and economic recession in 2020, should you be thinking of renewing your COE? Here are six things to consider.
Category: Car Ownership Advice
In the midst of a global pandemic, a looming economic recession and plenty of general uncertainty, car owners who's COE is set to expire in 2020 are certainly in a tough spot.
In more 'normal' times, a majority of these buyers will likely opt for getting a brand new or used car instead of a COE renewal on their current vehicle. Of course, there are many reasons for this. As we've explored earlier, there is certainly justification for not renewing your car's COE. But if we were to sum it down to one overly simplistic reason, its probably this - most people would rather have a newer car than an older one.
But, 2020 poses additional challenges for such drivers. With car showrooms now temporarily closed for two months, an economic recession looming and general economic and financial uncertainty in the air, taking the leap and making a big-ticket purchase like buying a new car can be incredibly daunting.
We consider six reasons it may make more sense for you to might want to opt for a COE renewal.
1. Financial prudence
Let's face it - no matter how you cut it, it's cheaper to for a COE renewal on your current car than it is to buy a new car. While the upfront payment may be more than the down payment of a new car, you don't have to contend with paying off loans for the subsequent seven years or however long your load period is.
Alternatively, you can also choose to take out a loan when you renew COE. And for some drivers, this simple math is what really counts.