Singapore Car Prices: Can COE System Be Fairer? | Talking Point | Full Episode
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- Опубліковано 10 лип 2024
- Certificate of Entitlement premiums hit a record high in July 2022 - the highest in 28 years. The system was first introduced to reduce traffic congestion and limit the number of cars in land scarce Singapore. But in a bid to keep cars off the road, have we unintentionally driven away those who really need one? In this episode, host Steven Chia finds out what’s behind these sky high prices, and asks: how fair is the COE system itself?
0:00 Cost of a car in Singapore: the breakdown
2:50 How are COE prices derived?
5:30 Why are COE prices so high now?
8:27 Could Tesla be behind COE price surge?
11:26 Does Singapore's COE system work?
14:26 Car ownership: a young family's wish
17:27 COE: Can these changes be made?
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There should be a clear separation between categories for individuals vs the business corporations. Why not do this separation? because LTA will end up with lesser price per COE category.
taxis have been removed from the equation. however, for private hires, there's also a group of private owners who use their vehicles for private hire. we cannot exclude them. private hire vehicles can be switched in and out of the private system by application. if we separate the categories, when demand for pte hire comes down, we will also lose the ability to buy these vehicles as they are intended for that category you created.
@@naanyangdiaries tbh, if you need to buy used PHV card then you prob shouldn’t and fall under the category that can’t afford cars….literally keeping them as part of the equation will make cars less affordable, the PHVs in circulation are ‘cheap’ by your measure only because of the high COE prices because of them, it’s a circular argument and does not hold weight
@@ryantan1022 I didn't say people should buy or could buy used PHV. In any case, one could also say, if you can't afford cars as it is now, you shouldn't be buying one. "Literally keeping them" what are you trying to say here?
Exactly!
Lies again? Harvard Barcelona Orlando Lady Luck
Limit to one car per household. Those who wish to have more than 1 car per household should pay more for each subsequent car. Companies should pay more. Singaporeans obtaining 1st car should pay less. It is important to have a car when you have very young children or old immobile grandparents. One of the factors that would influence Singaporeans in child rearing.
Nah. Mandate COE bidding in cash and buyers have to bid themselves. Currently it’s tied up in loans so buyers only pay 40% of the car purchase price in cash to drive off the car.
If cash then you only get rich and/or old people to have cars. You have loans as a concept so young people can use some of their future equity today, and my understanding is that rich people are 10% of pop and old people don’t have kids. Therefore more redistribution of wealth to younger singaporeans (not PR) should be prioritised if the goal is to have more work life balance and kids
Edit: I say this as a foreigner that have been to Singapore and wants to contribute to Singapore some time in the future
Also perhaps add that only families with at least 1 kid can own car
companies will rather buy commercial vehicles category than other category to save costs. so they already pay more if they cannot get commercial vehicles. it is more on household vehicles that are more concern.
@@christianholmenfrost because it’s in cash and buyers will bid more prudently. Car dealers have no incentive to bid lower, their aim is to secure the bid to close the sale. No COE no sale, geddit?
All four of those so-called experts have a vested interest in not seeing the "Pay-as-you-bid" scheme implemented. For the 2 car enthusiast, it means they'll have to start paying full bid price for their COEs, instead of the lowest successful bid + $1. As a car enthusiast, you definitely want to own a car, if not more than 1, and also change your car frequently. To guarantee that, one would logically bid very high for their COE since they know they won't have to pay that much anyway. If you change your car every 10 years at the end of its COE, can you really call yourself a car enthusiast?
For the male car dealer, I cannot believe that he won't know how to price his cars. It's simple. It's just like in the old PARF days. The car price then was made up of two components. The car price, and the PARF value of a scrapped car (in the form of a PARF paper/certificate). Obviously, some car buyers may not have a used car to scrap in order to get the PARF cert, so dealers will do that for their customers, for a nominal price. So if this "pay-as-you-bid" system is implemented, it will bring more transparency to car prices since dealers will have to advertise only the car price. Customers can then calculate the approximate mark-up by the dealer on the car cost, and decide if they're willing to pay that mark-up. And since COEs can only be bidded using the would-be car owner's NRIC, and COEs are non-transferable, pay-as-you-bid will not result in an individual turning a profit on his COE by reselling it instead of using it to register a car. LTA can either restrict bidding to individuals, or leave it as it is now, and dealers will take instructions from their customers on how much to bid for their cars.
Dealers don't want this system because then they can no longer hide their mark-ups, and keep actual car prices non-transparent.
Untrue about this though. Just use OMV x 300% won't that be the price of the car? There are so many calculators online to calculate the cost of cars in Singapore. Its just do people bother using it.
exactly, pay as you bid is good because people will think before bidding - - the only thing that was uttered that seemed like it would make it not feasible was that "people will game the system" - as if now people don't do that? haha
bro he drive evo
@@ngkangyang9506 Bro EVO is a cheap car, not a luxury.....🤣
And blaming it on Tesla, lol. Really expert, in blaming others.
Definitely put PHVs into their own category. They are basically commercial vehicles. When they compete with normal passenger cars for COE, it's the innocent families who need transport that pay the negative externality for PHV drivers. No need to do anything special to help families, but at least get the PHVs and the giant leasing corporations off their backs.
Edit: After stewing on the idea a bit, I no longer think putting PHVs into their own category is a good idea. That would be imposing a (quite) permanent solution onto a temporary problem. The temp problem being, the rise of companies like Grab and Uber came off the back of an economic bubble and cheap cash. This made the related fleet companies overbid for lots of cars. We are already seeing a rapid reduction of PHV cars this year as those easy economic conditions are no longer present. When the liquidation of these fleets get underway, we should see COE prices come down as well. As for future takeaways, maybe slap a limit on how many bids those fleet companies can submit at one go to protect individual families who are still hapless against them.
Have you bought a new car before? The best fix is not to open a category for PHV but to soak up the excess liquidity. ie require bidders to deposit full reserve amount instead of the flat $10k now.
thank you for this episode!
Agree with suggestion to bid based on percentage of OMV. Bidders put in bids for highest percentage they are prepared to pay for COE. Cat A cars shouldn't compete with businesses. Businesses should have their own category.
Have you ever buy new car before? The only mechanics that make sense is to deposit the full reserve amount instead of the flat S$10k now. Requiring only $10k when final market price is at $100k is like giving 10x margin. Full reserve amount is best way to soak up the excess cash in the market.
Lol. Oh please Tesla way of selling is so much better for customer than traditional AD. So much more transparent, no playing with numbers and margin like AD. and u don’t need to worry about it u get a lousier deal than other buyer buying at the same time.
Ah yes ✌️👍
Two things that stood out for me. PAYB is NOT unfeasible. It is extremely feasible. It will change behaviour. Second, Tesla is right in not buffering the COE cost. PAYB + no buffer makes a big difference in behaviour. Of course, the power that be are not able to see the merits for reasons that I can't fathom. I first proposed PAYB bacin in 2001 or 2002 to LTA, but it was pooh-poohed as not useful.
It's not PAYB but a deposit of the full reserve amount instead of the flat $10k. The settled price can still be the last successful bid amount. COE is high only because there is too much cash and too little common sense among singaporeans. Why no kpkb when COE was low from 2018 until Jan 2022?
PAYB does help, and I think it will help substantially in lowering the price is COE. Another way is to disallow loan for COE, only allow loan for cars OMV, RF, ARF, ED, GST and dealers' profit.
@@khansengoh418 It's not "PAYB" but a deposit of the full reserve amount instead of the flat $10k. The settled price can still be the last successful bid amount. And liquidity can be soaked up further if LTA refunds the difference only at the end of the month.
Don't you know that COE is high only because there is too much cash and too little common sense among singaporeans. But you notice there was no kpkb when COE was low from 2018 until Jan 2022?
Having really young kids and old parents means owning a car is a NEED. The COE System has failed the middle class. If we can ballot for housing, why cant we ballot for cars? Right, no revenue.
Why should taxpayers subsidise the lifestyle of the educated middle-class? Isn't it merely envy and greed?
Wait the experts said pay-as-you-bid (PAYB) isn't feasible??? Their points about quota is an entirely different matter irrelevant to whether the price is PAYB or the current system. The PAYB system targets bidding behaviour, not quota,which has nothing to do with feasibility.
Seriously, car dealers are the one driving the COE. COE should be bid separately and independently by potential car owner. The dealer should and only allowed sell the car without the COE to the individual. COE cost should be loan separately from the car loan. This prevents the in-house finance from gaining financial gains out from the COE itself.
Agree that we should not allow loans for a tax. But wait for the kpkb and blaming to happen. Think you never manage singaporean workers before nor buy new car before.
COE system is a cash cow for Gov. Want to be fair n control - use HDB system ~ entitlement 1 car per nucleus family for personal ownership. These entitlements can be sold on the markets something like “HDB resale” for those who do not want to car ownership; henceforth the rich with money can buy 2/3 cars subject to prevailing market resale prices. For commercial vehicles and transportation providers fall under different categories based on companies needs per revenue of IRA OR abolish all personal cars - only companies basis; control car ownership licenses issued as per bicycle rental scheme and SME be based on per Singaporeans employed. For your comments
Why should taxpayers give such privilege to singaporeans regardless of contribution and work skills? Isn't it just envy on the part of some singaporeans who are jealous of those who can earn more or richer? Free market and free choice is best, right? It sounds like you never work in civil service before and you have never bought new car before.
@@scbchong6964
Because Singaporeans and are the loyalists of Singapore; irregardless of their roles n contributions ~ birthrights. Every Singaporean nucleus family is entitled to 1 family car option, and if the family wishes to sell this entitlement to a resale free market price and forego the 1 car ownership ~ those have monies can buy; it is a win-win situation for the willing seller to willing buyer.
For PHV COE - an allotment of licences to bid amongst these corporations ~ like rental bicycles. SMEs where are the core of Singapore small biz will then be as accord to biz size/Singaporeans employee numbers/revenue combo mixes percentiles ~ in periodic moving averages. Basic allotment of 1 commercial vehicle per active biz. Just for comments n suggestions n debate ~ all are welcome to contribute.
Your personal assumptions are incorrect.
@@angxiang3186 But private car is not a "need" or "essential", unlike a home. Why should singaporeans be so arrogant, greedy and entitled? Singaporeans already have very high salaries, fat bonus, full employment, subsidised HDB flat, easy loans and high-interest CPF. Why should taxpayers subsidise your lifestyle demands when most singaporeans are mediocre workers who kpkb and got no talent and bad work attitude?
when I visited Singapore and was told this I thought it was crazy and I still think so…altho the lack of traffic for SE Asia was amazing - there were so many ubers and ai think they should be separate category for sure
There should be a higher rate for those who buy more than two COE. Second car ownership, third car ownership should be helmed back. And if people choose to do so, they can put under their wife name.
But frankly, the greatest devious scheme is to limit number of carpark lot. Now the car lite precinct will force the entire population to half their car ownership by reducing the lot by half. So what if CNA talk like that, you just force all the HDB and condo to half a lot. Gone are days of LKY sensibilities to resolve traffic, they just remove the car then become no problem.
Maybe set a liimit to cars registered under the same residential address. There is already a ABSD for housing, why not do the same for cars ownership.
@@badboi888 I think playing around and forcing them to register the car under another name even if they pay for it is enough. It is already making people register under another name. What we don't want is a person who owns five cars and deny another 4 people from owning a car.
@@badboi888 but the arguement can be "I stay in a jumbo or a bigger condo or even a landed hence need more cars*
Do you know it is residents of the car-lite areas who requested reduced public parking lots? Isn't it better to have more greenery and less pollution?
@@scbchong6964 none of the car-lite precincts are even built. What residents are you even talking about? Want to Lie also check the information first.
Pay as you bid will be the most effective to reduce the high price bump! Of course, no car sellers wants it as they hid their margin inside the package
Exactly. If only allow individual to bid plus pay as u bid u see how many willing to pay upfront. More like car dealer can’t play their dirty games
I totally agree with you. Your successful bid is not transferable
Have you bought new car before? It's more about deposit the full reserve amount instead of the flat $10k now. But I think buyers bidding will help too. But then watch the kpkb from those who have to take loan. Overall, price inflation is always caused by too much cash and too little common sense.
@@scbchong6964 You correct. But the recent hike in price is not because of too much cash. It's explaining partially. The wish of having a car without waiting + the zero risk of overbidding make the price jumping. It's a simple explanation. If you punish these "overbidders" by forcing them to pay what they bid, the fever will go down.
@@samalesi3188 You forgot cause-and-effect. There is full employment in singapore. Easy to get car loans hence. And lots of cash in pocket. CPF savings is fat and interest rates generous. Also Wealth Effect from property enblocs and million dollar HDBs. Bonuses was also paid despite low productivity and innovation. Did you also know in the past years, better educated, white collar GenX has been turning 55 and able to withdraw CPF savings too? There is too much liquidity which needs to be soaked up by making it painful and inconvenient to bid for car.
Despite the COEs, high petrol prices, other taxes…people’s desire for cars will always be there due to their circumstances.
@Waka Waka That won’t happen as banning car purchase is lost revenue for the Government.
@Seeyou Seemee The foreigners are one of the highest earners in Singapore & banning them from owning cars will again lost revenue for the Government.
i appreciate the program and the input. But I am not as optimistic about recategorizing as a solution. It doesnt matter what you do, there will be winners and losers.
Can I dress my commercial vehicle so it is practically a private vehicle? Who takes the priority, young kids or old people, or jobs that require a lot of travelling and what are they? Can I buy a PHV and use i as private? I dont think recategorizing as a simple solution.
Conversely, the comment about pay as you bid is not without merit. It solves the problem of people who overbid in a simple way. The objections like people selling off their COE is not a valid concern. If I am willing to buy at say 60k I will bid 60k rather than bid 10k and then buy in the resale market at 60k. Conversely, if i buy at 60k and the market only supports 10k I will sell at a loss. That is what happens when people trade a commodity. They can win or lose in the trade, and that is their call.
I think the solutions are not examined in sufficient depth. It is good to start a conversation about this, but this coverage can be continued.
The gorilla in the room is not addressed. What is the government's motivation for the system they put in? Are they more interested in equitable distribution or are they more interested in maximum revenue? If their interest is revenue, this discussion about equitable distribution may be barking up the wrong tree.
Have you bought a new car before? The best tweak now is to require deposit of the full reserve amount instead of the flat $10k. When COE is $100k, it's like giving 10x margin. No wonder there is speculation. Because price inflation is always caused by too much cash and too little common sense.
@@scbchong6964 Yes I bought new car before. But what has that to do the discussion?
@@peteryeng Well, those who have bought a new car in SG have more credible, authentic and practical suggestions than those students and champion grumbler oldies who are talking out of their arse. Reading through the replies, so many singaporeans just want handouts and welfare instead of learning to earn a better living.
recategorizing will not be a solution. Removing 50% of the carparks will definitely remove the crave for owning a car.
So many things have changed since COE was first introduced. We have higher population, more foreigners, more ultra rich, more private hire cars but COE system and road capacity remain largely the same... better public transport is not the key to solve all the problem. A car is some time a need, not a luxury item that is limited to certain group of people.
You forgot citizens' wages have also risen alot. Inflation is always caused by too much cash and too little common sense, so why keep blaming govt or the rich? btw did you know COE was low from 2018 till Jan 2022? What did you do when COE was low?
@@scbchong6964 what that was working then might not be working now. Situation changed so policy has to adjust.
@@nicstm Why no need to "adjust" when COE was low for three years recently? Mechanism was the same then, right? btw what is wrong with taxing rich people higher? It is the Cat B COE which is above $100k and those are mainly luxury cars lusted after by rich people.
(If you want to soak up the excess cash, then require deposit of the full Reserve amount instead of the $10k flat fee now.) But overall, remember that you cannot get car loan if you got no job, so all car buyers, whether Cat A or B, are earning good salary. So why shouldn't we tax more a Want/Desire? New car is not an essential Need, hor.
Dealers should be banned from participating in the COE bidding process. Right now the bundling of the COE only allows these dealers to profit from the lack of price transparency especially when those cars qualify for credits from VES and EEAI.
As for the cheap shot leveled on Tesla by that executive from Wearnes Automotive, take a good look at the obscene levels of profiteering for your cars like Volvo and Polestar before you comment on others. At least with Tesla, I'm paying an amount which has full price transparency and similar to what other Tesla owners are paying in other countries.
Ya la. Invite all these “guests” with ulterior motives. Think the viewers are dumb or what ?
But you get full price transparency for other brands too because LTA publishes the Basic Cost every month. It is greedy, arrogant middle-class singaporeans who like to complain and blame govt and foreigners, forgetting that too much cash and too little common sense is what causes price inflation.
Similar to subsidies for helpers' levy, Singapore should implement the same system for cars. All family with young children should be allow to purchase 1 car with low or no COE. This will serve 2 purposes at the very least.
1. People will be encourage to start a family and encourage couples to have kids.
2. The system will be much fairer where the rich that can afford multiple cars can pay higher COE rates.
I agree. A future system should have two ring fenced markets - one for families and one for the wealthy. If car purchased due to wealth then give them a special number plate ?
This is possible, with some caveats. Such as it will need to follow how HDBs are sold where all levies are to be paid back if the owner sells the car (taken into account somehow else it will be very profitable to just get it and sell it out early to someone who does not meet the criteria for subsidies).
Also have to note that selling those subsidized cars and buying another later meant another COE used due to that same buyer. So perhaps some regulations are needed such as 1-time subsidy only, or once every 10 years etc. It is possible, just more thoughts need to be given.
Sure, then the next problem that people have will be the traffic congestion problem
@@tce6586 why? if you implement the above, then logically you would reduce quota for the others
@@87masterdon well thought out reply. I agree totally.
There are 5 parties in a sale of a car. LTA who regulate the COE, Car dealer who sells the car, Finance Company who finance the loan. Insurance Company who sells the insurance. Finally the buyer. Of these 5, 4 of them prefers the COE to be high. The buyer has no chance to have a say on the COE. Try walking into a car showroom with your COE in hand. The price offered will be higher than the COE included car.
trust me, if the regular customer bids for his/her own COE, it will be another record high. most customer wont know how much to go. dealer knows how not to overkill their own profit margin.
"The buyer has no chance to have a say on the COE."
Really? Who decides on the COE laws? "Car lobbyist" in Singapore? Can't be right? Car salespeople also buy/drive their own cars, by the way.
The price of the COE is more expensive than the price of car worth. 🤦🏻♂️
How about a COE with an optional period ? As such, motorist may not have to pay a bigger sum. Also, it will help those who may need a vehicle for a certain shorter period only.
Good job
$120000 is not even enough to pay a minister salary.
It appears the 5 guests are car dealers? It’s apparently that they would not be in favour of the Pay as you Bid which in all aspect is the most logical solution!
3 are car enthusiast, only 1 is car dealership person there. Are we watching the same video?
Those staying in landed property are already parking at the roadside ,making a nuisance to public vehicles.
Please do a second episode 😁
Absolutely crazy implementation of this COE. For those rich people they totally feel anything as they can afford to buy whatever car with having this COE.
Why blame rich people? Did you act when COE was low from 2018 till Jan 2022? You also can retrain and work and learn better to become richer too.
I totally agree! @@scbchong6964
For each registered household,
1st Car - no need COE.
Subsequent Cars - COE. And with rising duty (like property ABSD) as well as diminishing probability for each additional car (tweak like BTO balloting)
Solves the issue of equity, equality and maybe even congestion. You are welcome.
Sounds like you never buy new car before, nor do you work in civil service or have managed/trained singaporean workers. Car is a lifestyle want and liability, not a essential need like housing lah.
@@scbchong6964 LOL quick to judge eh?
- i am comparing 1st car to 1st property lah, both essential; you might not agree if you are a single professional living with parents but if you are the main breadwinner of a family with elderly parents and kids you might understand. So no COE for 1st one.
- I then compare additional household cars to additional private properties; which are lifestyle wants, non essential. So bring on COE, or even more, for additional cars.
- I then try to tie it up, referencing equity and equality values that our "civil service mandarins" espouse. Not having a COE for the 1st car is equitable to every household regardless of income/wealth. Following which subsequent COEs at increasing marginal cost meets the equality criteria; that if you can afford it, you can go ahead and own as many cars as you want in your pursuit of happiness.
@@yongming1978 Why should taxpayers subsidise the 1st car when a car is a lifestyle want and liability, not an essential like basic HDB flat? Why should young working adults be tempted to take a loan for a liability? Isn't that forcing a lifestyle choice on others?
How long you been working and have you bought a new car before? Why can't learn to save and buy a used car first?
@@scbchong6964 Why should taxpayers subsidise the 1st car when a car is a lifestyle want and liability, not an essential like basic HDB flat?
- No ah. Where is the taxpayer subsidy here if COE is waived for 1st car? Will still pay import duty, GST, road tax etc what and then some more got ERP etc.
- I don't see your argument here to be honest. Would you consider those buying 5 rm flats to be subsidizing 3 rm flats buyers? 5 rm is extra, no? 3 rm is basic mah.
Why should young working adults be tempted to take a loan for a liability?
- So if 1st car has no COE, would that not be lesser loan and lesser liability ? Not only young adults buy cars what, working fathers and mothers with dependents also need car mah. Actually even more so and i think THIS segment is the portion that needs a more EQUITABLE COE policy.
Isn't that forcing a lifestyle choice on others?
- No ah. Actually we are talking about COE policy here right? Not whether car is a good or bad lifestyle choice?
How long you been working and have you bought a new car before? Why can't learn to save and buy a used car first?
- Many many years and yes got new car (fully paid no loan). If not why I think COE policy not fair leh? Too much time ah? LOL
Have a nice day~~!
@@yongming1978 Giving automatic free COE to all citizens means it's a privilege, no need to compete, and that is a handout and welfare. Private car is not essential but a lifestyle want and choice. Plus cars have to be imported and you are at mercy of private sector. Why be chained to such desire?
btw no need to hao lian that you got a new car with cash lah. I also bought when COE was low during 2018 to Jan 2022.
COE cannot be "fair" because Nature/God distributes talents unfairly, right? How to pay someone high when he got no skills and no talent? Why expect taxpayers to pay more to assuage your "compassion"?
How about you donate your next COE to another "needy" singaporean? ie you pay but you give it away. "sharing" and "fairness" talk is meaningless without sacrifice.
Despite the COEs, high petrol prices, and other taxes - I think people's desire to get a car will always be there. However, people also need to consider a lot of things before getting one.
Worst-researched Talking Point ever. I generally like Talking Point as there's some value in hearing perspectives on hot topics, but CNA did not do their research this time.
1. Wrong COE Cat A requirements. CNA did not mention that Singapore, several years ago, has already put in "power output" limits to prevent more powerful, expensive cars (with under 1.6L engines) from qualifying for Cat A. Instead, CNA erroneously filmed an entire segment decrying how this "powerful cars" can compete with other mass market Cat A cars - when they cannot qualify for Cat A.
2. "Experts". The 5 "experts" was touted as have "more than 20 years of experience" - that's 4+ years of experience on average for each "expert". No wonder the ridiculous answers some of them gave to the 3 proposals, especially the later 2 proposals on Pay-As-You-Bid and special treatment for different groups.
3. Dealer revenue generation from COEs and how that add to the cost of the car. Asking dealers why it is "bad" for Pay-As-You-Bid or for car buyers to bid their own COEs - you might as well ask GP clinics why you can't buy the prescribed medicine from a pharmacist. COEs make up a large percentage of dealer profits. A car dealer typically makes $2-3k per mass market car in the US, while a SG car dealer makes about $25-35k per mass market car in Singapore. This analysis on estimated dealer margin is published every month by LTA, and the dealer is able to "hide" the margin through bidding for the COE and profiting. I will be fair - SG car dealers sell a lower volume of cars compared to car dealers, so they do need higher margin per car to remain profitable. However, it doesn't take a way from the fact that the profits is driven by COE bidding - asking them whether to stop dealers from bidding, just doesn't make sense.
CNA, please do your research and revert to the higher quality Talking Points that you have done in the past.
Well, the only valid point was made by the academic when he said that "singaporeans are rich". COE inflation is caused by too much cash and too little common sense from singaporeans, not foreigners. However, I do think the liquidity can be soaked up by requiring full deposit of the reserve amount instead of the flat $10k now.
This is the most ridiculous system I have ever heard of.
Even if the gov wanted to limit car usage for environmental reasons or whatever - there are MUCH simpler systems to implement, this just seems like money gouging oppose to reducing traffic etc.
Can you describe your "...MUCH simpler system..."? You forgot majority of singaporeans are educated, middle-class with too much cash and too little common sense. Sounds like you have never managed workers or been in leadership position. Neither have you bought a new car in SG before.
@@scbchong6964 don’t live in Singapore, I’m a director, earning close to 7 figures. So I’m quite Comfortable.
I live in western country so buying a NEW car is pretty straight forward
Not my fault “educated” Singaporeans aren’t smart enough to see they’re getting ripped off by their government
What simpler system do you suggest
Bruh if u want to live on a island highways I guess coe is dumb
I believe a lottery system is fairer for all. Increase chances for people with family or special needs is a better system than sky high prices that only allow the rich to own cars.
Why you never take action when COE was low from 2018 till Jan 2022? Why not have lottery for high paying jobs too? Why people with family cannot buy used cars? Why special needs folks want to waste money on a lifestyle liability? Car is not essential need but a lifestyle want and liability.
@@scbchong6964I would agree with the sentiment but public transport has stagnated in quality in terms of sbs while mrt is in a turbulent stage of expansion. Which make people lean towards driving
Need a great depression and massive retrenchment to get the COE price down
I dont get why rented private hire cars from Grab and stuff can't be classified under the "taxi" category. Seems like an easy fix to me
because it will lead to abuse....if the Taxi category COE is cheaper, people will just buy a car under PHV and use it as a personal car....after a few rounds, the problem will be back to square one
@@amekanasai exactly. Can't say those who chiong phv as their personal cars are elites of the society... so yes, this will definitely lead to abuse
well.. with cars now really expensive, ppl are turning to buy this really cute van call honda N box under cat d coe. super easy fix for u?
@Ernest Kwok. Do you know that you need to register a company or be a hawker before you can buy a Cat D vehicles? And do you know there is a speed limit and geographical limit imposed on Cat D vehicles? And if you work in certain organisations, in fact most organisations, you are not allowed to register a company, so in fact many people can't but Cat D vehicles.
@@khansengoh418 of cos i do. all these have been practiced since the up rise of euro vans more than 10-15 years ago. If u can't start a business then get your siblings to register a business on behalf while u act as guarantor for the loan. Not rocket science, yea? the only setback is NCD is max 20% and TDSR will stay with your asigned biz owner.
My understanding of COE price is "lowest successful bidder" instead of "highest unsuccessful bidder" no? And I think imposing an additional car tax calculated by the purchase price for 2nd car onwards with an increase for each additional car per household just like property can help curb the COE price. End of the day the COE quota is dependant on the number of deregistered vehicles so even with more categories, its still sharing the same number of total COE issued.
it would be tricky to implement those feasible ideas but i do have to say that i agree with them. by creating more categories, the market would be spread out allowing for cheaper coes, like phv and rental car companies bid in 1 segment, electric bid in another. in my opinion it’s easy to implement the special segment of coe for families in need for example, before bidding, bidders has to provide proof of address and bank statements from the previous year and ur child’s birth certificate (if any). while it does not sound perfect now, it might help those families that really need a car to get one without the huge financial burden that we have now. limiting the amount of cars per household is also another viable way to lower coe prices. instead of 1 car per household (some families are too big to squeeze all their kids in a single car), i would say a limit of 2 car per household and should one wants to get a third car, they would have to pay a hefty amount (4500) for an additional slot to deter people from buying more than 2 cars. the rich are the hardest ones to tackle as they are willing to pay whatever amount is needed to own as many cars as possible so i believe implementing a system that needs proof of address will help as many singaporeans live in condos or hdb but the rich live in landed properties so if they decide to buy a car and they stay in a landed property, the prices of additional car per household shoots up for them (25000).
Disallow loan for COE, and you can buy the car only when you have the COE. There will be short term price chaos, but it will all head downwards to a stable number. The guy bidding our COE is also making money through loans, so there is no motivation to make it affordable. We can bid $1 but we don’t want to, yet we complain…. and we still buy it at no matter how high COE!
Wa bro u like that say is supporting the rich that can afford and disallowing the average Joe to buy hahaha
Then it’s unfair? Only the rich get to get a car?
@@uniquelyad Why can't you work, excel and be rich too? Govt never stop you from choosing the best job suitable for your talents and skills, right?
@@matosmatos9292 Why should taxpayers subsidise the average joe's lifestyle? Why can't the Joe work to become rich?
A quick fix to soak up the excess liquidity cash now is to require deposit of the full reserve amount, instead of the flat $10k. Confirmed stop overbidding by dealers and buyers.
Top tier journaiism
just thinking out loud, maybe adopt the "ABSD" approach? for example, a household who buys more than 1 car pays for additional buyer stamp duty..
The high OMV cars already get higher taxes. Price inflation is always caused by too much cash and too little common sense. Because singaporeans have high wages, fat bonus, full employment, subsidised HDB flat, generous CPF, high savings and easy loans/credit. btw have you bought new car before? The best fix is to require deposit of the full reserve amount instead of the flat $10k. Such a small amount when COE is $100k is like getting 10x margin.
@@scbchong6964 i get your point. While it does make sense to reduce cash kings when it comes to buying of cars in SG roads, ultimately, we also need to consider other residents' needs as well, like the couple in the video who has a kid and a dog, and public transportation for them is a hussle. I'm curious to know the metrics for residents/households who own more than a car.
@@JaredxHo You notice the couple never think about buying used car. And they avoided the issue of low COE from 2018 till Jan 2022. Why people like to kpkb when they never take action at the right time? Why have fixation on new?
btw govt considers seriously only when needs are essential like housing, not when it is lifestyle want/choice like a private car. Car is also a liability and depreciating every day it sits in the car park.
I am 55 and have two cars, bought during low COE times. Those in landed property may have 3 cars but living under the one roof are 3 related families.
Maybe you can limit COEs to one per household and maybe increase COEs by doing some form or coding like what we do here in PH where certain days a certain coded cars are not allowed on the road
Not feasible as household units can range from just the couple without children to an extended family with multi-generation living together. Moreover this rule can lead to Ali Baba situation where I buy the COE only to transfer to another person or rent it out.
Fixed quota per month
Locals - ballot with fixed $2 coe price
Limit to 1 max per household
Non transferrable
Foreigner - current coe system, separate pool
Local with more than 1 car - same pool as foreigner
The gahmen does not control what car buyers bid, right? Plus gahmen never force you to buy when COE is high, neither does it ban citizens from buying when COE low, right? Why you never take action when COE was low from 2018 till Jan 2022? Waiting for f*ck? Also, citizens are free to work in any job which rewards them for their talents and abilities. Why blame govt when it is your own fault and lack of talent and bad work attitude?
@@scbchong6964eh dude that's kinda unfair people decide their aspirations with other considerations besides income and the ability to own a car isn't the end all be all in sg. I think more Singaporeans should be both content and demand more from public transport instead of praying for a car
@@twgok3162 It's "harsh and realistic" not "unfair". Because Nature/God distributes talents and abilities UNFAIRLY, right? One thing working singaporeans (especially GenZ and Millennials) forgets is that everyone has different talents and abilities. And in small population singapore, Normal Distribution Curve means majority of adult workers are average, below average or mediocre. Why should govt force taxpayers to subsidise folks who complain alot and don't understand the consequences of their actions or inaction. COE price was low for four years from 2018 onwards. If in four years you cannot make a decision, the problem is NOT the COE system or govt policies. The problem is YOU.
If the country is all out to boost birth rate, it should consider every possible option to achieve this goal. Housing is one, car could be another .
But housing is essential need and car is lifestyle want/choice. The birth rate is low because women are better educated and pursue career.
@@scbchong6964 u r not wrong . But u r also doing nothing with ur comments . So are you gonna sit there and suggest nothing now and blame it on better education and career opportunity? 😂
@@AA-um3jg Why should taxpayers subsidise or gift you your lifestyle Want? And not every citizen wants to marry and have kids. Why should a privilege be given to all regardless of their needs? Isn't that wasteful? You obviously still in school and living rent-free with your parents, aren't you?
btw COE prices were low from 2018 till Jan 2022, yet the complainers and Haters took no action. Some singaporeans like to complain, point finger and blame govt but cannot get off their fat arse.
Steve’s new range rover is looking good
The future of Singapore roads is for the rich and powerful only..
Why so envious and blame the rich? COE was low from 2018 till Jan 2022 yet you did nothing. Complain and biatch only. Grow up lah and learn to live with the consequences of your actions or inaction.
COE was created so that people take public transports ie. MRT & BUS. It is Not about reducing traffic jam.
And can we talk about how lousy the red plate scheme is. Actually if they come up with a good weekend scheme which make financial sense not to use the car during peak hour (vs the current pathetic saving which one might as well just pay abit more to use anytime they want ). Then we will have a win win situation. Less
Car during peak hours but more pple able to fulfill their requirements of having their own vehicle for family day purpose etc
Why should taxpayers subsidise your middle-class lifestyle? Give you an inch, ask for a yard. Singaporeans are pampered, sheltered middle-class yet so arrogant, greedy and entitled.
All those experts at the end only speaking from the POV of dealerships. Pay-as-you-bid would be an insanely great system for the consumers and the ones actually suffering the effects of the COE market right now.
It is way better than the stupid idea of reclassifying vehicles, because at the end of the day when prices go down in the new categories, people would just flock back to it and overbid again.
Sounds like you never buy new car before. The best fix is to require deposit of full reserve amount instead of the flat S$10k now. Such a small amount when the market price is $100k is akin to 10x margin.
@@scbchong6964 my entire channel is built around motoring, do you even research before making attacks?
And did you even watch the video for context of what I am talking about? Can you learn to read first?
I’m not even refuting the idea you’re mentioning because its something i’ve proposed before but you’re not even on the same subject.
@@ReizePrimus If you never buy new car before, you got no credible, practical advice. You know nothing of the required deposits or how to apply for car loan. btw I watched the entire episode and can see that reporting is shallow and has the viewpoints of those car dealers with vested interests. Plus interviewed car "enthusiasts" who don't have any real world experience buying a new car and paying for its loans.
@@scbchong6964 neither does a no name person with no publication or study to their credit like you do. What have you to back your opinions beyond having an opinion like everyone else does?
@@ReizePrimus Have bought more than a dozen new and used cars in my life lah. Some take loan, some paid in full. So sounds like you are all theory and no practical, real world experience eh?
at the end of the day ,you know who gains.
Most people have heard about the LKY joke when he visited Malaysia and spoke to their then-PM, Dr Mahatir, who boasted about setting up a production line of Proton Saga for sale domestically. [Spoiler Alert]: the gist of the joke was that LKY bought a printer and printed COE. In actual fact, the COE was never a printed certificate. It has existed as a record digitally so one doesn't have a piece of paper COE with official stamps of authenticity like a title deed, birth or marriage certificate.
This episode missed a couple of important element when discussing the purpose of COE as a means to regulate car population in Singapore. When the COE was introduced, the government acknowledged that its citizens are crazy about car ownership, but promised to make the public transport system one of the best in the world and to harness technology in the future towards a fairer pay-as-you-use road taxation and Electronic Road Pricing (ERP) rather than ownership. In short, yes they understand Singaporeans want to own a car because it is deeply embedded into our DNAs, our 5C's, and is very difficult to change our mind-set, but they will still try to do so by creating the best public transport system in the world so everyone can switch to public transport without feeling the need to own a car. On an island where land is scarce, the government also emphasized that there can only be this much, or little to increase the number of lanes and building more roads without compromising on other land-uses.
The fine print in their message to Singaporeans is this: "you can still attain your dream of owning a car but it will cost you an arm or a leg to use it."
So far, the public transport system does work, but it is still far from perfect. Living close to convenient public transport systems like integrated transport hubs is another costly affair so let's not discuss escalating property prices here. The road tax had not gone down significantly, while ERPs did its job but isn't punitive enough to discourage road usage. COVID19 most likely have also stalled the implementation of a GPS-enabled tracking for car usage because chip manufacturers are backed up with so much demand that they can't supply enough chips fast enough as countries all over the world ramps back to normal. GPS itself isn't fool-proof in a dense, concrete urban sky-scrapper countries so a good 5G coverage is also essential to carry out this lofty ambition.
The ARF is also gamed by all the car dealers in Singapore. The fact that the ARF for the Toyota Altis is the same value of the car's declared value of $19,400 is the way the car dealers have gamed the system to be sold in Singapore. Most of the time, Singapore cars are shipped in with enough options to qualify for the lowest possible band of value. If the Corolla Altis had many factory-installed components that qualify for a higher value above $20K, then the exceeded amount is no longer taxed at 100% but at %140%. This progressive taxation through the ARF was further enhanced to tax the super-rich who are buying super cars that qualified as a luxury purchase because frankly, why drive a Lambo or Ferrari in Singapore when the max speed limit is 90km/h? Still, any dealers who are selling cars are gaming the system as best as they can. Reverse sensors are installed locally and even in some cases, the leather seats are installed locally just to minimize their OMV value. In olden days, even the car stereo is fitted locally!
Finally, the most important element missing from this episode about COE is that it was meant to regulate the growth but our ministry has decided that this growth rate is 0% since 2018. Without any new source of supply for fresh COEs, we are essentially fighting with the PHVs, the Teslas, the uber-rich people who have the financial power to outbid without consequences to raise the cost of COEs in Singapore.
Car ownership through COE isn't a simple topic and I always have fun trying to explain to people from other countries how it works together with all the other motoring policies in my country while trying to learn about their countries' system too. In the 22+ minutes of this episode, there is only so much you can discuss. Kudos to the production team for a good episode but there are quite a few key matters that were not properly addressed. This should have been a 2-part episode instead. :)
You notice they never ask the complainers why they never buy when COE was low from 2018 till Jan 2022? Have you bought a new car in SG before?
Not sure what you mean about people who had bought a car since 2018.
Yes I have bought a new car in Singapore but I don’t see how it is related to your comment / question in response to my comment. 😊
@@johnsontan1633 I mean the Haters keep complaining as if COE never go down before. Haters forgot that COE was low for three years from 2018 till early 2022. The complain as if COE is always high. Complainers like to blame LTA and PAP govt but keep quiet about their own inaction and lack of planning. They demand cheap COE whenever they want to buy car.
Keep the car prices at its OMV. Limit to one car per person.
There will be longer jams on the road, let it happen.
In the meantime, also increase the efficiency of public transportation (less breakdowns, less waiting times).
The people will then choose which is more worth it: public transport or personal vehicle.
In time, both sides will equalise.
longer jams mean public buses won't work. Use your brain before commenting.
@@robertposteschild2353 u have bus lanes for a reason
@@khaosmue2114
still doesn't solve much for your reply on bus lanes
But better than nothing.
Problem is its not full day bus lane or bus lane only.
Sg government wan car lite , but at the same time still prioritizing and giving car users so much.
We shld aim for a btr public transportation, car lite and pedestrain friendly.
@@robertposteschild2353
Ya man agree
@@khaosmue2114
hmm 🤔
I didn't say that
A workable temporary measure to soak up the excess cash in singaporeans' pockets is to require deposit of the FULL reserve amount, instead of the flat $10k now. And then refund the difference only at the end of the month. Confirmed stop overbidding by dealers and buyers due to liquidity dry up.
Singapore is a small country with good public transport. It should promote micro mobility transportation. It’s healthier, greener & cheaper.
I reckon they should look into incentivising micro vehicles like Renault Twizy , Citroen Ami etc 😊
To decrease COE and go car lite for the environment really simple
1)Limit each household to 1 car(reign in the rich)
2)All vehicle purchases by individuals or rental companies can only be made in full cash, no loan no installment nothing(this will reign in the rest)
Will this be done by the government? Probably not. Why you may ask?
1)MONEY
This is dumb the need for a car Doesn't go away once u get one it just becomes more common and more infrastructure becomes built to accommodate so will the need for car.
Upgrade public transport to the point where it's more convenient and easier than driving
Its already beyond reach for most people to own (if ever) a car in Singapore. Being a car owner for the past 2 decade, i have to painfully give this up 2 mths ago. (Ironically, I'm typing this message standing in crowded train during peak hour to work). While COE scheme does have its effect to control the number of cars on the road, the development of the COE price has become ridiculous. I'm not sure what logic it is to have population increase yearly (a lot which are high net worth people), stopping the issuing of additional COE, and letting the price increase exborbitantly, while home grown Singaporeans do not even get to enjoy driving a car in their own country, but those do. Yes, our transport system is amazing. But it is unable to compare with the comfort and convenience of own car. Especially being a working mother with young children, i fully felt it.
No matter what it's not going to change!!! Because of $$.
Thank you, Kindly LTA please do somethings, COE system need a upgrade...
Given the densely populated Singapore, it's wise to implement COE and various other "deterrent" taxes & fees to encourage the use of public transport. If it's not for COE, traffic jam is going to be horrendous.
18,000 dollars a year just to own a basic car??? No insurance, petrol, tolls, parking including in that... Crazy prices
We need to look at the fundamental problem. The fundamental problem is the demand and supply of alternative transport, infrastructure such as roads and car parks. Any good solution will have to tackle this fundamental issue instead of trying to find surface level solutions.
It’s not a one size fits all approach. Besides supply and demand factors, all other alternatives have to be considered as well.
The gahmen does not control what car buyers bid, right? Plus gahmen never force you to buy when COE is high, neither does it ban citizens from buying when COE low, right? Why you never take action when COE was low from 2018 till Jan 2022? Waiting for f*ck? Also, citizens are free to work in any job which rewards them for their talents and abilities. Why blame govt when it is your own fault and lack of talent and bad work attitude?
@@pgobservers true. I am mainly referring to this CNA video which focuses solely on ‘other factors’ and does not go into the fundamentals. None of the solutions discussed in the video seem to be effective ones.
@@scbchong6964 what talking you?? Can’t control your temper, then don’t talk lah.
@@Jacckh yes, there are many many factors affecting COE bidding. It’s not just one factor can solve the problem of COE rises. Human has too many needs and diversity. Free economy is irrationally brainless with the Rich getting all they want. But Govt will help the ‘don’t have’ with better transportation and improved infrastructure construction. It’s endless job so long as the economy is growing, then it’s not an issue. If everyone starts to do comparisons then there is no end to it. That’s life.
Motorcycles shouldn’t be on zero growth quota.
10% of Motorcycle quota has been lost for years to open category increasing de facto car COE quota and depleting motorcycle population. Who would buy an open category for a motorcycle? Once they reach high COE price, they stopped, only to introduce a ARF system like car, except that no PARF is given back after 10 years. Total result COE is high and purchase of the motorcycle is high. Pure timing and hypocrisy from gouvernement.
@Jean, there are other reasons for Cat D to be high, the food delivery business and the bike rental companies. For every 10 motorcycles I see on the roads, not 7 or even 8, but 9, yes 9 motorcycles are delivering food. In the past I agreed that delivering food by motorcycles is a cost efficient way, but I no longer think so now, it is getting more and more expensive to deliver food by motorcycles, and this cost is passed to the consumers. Hope that with the end of the pandemic, the demand for food delivery will subside and Cat D COE return to its normal and reasonable price.
There should be a significantly higher rate for foreigners to own a car in Singapore though. Especially since alot of the prices are driven by HNW individuals?
You forgot educated, middle-class singaporeans all want to show-off their status, class and success in a fancy car too. And most Singaporeans are middle-class. All price inflation is caused by too much cash and too little common sense. Besides, singapore has wage inflation, full employment, and HDB public housing subsidies. And generous CPF interest rate.
The current coe market is just being manipulated by dealers. The fight for survival is causing them to drive up these prices. Due to global chain supply shortage, to raise coe prices slows down the growth of people buying new cars instead turning to the second hand market.
Like any rule of the land, the way coe is being bid for needs to be renewed and revamp, to stop dealers trying to find ways to outsmart the system.
You forgot COE price inflation is caused by singaporeans with too much cash and too little common sense. Govt never stop you from earning more and buying more.
But seriously speaking, what incentive does the govt have to moderate the COE prices? This is a huge income, pure profit tax, to the govt. I believe that as long as the govt feels that there is some form of freedom given (in this case to the dealers etc for free market), they could argue that this price is what the market wants.
If the COE price were to drop significantly, where would those income be replaced (which I believe is one of the main reason for their hesitation too). I believe the Govt needs alot of money now for the redevelopment hence unlikely to see any changes. Perhaps they will review the COE if it really gets too ridiculous (where even high earners and rich foreign investors/workers complain and hesitate to come in Singapore), or when the COE gets low enough to a point it doesnt matter if they tweak it then.
It all comes down to cost/benefit. When the cost of changing (lower income) is too high, then status quo till the benefit outweighs it (the need to relieve overall unhappiness with the govt, increase foreign talent/investment interests etc). On this note, the cooling measures etc for housing can be done since it does not affect earnings TOO MUCH; major earnings are by agents and sellers etc.
Then why the gov let the coe price went so low below 10k last time since u said its like easy money for the gov?
Last time as low as $1.
Then how do u explain this?
If easy money for gov might as well kept it super high like 200k or even 1mil.
@@Jack-hy2ki COE supply was high post 2006 and coupled with GFC that dampened demand in late 2008-early 2009. You won’t see such prices ever again.
@@Jack-hy2ki then was a freak result that shock the Govt. They have woken up and never allow this to happen again. Now they can monitor the price at the last minutes and put in bid to rack up the price.
This is the ignorant speaking. It's like wa why hdb so expensive, shld be it free for everyone. But when wan to sell wa why I must sell for free sia.
@@jdfd4906 No, you forgot COE was low from 2018 till Jan 2022 despite govt announcing Zero Growth policy in late 2017. Educated, middle-class singaporeans love to kpkb, complain and blame govt and foreigners.
Many forgot that COE and registration taxes are rebated when the car is sold. Singaporeans are not forced to drive the same car for 10 years. It is a form of store of value. And singaporeans not forced to buy only when prices are high. So many complainers did nothing when COE was low from 2018 till Jan 2022.
New levy for extra cars per household. Ok. Like property stamp duty, additional 20% on top of current system for 2nd car, 50% for 3rd car, 100% for 4th car.
Cannot lah
In SG, because of great public transport system including cheap PHV and taxi, Car is lifestyle want/choice unlike housing which is essential need. Why you want to punish the rich instead of looking for opportunity to become rich too?
No wonder outsiders say SGeans very rich.. Despite prices that could get you a house elsewhere, we still buy cars. This convenience is high cost indeed..
Wow the MD of Wearnes has to come out personally to take a dig at her competitor for causing higher coe prices. 🤣
But Elon musk refuse to even appear on our national news to answer for their deeds… looking down on Singapore much?
Joke of a system when all the landed people have 3 cars and above 😂
In the end is many demand for limited resources, whatever way it will be high car price. Is either high usage cost- high ERP or petrol or parking, or high COE, or high tax to own.. I think we must allow some degree of jam by allowing growth for car when there is growth in population and township. That’s itself is a deterrent. We should have higher ERP when cross into city boundary at certain time.
It is definitely unfair for ordinary folks to compete for coe with the PHV and fleet companies. Ordinary folks simply do not have deep pockets and financial muscle to compete with them.
Removing PHV from Cat A n B is fine, but what about requiring deposit of full reserve amount instead of the flat $10k now? Have you bought a new car before?
It's fair keeping those peasants in check stop whining take the public transport. Singapore road is already packed with cars.
Cat A limited to 1.5l/150bhp private car owners and Cat B private car owners up to 3L/300bhp should be balloted while Cat E (Open to all cars and owners) is Bidded for. Each household is allowed 1 ballot and unlimited bids. Balloted COE tagged to household (optionally transferable at the price of Cat E) and Bidded COE tagged to car.
Why you never take action when COE was low from 2018 till Jan 2022? Why not have lottery for high paying jobs too? Why people with family cannot buy used cars? Why special needs folks want to waste money on a lifestyle liability? Car is not essential need but a lifestyle want and liability.
Pay as you bid looks temptingly beautiful. It kills all the COE speculations as every successful bidder will not be happy for bidding higher than lowest successful bidder. So only one person is very happy for paying the lowest bid + $1 while the rest will be cursing themselves 😢for being the next suckers as COE is also non-transferable. Of course LTA will be very happy to collect fat revenue for such brilliant idea. LTA have to publish the results of each category with the range of highest ~ lowest successful bid. This is important for subsequent bidders to determine how much to bid at the next round. Once it’s fine tuned, the range will be narrowed down in the subsequent bidding and certainly nobody especially Singaporean want to be the next sucker except for the very rich guy who doesn’t bother about what price to bid so long as able to be successful.
honestly why buy a car (unless you have young kids or elderlies) when grabbing is cheaper and more convenient?
Singapore government keeps building car parks, this ensures convenience supremacy when using cars. No wonder no driver wants to give up cars.
I think the selling price of the car also missed factoring in the disty and dealers margins....
As an American living in Singapore I was initially in shock looking at car prices. But actually the COE makes sense. As does the ARF and other taxes. Think of housing. Why does a small (by US standards) landed house here cost $4M while in some small US city it costs $300K? Its not the house or the cost of construction. Its the price of the land. Same with cars. The car may be the same but Singapore is a small rich island. The land is limited. So the right to drive your car on it is also expensive. And the government has given a perfectly usable and clean and safe public transport system. So a car is a luxury. And is priced as such. I personally quite appreciate the lack of traffic even at rush hour compared to say San Francisco or New York or Chicago let alone Jakarta or Bangkok or Mumbai.
i remember i was caught in a jam in bangkok for 2 hours , swear the car was moving by a inch each time , i could walk faster then that
Well, the educated middle-class singaporean loves to biatch, complain and blame govt and foreigners. You'd be surprised to find out that most singaporeans do not know that price inflation is always caused by too much cash and too little common sense.
Each house address allow one car. 2nd Car COE Plus 30% and 3rd car onward Plus 50%
Welcome to Singapore, our cars cost 200,000 dollars and we still keep on buying them. Are we insane? Probably.
But the COE and registration taxes are fairly pro-rate rebated leh. Why keep kpkb?
no wonder the Singapore Govt has so much money to spend on their huge infrastructure projects.
haha , now you know , dont forget , everyone is paying full amount $$ to LTA ...
Exactly, they build more mrt lines, buying new mrt trains to replace old mrt trains for the north south east west line, buying more mrt trains for the existing lines to increase frequency during the peak hours.
They also build more bus interchanges and terminals and upgrades, buying more electric, hybrid and low carbon diesel engine buses to replace old buses for more environmentally friendly.
COE also like our CPF. So complicated and murky until need Professor to explain.
Lets face the facts. If the govt can increase GST in the period of the greatest inflation we have seen, do you honestly think they will do anything about COE? Im not idealistic enough to believe so
Why blame govt when you did nothing when COE was low from 2018 till Jan 2022? Waiting for f#ks? Singaporeans still cannot learn to live with the consequence of their actions or inaction.
We should get foreigners to come in to do the brainstorming sessions instead of the local just so we get a more quality feedbacks
Cat B for luxury car are pure nonsense. Lots of family cars fell in Cat B COE. Toyota Wish, Toyota Previa, Honda Odyssey, Honda Stream, Mitsubishi Grandis, Nissan Serena and most family MPVs are in Cat B COE.
Very interesting report lah. 2 things missing as far as i'm concerned. I worked in Singapore briefly back in 1987 and local car prices were already 3,5 x more than in Europe, where do we stand in terms of ratio now? 2nd all this money paid for COE is "spent" somehow ? if so what for ? all in I reckon that limitation of cars in the state of Singapore make sense but it's not fair per se.
Mass market condos: S$2000psf; a 1000sqft unit will cost S$2 million
Executive Condos: Approaching S$1500psf; a 1000sqft unit will cosy S$1.5 million
What kind of prices you would want to see in 5 years if you have already bough a unit?
A HDB 5-rm flat (110sqm/1183sqft): S$600,000.
So, sell a HDB 5-rm and then buy a 1000 sqft 3-bdrm private condo/EC is UPGRADING?
Imagine 50% of future generations will be born in a small HDB 4-rm flat and retiring in a small HDB flat eventually?
So you think is only the high car prices that is an issue?
Your children and grandchildren have already been robbed!
Ha ha ha!
Hey Malusian, mind your own f...g business about Singapore. Malusia is having election soon, so go kay po about Malusia
There are also schemes which have lowered the entry of barrier for many - the leasing schemes and zero down payments offered by a lot of dealers.
Something that may have benefited people who do not want to fork out the 30-40% down payment or may not have the means to pay that deposit.
Hence, if the Govt is really intentional about regulating traffic jams, this could also be an area where they shouldn’t ignore. You know what they say: treat the roots and not just the symptoms.
yes not many want fork up so much deposit for a piece of shitty paper.
Those foreign rich people can own 3-4 cars and park at the carpark.
Nice range rover
Btw
PHV AND EV Should have their own category. Of COE, if u put it this way our normal coe eg cat A/B price its much more control in a way and on top of that they should also have like you mentioned pay as you bid coe
For family who needs
Declare income for example beforehand
Have you met a family who really need a new car? Car is lifestyle want and liability, not an essential like housing.
Just like how you need a car for your lifestyle, the rich need it too, the super car for important events, the coupe for weekend dates and the e class for NTUC shopping…too bad we are meritocratic so that’s how we are, if you want to push communist ideas you can get out
@@scbchong6964 yea some house really do need car to give an example my neighbour this 69 years old lady every week she would need to go for he dialysis and wet market her husband has a car class 3 they use to own a car but couldn’t afford it after PHV AND EV was introduced and coe went sky high,instead they took a public train/bus 1-2 hrs travelling time every week or take grab
To add on coe price if its not control 10-40 years I can’t imagine the price. Then like u mention car is just an essential yes to some people but other family really need a transportation they have things in their life thats why they need a car.
End of the day don’t assume
@@faly7348 How many Pioneer Generation do you know who is able to control vehicle? If daily chore, wouldn't they rather have a driver, and not be burdened with car loan, usage and maintenance costs?
btw COE inflation is due to singaporeans got too much money and too little common sense. Govt not setting the price and is because of singaporeans bidding higher. Car loans are relatively cheap and citizens got cash from high salary, bonus, million dollar HDB sale, generous CPF interest rates, subsidised HDB BTO etc. And one cannot get car loan without a job, hor.
Also, what is wrong with taxing more those rich folks who buy Cat B luxury cars?
btw why point finger, kpkb and blame govt now when you did nothing for three years when COE was low?
If property have ABSD why can't COE be the same? Car ownership can be a necessity, but more than 1?
Car is a "Necessity"? Why should taxpayers and govt subsidise your lifestyle regardless of contribution and work skills and work attitude?
Why not 1st car COE $100k, and 2nd car COE $1million??
I'd just buy a car from someone who bought their first car for 300k
Traffic in Singapore is ridiculous. COE should be $800,000.
Once u set diff categories, be prepared that the car cannot be sold for other usage. Personal and phv viceversa
Those who needed a vehicle to earn al living are feeding those rich in this COE system
How's COE is calculated for 2000cc private car category?
I don't own a car, the carbon footprint of owning private transportation is so high, we should rather continue to use this system as a method of revenue generation and to continue to pour these funds back into improving public transportation infrastructure. The more we raise from COE, the more resources we can pour back into public transportation such as maintenance, investment into new lines, renewal/refurbishment of old lines.
This would then reduce the need for owning your own private mode of transport, and for those who still want to own their own car/vehicle for personal transportation purposes, so be it. The main consideration would be for Category C commercial vehicles like vans and trucks, which might benefit from pay-as-you-bid.
CAT C - Private hailing company or phv rental company and taxi company
CAT B - Family with or without kids
CAT A-luxury car (higher CC) with special license
CAT D- Van and lorry ( commercial vehicles)
You just don't get it. Car prices are supposed to go up. There is nothing fair or unfair about it.
this issue has been around for many many years, now then you raised the issue? i have posted one on today newspaper over 13 years ago. I would suggest each household only allow 1 cat A COE, the rest of the cars will need to be on open cat. gov is so happy with the high coe price
Why should taxpayers and govt subsidise the lifestyles of singaporeans regardless of their contribution and work skills? Just because you claim life very hard and kpkb you must be allowed the privilege to own a car?