COE hits low at $1!!!!!!!!!!!!!!!!!!!!!!!!!!

[eojmil]

all the cat B (>1600cc) owners who bidded successfully in the past few months must be feeling #$%@#$
lost $30k+ for nothing

dont think they will really curse...as if they intend to sell off their car (due to the high COE) they will be able to fatch a better price compare to those with lower COE>..

[ac_wong75]

Not sure if the new car price will drop bcos for the large cars there is an incerment in the parf by 40%. so this is cover for the short fall for revenue for the GOVT ;-)

[eojmil]

Not exactly untrue but that fact is 2ndhand car prices are a function of the replacement value.
If new car price drops, 2ndhand car price hv no choice but to drop accordingly.

not really true... 2nd hand car market look at COE and paper value.... if the COE is too high.. normally they will scrap/export the vehicle.....

[eastsider]

Cat B COE dropped but additional ARF tax will make it the same, or even more ex isn't it.....

so it's either 3 banana in the morning and 4 bananas at night or the other way around

stupid LTA proposal.....

more than once ppl have mentioned this, y dont they just adopt the HDB balloting system? each family should deserve a car if they want. the logic is the same as hdb. it's not too much to limit 1 car to 1 family

[wolfeyes1974]

Cat B COE dropped but additional ARF tax will make it the same, or even more ex isn't it.....

so it's either 3 banana in the morning and 4 bananas at night or the other way around

stupid LTA proposal.....

more than once ppl have mentioned this, y dont they just adopt the HDB balloting system? each family should deserve a car if they want. the logic is the same as hdb. it's not too much to limit 1 car to 1 family

i think it's unrealistic to have a balloting system or 1 family 1 car system...we simply don't have the infrastructure to support the number of cars. I don't think you want road conditions in SG to be like JKT. car is afterall a luxury hence there should be some luxury tax for car ownership. the challenge is to strike a balance and how the taxes are being used to benefit the poor, elderly and young ones.

Either ways, i'm glad about the recent regulation, hurray!

yes i agree. i hope to see the same for property ownerships

[wolfeyes1974]

Not sure if the new car price will drop bcos for the large cars there is an incerment in the parf by 40%. so this is cover for the short fall for revenue for the GOVT ;-)

you're right. The ARF compensate the COE revenue which is expected to drop. even though the news of COE drop by $38K was released today, owning a car is still as expensive.

Example: OMV of an Entry level BMW 320I is currently around at $36,486. The ARF for this vehicle will now be 100% of the first $20,000 and 140% of the remaining $16,486 which is $23,080. Adding both $20,000 and $23,080 gives you the final ARF of $43,080. This excludes other taxes/GST/registration fee

[skydweller_sg]

can the owners with $90k coe deregister their cars, get the coe refunded then bid for a cheaper coe in open cat?
since it is anticipated coe price will drop further
i understand the LTA rebate for unused coe is in voucher form not cash
what happens to the balance?

[eastsider]

i think it's unrealistic to have a balloting system or 1 family 1 car system...we simply don't have the infrastructure to support the number of cars. I don't think you want road conditions in SG to be like JKT. car is afterall a luxury hence there should be some luxury tax for car ownership. the challenge is to strike a balance and how the taxes are being used to benefit the poor, elderly and young ones.

yes i agree. i hope to see the same for property ownerships

I am not saying give 1 car to each family. I am saying limiting 1 car to each family means u can't own more than 1 car per family (registered name of property, if u own 4 properties it's still considered 1 family). Not everyone can afford a car, even if a car is being sold for SGD50k, not everyone in SG can own it.

But by limiting 1 car max to each family. Those who want the car and can afford a car will ballot for it (not 100% confirm will get it cus need to balance the deregistering the old car and registering of new cars numbers). By doing this, price of cars will not be ridiculously high.

The government is treating the country like a company. Everything $, $, $. Revenue is important but it should not be used as the way to solve things (aka increase price, so u want it u let me earn more loh). Members of parliaments are earning sky rocket high numbers thus they will not feel the pain the residents are feeling.

[badass09]

I am not saying give 1 car to each family. I am saying limiting 1 car to each family means u can't own more than 1 car per family (registered name of property, if u own 4 properties it's still considered 1 family). Not everyone can afford a car, even if a car is being sold for SGD50k, not everyone in SG can own it.

But by limiting 1 car max to each family. Those who want the car and can afford a car will ballot for it (not 100% confirm will get it cus need to balance the deregistering the old car and registering of new cars numbers). By doing this, price of cars will not be ridiculously high.

The government is treating the country like a company. Everything $, $, $. Revenue is important but it should not be used as the way to solve things (aka increase price, so u want it u let me earn more loh). Members of parliaments are earning sky rocket high numbers thus they will not feel the pain the residents are feeling.

I say this government is out to suck the life n blood out of it's citizens.... If it keeps going like this, i wouldn't be surprised if more n more ppl migrate to other nations... I might be one of them...!!!

[pegasi]

COE @ $1? Tan gu gu!!!!!!!!!!!!!!!!!!!!!!!!!!!

[eastsider]

i will b super happy if coe can go back to $15-20k range but no hope lah.

really should cherish the remaining 1+ yr of my coe car....sigh

[skydweller_sg]

singapore is probably the only place on earth where you buy a piece of car-ownership-rights with 10yr-validity for $90k, only to realise in less than a month that you are actually overpaying it 1.6x

you cant own a car without this piece of paper

after the 10year period, the piece of paper become waste paper, and you get nothing back

[Watcha]

Coe arf custom etc to car owners are sunk cost. Thus people will drive as they will think already pay so much.
Imo the direction should be cheaper to own and expensive to operate.

[golanheights]

Intertwined topics. COE prices and the recent auto lending curbs.

Some years ago, garmen lengthens car lending to 10 years for a brand new car. 100% possible. Or up to 10 years to be specific to include preowned vroom vroom. Let's call this A.

Now, garmen curbs it to 5 years. With 60%/ 50% LTV in play. Let's call this B.

A & B are like winter and summer. In an intellectual debate, the pros of A are the cons of B, and the merits of B are the demerits of A. Not sure if our economical landscape has so drastically changed this year to accelerate such a major auto lending change.

It is obvious that the lending mechanism is now a moderating device for COE prices. But did not the COE mechanism serve its purpose - serve what it purportedly set out to serve? The ministry had defended this mechanism so staunchly. Why was a closed bidding system not re-adopted?

[Melvin Sim]

Paying $70k for a piece of paper now is like burning $500 to $600 monthly.