Singapore's Soaring COE: How To Stretch Your Dollar When Buying A Car | Money Mind | Inflation

COE prices in Singapore continue to smash records, hitting new highs across all categories. What are some ways to stretch your dollar if you need a car in these times?
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[@lastempire7302]

A Honda Civic in Singapore costs more than a Porsche Cayenne in USA and these idiots think they are getting a deal...

[@NazriB]

Lies again? Harvard Barcelona Orlando Lady Luck

[@jameslim3850]

The high number of foreigners, PRs and new citizens have definitely drive up the prices and competition in Singapore which makes it more difficult for the average Singapore household.

[@thecatfromsingapore]

Owning a car is now a unattainable dream for the average Singaporean :(

[@estherdlcrz]

Sad to hear :(

[@PAPpeopledumb]

Hazel Poa suggested a point-based system that considers factors such as nationality and needs-based criteria for families with young children or persons with disabilities, instead of relying solely on the bidding price. “And secondly, would the Minister consider, in the same way as we have the additional buyer stem duty for the purchase of second or higher residential property? Would the Minister consider additional levy on additional vehicle purchase?”

[@wosamosman9814]

Man , Singapore is a car enthusiast version of Hell 😅😂.

[@scbchong6964]

COE is equally depreciated and rebated, along with other car taxes, once owner sells the car. And can be used to offset the cost of next car, new or used. It is NOT stolen by the govt.

[@thebestbees]

Question is why are rental/PHV companies sharing the COE quotas with personal uses and not like taxi companies ? It’s more economical to car share for NOW, just wait till majority of the cars on the road are PHV/ Car sharing and we will see if it’s still economical, these companies are just splurging on more cars to capture market, and even higher COE will work in their favor as the normal people are priced out of having their own cars.

[@scbchong6964]

Give the PHV rental companies a chance, lah. You forgot no new cars available from 2020 till early 2023 because of plant shutdowns. And all work-from-home so no demand for PHV services so drivers exited industry.

[@thebestbees]

@@scbchong6964 they are basically refreshing their fleets right now, look at the amount of new cars such at honda fits( tribe car ), Noah/Voxy/alphard by the rental companies. It’s a win win for them to have just bid without worrying about cost since it will be passed down to the consumer sooner or later

[@justinzy5]

Just category PHV/rental and taxi together as business use vehicles and bid for business use COE. They can bid as high as they one and their vehicles are always on the road and maybe high road tax for business use vehicles. Personal use will bid within personal use COE. This will lower the price without increase quota. Both win. Also prevent PHV/rental vehicles from selling their high mileage vehicles to 2nd hand markets. This encourages them to scrap the car and release more COE quota.

[@XwytreX]

New norm of 80/90k is due to the greed of car dealers and phv and car sharing companies 🙄

[@liamporter1137]

Young couples cannot afford living in Singapore. Better to immigrate to other countries where one can afford big car and house. Furthermore, the house and land is yours and no such thing as leasehold which is ridiculous. What's PAP doing? Horrendous situation.

[@scbchong6964]

COE is equally depreciated and rebated, along with car taxes, once owner sells the car. And can be used to offset the cost of next car, new or used. Plus "poor people" can choose to work in higher paying job if they retrain, right? What you can afford is directly related to your earning power. And earning power is directly related to your talents, skills, abilities, and attitude/mindset, right?

[@LordBagdanoff]

Go if got opportunity

[@scbchong6964]

@@LordBagdanoff The fact is those who complain alot and blame govt alot will not take any action to improve their lives. kpkb is their past time. For example, COE was low from 2018 till early 2022, did they put their money where their mouth is and buy new car when prices are low?

[@nainex52]

how to stretch your dollar… Don’t buy a car.

[@monlim9573]

废话

[@Callsign-Blade_RunnerSG]

@nainex52 Easy for you to say “Don’t buy a car”when you have NO aging parents and young children to speak of..

[@kelvin.008]

Doing some part time delivery jobs will pay for the instalments. Simple way to own a car!😊

[@edwardlumsianming3430]

Can ask lta for the price right coe can be 50,000 or 120,000 or 200,000

[@PAPpeopledumb]

Workers’ Party raised over 20 questions on the issue of rising COE premiums, with some presenting their proposed solutions to tackle the root cause of rapidly increasing COE prices.

[@scbchong6964]

WP MPs earn $17k per month just to complain and blame govt. Pritam earns $30k per month and only have to make populist gestures and tell you what you want to hear. You think WP MPs don't buy new car? Do you earn $17k per month for sucking up to them?

[@edwardlumsianming3430]

By than the car hire companies will buy up all coe at any price😢😢😢😢😢😢😢😢😢😢

[@grilledme]

the price of a lambo can get a mansion in the US

[@PAPpeopledumb]

A high COE benefits the dealerships as even the buyers for the smallest motorcycles need to take loans. These loans range from 4% to 10% or more for used bikes and come with a lot of clauses to prevent early termination.

[@david888a]

If buyers need to take loans to purchase a vehicle with high COE,it’s on them not the dealerships , dealerships r there to make money ,be it a selling a vehicle or selling buyer the loan. Loan is locked to the duration of the loan period, early termination is subjected to additional cost, who is going to pay for it? Obviously not the dealerships hence the clauses for early termination…. Sane people will not pay for such a high COE unless your work calls for one….like a sales person…

[@RyeonLok]

While singpaore discussing on COE price malaysia is discussing pension crisis..... ironic ...

[@yourlovelyp_]

Does anyone suggest to me what car is a good buy?

[@jecksonng]

Cant wait for the next voting

[@edwardlumsianming3430]

At least I got to drive a car for 20 years, by 2026 I will say GOODBYE TO CAR OWNERSHIP IN THIS STATE😢😢😢😢😢😢😢😢😢😢😢😢😢😢😢

[@yeoboonmeng5300]

Don't complain, you make the bed, you lay in it. Your voice was heard with the vote you cast. If you find it too expensive, come take the bus with us poor people.

[@scbchong6964]

COE is equally depreciated and rebated, along with car taxes, once owner sells the car. And can be used to offset the cost of next car, new or used. Plus "poor people" can choose to work in higher paying job if they retrain, right? What you can afford is directly related to your earning power. And earning power is directly related to your talents, skills, abilities, and attitude/mindset, right?

[@MohdQil]

Do people forget that motorcycles exist? Why isit always ‘cannot buy car = take public’ ? Why not buy a motorbike instead if buying a car is so expensive?

[@edwardlumsianming3430]

Can coe come down to 50,000😢

[@edwardlumsianming3430]

Soon, a car is like going into an LV SHOP

[@Fj8282haha]

BS policy good for rich people who don’t care ab waste 100k. Sad for middle or lower income people never get equal mobility rights.!

[@scbchong6964]

You are entitled to low-price COE forever? No consideration for pollution? btw you can change job to increase your earning power, right? Govt never stop you from working in private sector, civil service, armed forces or even start your own business, right? Your earning power is directly related to your talents, skills, and attitude/mindset, right?

[@gabrielchan4420]

Since when in human history did the poor or middle have equal rights than the rich? 😂

[@scbchong6964]

@@gabrielchan4420 You forgot that in SG all citizens have many opportunities to get rich. All can seek jobs in private sector, civil service, armed forces or start own business. Every month, 30 - 50 citizens sell their HDB flat for more than a million dollars. Instead of playing victim and blaming govt, reflect on your own talents, skills and attitude. Your spending power and earning power is directly related to your talents, skills and attitude.

[@Floof1248]

Waiing coe cost sgd 1 to 10 million

[@PAPpeopledumb]

The SDP adds that this isn’t the first time the government has raised taxes since the General Elections, citing examples of the increase in carpark fees, ERP charges, COE prices, taxi-license fees, bus and train fares, water prices, Service & Conservancy Charges, and even fees for the PAP’s own kindergartens.

[@edwardlumsianming3430]

Car is just an example of a capitalist state where there are rich and poor people 😢😢😢😢😢😢

[@lookman7047]

It's economics 101. More demand than supply, so price goes up. COE price will surely come down if gov issue more than the people wanting to buy cars.

[@scbchong6964]

Actually you forgot inflation is ALWAYS caused by too much cash, easy loans and fomo. COE is going up because singaporeans have high salaries and high savings and fat CPF accounts. The govt does not set the price of COE. Furthermore, new car supply was low from 2020 till early 2023 because of covid factory shutdowns.

[@blueshock]

genius@@scbchong6964

[@dd-dd2co]

Artificially propped up and it's for a bloody "ownership certificate". Hahaha.

[@eddyzulkarnin8233]

World most expensive country to buy a car but taxi & ride hailing ride fare are way very low comparing to other major economies. Have anyone ever thought about it, driver daily overhead such as rental/lease, petrol, carpark and many more.... everything are getting expensive but fare are still pathetic. For driver, more daily trips plus longer working hours. How to have work life balance like that? Western tourist also wonder and ask driver how they earn with low ride fares in Singapore.

[@scbchong6964]

Because those pointing finger and blaming govt about high COE are not working as PHV drivers. And such people are first to complain if PHV or taxi fares are increased.

[@eddyzulkarnin8233]

@@scbchong6964 spot on

[@LordBagdanoff]

Overprice overrated cars and houses

[@scbchong6964]

You just jealous because you cannot afford. But you forgot your buying power is directly related to your earning power. And earning power is directly related to your talents, skills and attitude, hor. Why blame govt when it is your own fault?

[@LordBagdanoff]

@@scbchong6964 no one talking about the Govt except you 😂

[@scbchong6964]

@@LordBagdanoff Don't pretend lah. Always complain and blame govt but nothing is your own fault. Your own pay is in your own pocket so if you don't buy when prices are low, whose fault? You are entitled to low prices your entire life regardless of your job, skills and attitude? Or prices must be low whenever you want to buy and high whenever you want to sell?

[@LordBagdanoff]

@@scbchong6964 😂😂😂😂😂😂😂 joker

[@eddyzulkarnin8233]

@@scbchong6964 World most expensive country to buy a car but taxi & ride hailing ride fare are way very low comparing to other major economies. Have anyone ever thought about it, driver daily overhead such as rental/lease, petrol, carpark and many more.... everything are getting expensive but fare are still pathetic. For driver, more daily trips plus longer working hours. How to have work life balance like that? Western tourist also wonder and ask driver how they earn with low ride fares in Singapore.

[@Twodaae]

Please enforce either a no loan policy or a mninimum 70% cash downpayment before one can purchase a car. Perhaps this way it will reduce COE. HAHAHA...

[@scbchong6964]

So you will withhold credit/loans for some? Why punish the lower income and reward the richer ones who have more?

[@Twodaae]

@@scbchong6964 will not go to the extend to say punish, but more like if they cannot afford to buy, then they shouldn't. It's not a must have, unlike a house which is essential. The rich will continue to buy which will keep the market moving but it will reduce the prices of owning vehicles due to less demand in the market, which will allow middle income folks to buy. But these are just ideas for pondering, might work, might not, unless we test it, we will not know.

[@PAPpeopledumb]

Why does this scheme exist? With a high $5,000 COE, will anyone riding an old pollutive motorcycle renew COE and continue to pollute? We already have a strict motorcycle inspection process, and a COE system to ensure old bikes get scrapped. No need to give money and force people to scrap their bikes.

[@scbchong6964]

The COE is fair because of the equally depreciated amount rebated to owners, including the taxes, if owners sell the car. This paper value can be used as a store of value to offset the cost of the next car, new or used. You complain and blame govt but forgot or willfully ignore this fact.

[@zxgao950708]

now it is not fair for the local citizen. according to gov stats, phv cars rose fro 10k in 2021 to around 70k in 2023. those phv company they using investor money to bid for coe and charge high per ride to the passengers. how could normal ppl like us to win them. @@scbchong6964

[@jackryan2135]

Too cheap, owning a car is just lazy.

[@wosamosman9814]

Depends on your circumstances 😅. What if you got 3 kids that need to be ferried around to different activities 😂.

[@scbchong6964]

COE is equally depreciated and rebated, along with car taxes, once owner sells the car. And can be used to offset the cost of next car, new or used. Plus "poor people" can choose to work in higher paying job if they retrain, right? What you can afford is directly related to your earning power. And earning power is directly related to your talents, skills, abilities, and attitude/mindset, right?

[@blueshock]

communism

[@PAPpeopledumb]

The COE system is simply flawed. With a small amount of COEs available, motorcycle dealerships can bid up all the COEs and control the pricing. The fact that they do not need to pay the full COE amount and just a small amount for Temporary COE (tCOE) makes it really broken for years. Robin Low SDP

[@scbchong6964]

COE inflation is caused by too much cash, easy loans and fomo. Singaporeans have had salary increase and big bonus despite low innovation and productivity during covid. CPF balances are now half a TRILLION. HDB BTO and resale subsidies and grants are generous. Every month 30 - 50 citizens sell their HDB flat for more than a million dollars. GenX has been reaching age 55 these past few years and have access to their fat CPF savings. Also, the payouts for the enbloc fever of 2018 - 2019 were completed in 2021 onwards. Instead of blaming govt, singaporeans refuse to admit they themselves are Fat-Cats.

[@PAPpeopledumb]

With high COE, the costs for a new bike are high, and it also drives up the cost for USED bikes and guess what? The dealerships win again.

[@estherdlcrz]

Don't complain, you make the bed, you lay in it. Your voice was heard with the vote you cast. If you find it too expensive, come take the bus with us poor people.