Fewer OPC buyers nowadays

[Picanto]

HIGH certificate of entitlement (COE) prices are putting the brakes on off-peak car (OPC) sales, even as they were starting to take off after revisions were made recently to make such cars more popular with motorists.

 

Now that car prices are in the alpine territory, the $17,000 tax rebate for buying an off-peak car no longer looks so attractive.

 

 

First-quarter figures from the Land Transport Authority show a noticeable drop in new registrations of off-peak cars, which can be driven without a fee on weekends and between 7pm and 7am on weekdays.

 

In the first three months of the year, a total of 1,639 new vehicles were put on the road, versus 2,160 in the same time last year and 2,637 in 2008.

 

Because COE premiums, and consequently car prices, have soared in recent months, motor traders said the $17,000 rebate now represents a smaller saving. This has either turned off would-be buyers, or priced them out.

 

Said Mr Teo Hock Seng, managing director of Hyundai agent Komoco Motors: 'A $17,000 saving on a $70,000 car is very different if the car was $35,000.'

 

The cars have also simply become less affordable, rising in price by at least $20,000 in the last year. An entry-level off-peak car costs about $40,000 now.

 

Mr Albert Pang, managing director of Chevrolet dealer Alpine Motors, said: 'When OPCs were about $20,000-plus, customers with monthly incomes of $1,000-plus could enter the market. Now, this group is absent.'

 

 

[Introz]

wonder if gahment want to increase the opc rebate

[Picanto]

nope. that would simply increase OPCs on the road.

[Mrmilktooth]

high coe works.. pls keep it high .. LOL..

[Picanto]

hopefully it will be so high that those earning less than 5k will find it tough to own a car.

[Camrycamry]

keep the number of COEs low, flush out those OPC cars. encourage more people to take public transport. =less conjestion on the road. this is right way to go!!

[Roh96]

hopefully it will be so high that those earning less than 5k will find it tough to own a car.

 

 

Make it 10k better. Lesser car and lesser ppl surfing MCF. Just kidding.

 

I hope we are not heading back to the mid 90s where COE cost 100k.

Edited April 29, 2010 by Roh96

[Hiphiphoray]

Reduce the MCF ban to 2 warnings instead will be good as well.

 

hopefully it will be so high that those earning less than 5k will find it tough to own a car.

 

[Maz0608]

high coe works.. pls keep it high .. LOL..

 

Agreed! But please allow it to drop 8 yrs later when it was time to change my car.

[Joseph22]

high coe works.. pls keep it high .. LOL..

 

Still doesn't work lah. its just a steady increase in Car Poplulation of 1.5% a year. decreasing the quota for car is the only way to reduce car on the road.

[Roh96]

Still doesn't work lah. its just a steady increase in Car Poplulation of 1.5% a year. decreasing the quota for car is the only way to reduce car on the road.

 

Don't forget the roads are expanding and more ERP erection as well. Hopefully these factors will help to minimise the traffic problems.

[Roh96]

Still doesn't work lah. its just a steady increase in Car Poplulation of 1.5% a year. decreasing the quota for car is the only way to reduce car on the road.

 

I believe they might revise the growth rate further down to 1% or less but will not reduce the car population. Our population is still growing so it make sense that car population should also increase.

[SimonTan]

Sometimes we drivers are really snooked by these dammed figures.

Please lah, COE quota reduce by 30% right?

1639 divide 2160 = 76%

 

So you see....its almost proportional....nothing has changed in terms of ratio.

High COE pricing them out??? Is NOT the correct explaination lah!

 

 

 

[Extramint]

yeah i hope one day COE very expensive, on the roads super empty, only see mercedes S-class, bmw 7series and above.

 

no more civic & altis or any OPC cars. all of us would be squeezing in public transport. i wonder if it will still be considered "world class" then.

 

then in MCF, someone will create a thread: "how different IS your life now without a car?"

 

then again, no one would probably visit MCF because don't own a car, nothing much related to share.

 

can only go HWZ cars forum and post the rare cars you see on the roads. by then, S-class and 7series will be considered rare

[Osiris]

Mr Albert Pang, managing director of Chevrolet dealer Alpine Motors, said: 'When OPCs were about $20,000-plus, customers with monthly incomes of $1,000-plus could enter the market. Now, this group is absent.'

 

whoa, this is quite a scary group.

[Friendstar]

Ur first sentence contradicts with your last sentence

[Raytham]

Mr Albert Pang, managing director of Chevrolet dealer Alpine Motors, said: 'When OPCs were about $20,000-plus, customers with monthly incomes of $1,000-plus could enter the market. Now, this group is absent.'

 

whoa, this is quite a scary group.

 

What he said is true is because monthly income of $1000 plus will usually buy their cars. Haha.

[Bluepica]

HIGH certificate of entitlement (COE) prices are putting the brakes on off-peak car (OPC) sales, even as they were starting to take off after revisions were made recently to make such cars more popular with motorists.

 

Now that car prices are in the alpine territory, the $17,000 tax rebate for buying an off-peak car no longer looks so attractive.

 

 

First-quarter figures from the Land Transport Authority show a noticeable drop in new registrations of off-peak cars, which can be driven without a fee on weekends and between 7pm and 7am on weekdays.

 

In the first three months of the year, a total of 1,639 new vehicles were put on the road, versus 2,160 in the same time last year and 2,637 in 2008.

 

Because COE premiums, and consequently car prices, have soared in recent months, motor traders said the $17,000 rebate now represents a smaller saving. This has either turned off would-be buyers, or priced them out.

 

Said Mr Teo Hock Seng, managing director of Hyundai agent Komoco Motors: 'A $17,000 saving on a $70,000 car is very different if the car was $35,000.'

 

The cars have also simply become less affordable, rising in price by at least $20,000 in the last year. An entry-level off-peak car costs about $40,000 now.

 

Mr Albert Pang, managing director of Chevrolet dealer Alpine Motors, said: 'When OPCs were about $20,000-plus, customers with monthly incomes of $1,000-plus could enter the market. Now, this group is absent.'

 

Those were the days I paid less than $17k for my first new OPC