COE prices soar because.....

[Jolie888]

in contrary, many expat (making quarter or half a million) actually take public transport

 

we only see people making $30k wanted to buy a car

Many expats in my company "assign" their given cars for their wives' use ... marketing, ferrying children to classes/games, their own social gatherings, etc.

The themselves take taxi, or car pool.

Taxi fare is claimable expense account hor!

 

[Jman888]

Many expats in my company "assign" their given cars for their wives' use ... marketing, ferrying children to classes/games, their own social gatherings, etc.

The themselves take taxi, or car pool.

Taxi fare is claimable expense account hor!

 

 

they always do that

 

but then the wife use it on non peak hour (dun contribute to the peak hour jam), and the taxi get income

 

btw, why are we talking about this? no link

[Damienic]

The Economy Is Doing Well

 

COE prices are soaring because the economy is doing well and not because the Government is further slowing the growth in the vehicle population to 0.5 per cent, as that kicks in only in August, Transport Minister Lui Tuck Yew said on Sunday.

 

He was responding to a steady stream of complaints about certificate of entitlement (COE) prices - now at their highest in more than a decade - from residents during a walkabout in Cheng San.

 

Mr Lui said high COE prices are due to strong demand - with wages still on the rise, dealers introducing new car models and more people bidding now in expectation that premiums may rise further.

 

Come August, the annual allowable vehicle population growth rate goes down to 0.5 per cent, from 1.5 per cent today and 3 per cent before 2009.

 

 

 

http://www.straitstimes.com/BreakingNews/S...ory_789267.html

 

sibeh talk c--k. so that is to say our economy is really bad during the yr of 2006 where coe once hit below 10k and during 2008-2009 where coe once hits $50? if its nothing to do with the quota, I dunno wat is. during 2006, the quota is thrice the amt we had now. with an increasing population and quota just 1/3 of what it is now, how could coe not go up by leaps and bounds? this mushroom man really CMI

[Damienic]

He is right. At the height of Lehman Global Financial Crisis, COE went as low as $1000

 

it just happens coincidentally at the time of Lehman crisis. if you look at the number of quota allocated during that period, you will understand why the coe is so low. raymond lim the ex tpt minister also admitted that his department mis-forecast the number of vehicle deregisteration for quite some yrs beforehand...

[13177]

he is right not because 05-09 coes is low. its because now COE so high still got lot of ppl willing to come out with money to buy car.

Maybe it means that nothing to do with the economy. Whether the economy is good or bad, there are still many people willing to come out with money to buy car.

[Kilomatrix]

He means COE price soar because the Economy Is Doing Well??? Does he means that during the super low COE era, the economy is not doing well?

oops, scored own goal again...

[Civic6228]

sibeh talk c--k. so that is to say our economy is really bad during the yr of 2006 where coe once hit below 10k and during 2008-2009 where coe once hits $50? if its nothing to do with the quota, I dunno wat is. during 2006, the quota is thrice the amt we had now. with an increasing population and quota just 1/3 of what it is now, how could coe not go up by leaps and bounds? this mushroom man really CMI

 

It is about supply and demand ..... there were more than 100,000 COE released from Y2003 to Y2009 ..... high supply moderate demand .... COE price was moderate as well. Current situation, low supply, high demand ... prices will shoot to the sky.

 

Who to blame for current high COE ???? The consumers !!!!!

Edited April 16, 2012 by Civic6228

[Ken4555]

Why does everyone need to own a car?

Which govt in the world guarantees this?

You get to own a car only if you can afford one.

If by the next round, you find COEs beyond your reach, it just means that you can no longer afford to own a car.

You will need to accept that fact when COEs increase to >$200K and a Cat A car costs at least $250K.

So how much do you want to borrow from the bank to buy that $250K small B&B car?

Or just switch to public transport?

 

People want to own car. They also want to live in private condo.

Now a fcuking 99-yr leasehold outskirts, non-prime condo already cost $1,700-1,800 / sqft.

 

So how much loan would anyone take for a $2M LH condo?

 

In the end, owe money from the bank until you retire at 65yrs old?

You still can enjoy after that?

One leg in the grave already.

Very bleak future leh!

 

 

sickening post.... but i so agree.

[Ah_tee]

do u think if i write in to enquire to about the breakdown of the ownership of COEs Lui will entertain me ?

 

i am interested to know the figures between

 

A.2010 and 2012 during Q1 about the ownership breakdown of COEs between

 

1) Singaporeans

2) Permanent Residents

3)Foreigners

 

B. If owning a car is consider a luxury in Singapore by the current context and COE being a high demand item

 

1) how should this "luxury be allocated among Singaporeans and non-Singaporeans ?"

 

C. With the current trend now and "personal luxury" aside, how is the government tackling the rise in commercial COEs as well ? taking note that this will directly drive up overheads of companies who will almost certainly pass on the overheads to the end consumers ?

 

1) The government been talking about curbing inflation, can we term all these increase as being part of inflation ?

[Damienic]

It is about supply and demand ..... there were more than 100,000 COE released from Y2003 to Y2009 ..... high supply moderate demand .... COE price was moderate as well. Current situation, low supply, high demand ... prices will shoot to the sky.

 

Who to blame for current high COE ???? The consumers !!!!!

 

yes, demand is a factor. but it is also a two way thing. the high quota and low coe does indirectly led to high demand as well.

 

during 2006 and certain parts of 2008-2009, I rem when cars are as cheap as 40K++ for a Vios and Avante, people who previously decided that they would only take public tpt and not own a car have a lot decided to buy a car due to the affordability. I have personally know a few such people. Yes, they decided to buy even during the uncertainty of Lehmann crisis. They pruchasing decision had nothing to do with the economy but how cheap the car was at that time compared to historical prices.

 

the economy this yr isn't doing particularly well and I dun really think the demand is high but still we had record prices coe. This is obviously very much due to the continuous reduction of the coe quota starting from early 2010 till now. the demand we are seeing now is mostly incoming from the well to do who doesn't bat an eyelid to fork out 70-80k for a coe because it means nothing to them and not so much from the masses. just see how the sales are doing for the B&B segment vs Luxurty segment and its pretty obvious the so-called "high demand" as mentioned by Lui is coming from where.

Edited April 16, 2012 by Damienic

[Kangadrool]

LOL, they already acknowledged that high transportation (due to high COE) has contributed to higher and higher inflation which they also acknowledged as a BIG CONCERN. The only thing I see for now is, they adjusted the inflation forecast. [laugh]

Edited April 16, 2012 by Kangadrool

[KARTer]

He means COE price soar because the Economy Is Doing Well??? Does he means that during the super low COE era, the economy is not doing well?

He should spend his time to solve public transport problems n road congestions, economy doing well or not is NOHFB...! tell us the solutions, not the state of economy.

[Joseph22]

Maybe it means that nothing to do with the economy. Whether the economy is good or bad, there are still many people willing to come out with money to buy car.

you can say so. but basic truth. COE too high?? you are not rich enough to own one.

[Antlau]

The Economy Is Doing Well

 

COE prices are soaring because the economy is doing well and not because the Government is further slowing the growth in the vehicle population to 0.5 per cent, as that kicks in only in August, Transport Minister Lui Tuck Yew said on Sunday.

 

He was responding to a steady stream of complaints about certificate of entitlement (COE) prices - now at their highest in more than a decade - from residents during a walkabout in Cheng San.

 

Mr Lui said high COE prices are due to strong demand - with wages still on the rise, dealers introducing new car models and more people bidding now in expectation that premiums may rise further.

 

Come August, the annual allowable vehicle population growth rate goes down to 0.5 per cent, from 1.5 per cent today and 3 per cent before 2009.

 

 

 

http://www.straitstimes.com/BreakingNews/S...ory_789267.html

 

why say only 1st half of the story? What is the plan for the near future, since the economy is forecast to be slowing down? Is the economy really doing well, or it is fabricated to feel that the economy is doing well? And what was fueling the economy growth, when our investments are losing hugely?

 

Actually I just have a thought arising, "why does the gahment declare early early "bad news" (reduction of COE numbers), knowing that in our "kiasu kia-boh kan-cheong" social mentality, it will definitely cause a buying frenzy indirectly raising the prices of the COE much earlier (In Aug instead of Mar)?" If you dont have a good solution that give the people choices or solutions, sometimes it is better to let them know as and when implemented. Causing a "feeding frenzy" that seemingly always has the only advantage to the gahment will only bring suffering to the people...

 

[Kangadrool]

Very soon, car in Singapore will cost more than an airplane.

[KARTer]

basically, don't blame the govt for high COE prices. Not their fault, it's the economy.

Quick to pass the blame somewhere else, and claim credits at the remotest opportunities.

[Jrage]

i tell you, feel so fedup with all the new things that the gov come up with recently.

Instead of helping to fight inflation, they have selectively increase the cost of individual segment of the country.

 

1) increase levy for foreigner work , target business owner only.

2) off-day for FWL , target household with maids only.

3) increase taxi fare, target ppl that take taxi

4) increase healthcare cost for PR, target PR.

5) decrease COE quota, increase COE price, target ppl want to change/buy car.

 

Even though, each increase is only target a certain grp of society. But overall, there is a increase in cost in living in singapore and now nearly everyone kena shoot at.

why cant the government work the other way round, but decrease the cost living? like increase health subsidy for singaporean , instead for increase for PR ? Re-structuring taxi fare, instead of increasing it ? More incentive for hiring singaporean, instead of increase levy ?

 

The excess they earn from COE, shld help to subsidies taxi and other public transport.. Cannot just say inevitable.. then the poor folks just have to live with it.

These minister dont get their pay docked when they are late for work.. but the blue collars does.. so public transport has to be reliable.

 

I tot they earn alot from the 2 IRs already ? why cannot share..

Edited April 16, 2012 by Jrage

[Jolie888]

btw, why are we talking about this? no link

 

Sure got link what!

There will be another 2-3 million more FTs, PRs and new citizens to be imported to reach the 6.5 million population mark.

Each of these families are stacked higher in the salary / class group than the average Singaporean.

Each if these high networth immigrant family will need and demand for at least one car.

They will add on to the incremental demand for COEs at whatever cost. Company pays, or they are rich enough to afford their second Mercs, BMWs, Porsches and Audis.

Since COE quotas will shrink, the middle-to-lower class Singaporeans will find COEs and cars out of reach by 2016!