2015 Dec, 2nd COE Bidding Exercise

[kmttan]

the SGP income statistic published by the dept of statistics shows that average household income increased by 38% over the last 5 years. Average household income was $10.5k as of mid 2015. One may attribute the high average income to the rich are earning a lot more than the poor, but the median household income is also at a remarkable $8.3k, that is to say that most of the household are making about $8.3K per month. The statistic is good enough to argue that there are enough household could afford to buy new car, at least when the price is at a level that they are willing to pay.

Agree. If the increase is linear, it would have been 76% increase over 10 years. Our favourite Altis also increased accordingly from $60k to $100k. So, those who can afford cars 10 years ago should be able to afford cars today. Not forgetting that 10% down with 10 years loan are still available. Nevertheless, like you said, affordable does not mean comfortable. Potential buyers must evaluate their priorities carefully before committing to such a huge liability.

[F355]

the SGP income statistic published by the dept of statistics shows that average household income increased by 38% over the last 5 years.

 

Fwah .

 

I can double confirm , triple confirm , make statutory declaraton with the Commisionner of Oaths , chop and sign that I am not one of them.

 

My income was stagnant over the last 5 yrs and in fact I am grateful that it did not see a decrease .

[oceanicmanta]

and the big question remains whether the low COE will translate to lower purchase price for cars ... or dealers are jumping for joy

[Kia7200]

Those despicable used car dealer should prepared to buy 1 of his super high dep car n be a uber driver soon

[Hshs]

Jan-Dec: Cat A down $11,709 and Cat B down $20,288. Really a good year. Let's hope next year even better.

 

Merry Xmas and Happy New Year to all.

If no change of rules from LTA/MAS. We should see more green year 2016.

[Runforyourlife]

If no change of rules from LTA/MAS. We should see more green year 2016.

 

Watch out for Feb 16's budget talk

[edwin15]

Actually not surprising result lah... like many already said, by next year, the "SG_" plate will slowly reaching their 10yrs lifespan. Many of the SG_ owner buying their B&B car at 45K to 60K mark during that time (COE at around 10K). And best of all, with 0 downpayment and 10 yrs loan, any tom dick and harry with 2K gross pay can buy a car.

 

Unless these group of people is now earning 1.5x more than  from 10 yrs ago (which is around 5K). Otherwise, they will have to give up driving. When COE supply increase and demand reduced(real demand! not wish), the COE price will go down.

 

 

Actually, I would expect that many people who were earning around 2k 10 years ago would be earning over 5k now.

[Wildfaye29]

Watch out for Feb 16's budget talk

 

Its on 24 Mar 2016.

[F355]

and the big question remains whether the low COE will translate to lower purchase price for cars ... or dealers are jumping for joy

 

It should .

 

The bumper crop of COEs also means that ADs can have a smaller profit margin per car . In 2006 / 07 , many B&B cars have a profit margin of less than 10k .

[Roh96]

Swee! Finish off last round of bidding exercise in 2015 with a 5K drop. That gives a nice 20K drop from Jan 2015 to Dec 2015.

[Throttle2]

Those despicable used car dealer should prepared to buy 1 of his super high dep car n be a uber driver soon

Despicable used car dealer, let them swollen swollen lor...

 

Muayhahahah

[Smellyfeet]

statistic? do you know how these numbers are derived? Its iNCLUSIVE of Employer CPF, BEFORE deduction of employee contribution! I guess you cant buy a car using CPF rite? unless you are telling me that the Gov have recently change the rule which I dunno...

 

If you deduct of 37% from the 8.3K how much do you get? and not to forget, we are talking about household income, not individual income.

 

And as you have pointed out, average income ONLY icrease by 38% for the last 5 yrs while car priced increased more than 100% compare to 10 yrs ago. Guess its a simple math to compare...

 

Yup, most likely to be the case, COE renewal could be possible as well but I guess its more for 5 yrs renewal rather than 10 yrs...

 

Think need to deduct 20% only right from your gross income since that 17% is from your employer's contribution?

[Spurman]

Household avg. Very grey area i tink.

 

I going to register my kid for childcare. And i have a form which indicates household income not more than 7.5k a month somthing like that. And accordingly. Household means the whole family nuclues woh. So means. Ah gong. Ah ma. Myself. My wife...

[Mnns]

Think need to deduct 20% only right from your gross income since that 17% is from your employer's contribution?

The figures are inclusive of the 37%, so Tigershark1978 is saying if you want the real figures you should deduct it.

[Axela72]

20k reduce in Y2015 so if Y2016 follow the same reduction will become 35k

 

 

Swee! Finish off last round of bidding exercise in 2015 with a 5K drop. That gives a nice 20K drop from Jan 2015 to Dec 2015.

 

[Wondertree]

Think need to deduct 20% only right from your gross income since that 17% is from your employer's contribution?

 

Most salary and income reports by the gov quietly include both that 17% from employer and 20% from own pocket.

[Smellyfeet]

Most salary and income reports by the gov quietly include both that 17% from employer and 20% from own pocket.

 

ah ok noted! looking at another angle, they are not wrong either, coz that's really your gross income. But looking at spending power, yes, then that's where all the deductions come in and where u have that headache.. hahah..

[mersaylee]

It's Christmas eve n you peeps still throwing out numbers...let the dealers harvest as much as they can while the sun still shines lah. Bad weather is just round the corner.

 

Let us sit back n enjoy the festive season - hopefully a peaceful one for all.

 

Merry Christmas n a happy new year to everyone here.