Cat B COE continues upward rise, and supply for upcoming quarter expected to shrink significantly

[awhtc]

The rebates for greener vehicles (EVs and hybrids) plus the generous profit margin of Cat B car dealers skew the Cat B COE prices versus Cat A.

[Confusedboi]

12 hours ago, Ake109 said:

They need to bring back the old 3000cc and above Cat lah.

Saying Conti 1.6 130+ hp fighting with Mazda 3 or Vios is unfair.

Isnt it more unfair that Mazda 6 or Conti 1.5 150hp have to fight Lambo and Bentleys?

Change the damn Cat E to 3000cc and above.

Weekly live bidding at Lido Palace stage. Let towkays hang happy happy.

wow there was such a category before? When was that?

[JaguarXF]

The $80k COE has astounded me so much that I dropped by several car showrooms immediately and realised that the prices have risen proportionally. It just looks like that COE is heading for new highs again and again. I wont be surprised COE breaches $150k next year this time.  Why? Due to the introduction of Telsa cars and many other electric cars. 2ndly is due to the flooding of new citizens' money. We cannot expect high net worth with US$500 million to take Grab or MRT. They will surely drive. The issue is, what car are they driving? 

 

Hence, I made the decision to spend $60k and renew my COE and forget about the remaining COE lease instead of $350 to $450k for my dream car. Next 10 years I should be safe before I retire in Malaysia or NZ and buy my dream cars there. 

[Ake109]

@Confusedboi 

On 10/30/2021 at 4:14 PM, Confusedboi said:

wow there was such a category before? When was that?

When COR first started in the 90s, there was a separate cat for 3.0 and above. Later they merged it with the >1,6

 

Edit: Wait, that was 2.0 not 3.0.

 

But given the situation now, 3.0 makes sense.

Edited October 31, 2021 by Ake109

[t0y0ta]

On 10/30/2021 at 4:14 PM, Confusedboi said:

wow there was such a category before? When was that?

There was only 1 additional cat for cars below 1000cc engine.

Edited November 1, 2021 by t0y0ta

[Ct3833]

On 10/30/2021 at 5:07 PM, JaguarXF said:

The $80k COE has astounded me so much that I dropped by several car showrooms immediately and realised that the prices have risen proportionally. It just looks like that COE is heading for new highs again and again. I wont be surprised COE breaches $150k next year this time.  Why? Due to the introduction of Telsa cars and many other electric cars. 2ndly is due to the flooding of new citizens' money. We cannot expect high net worth with US$500 million to take Grab or MRT. They will surely drive. The issue is, what car are they driving? 

 

Hence, I made the decision to spend $60k and renew my COE and forget about the remaining COE lease instead of $350 to $450k for my dream car. Next 10 years I should be safe before I retire in Malaysia or NZ and buy my dream cars there. 

The price proportion of COE to a  B to B car is significant, but a 40k COE incremental to a  350k to 450k range car  is negligible,  it is merely a 10% more increase, why bother to renew COE? No discrimination towards COE cars, I myself am driving COE car too but just learning to understand why you feel the pain.😅😅

Edited November 1, 2021 by Ct3833

[Mustank]

¯\_( ͡❛ ͜ʖ͡❛ )_/¯

[JaguarXF]

On 11/1/2021 at 8:44 AM, Ct3833 said:

The price proportion of COE to a  B to B car is significant, but a 40k COE incremental to a  350k to 450k range car  is negligible,  it is merely a 10% more increase, why bother to renew COE? No discrimination towards COE cars, I myself am driving COE car too but just learning to understand why you feel the pain.😅😅

I was expecting the COE to keep rising. $80k COE is still acceptable to me as my current car COE is almost 100k. But I know it is going to rise further judging from the lack of supply and very high influx of rich FTs. I renewed at PQP at $60k because I know in the near future COE at $150k is going to be the new norm. It may look like a 10% increase now but next year this time I doubt it will merely be a 10% increase. A GCB owner may not feel the pinch but ordinary folks like me will surely be priced out. 

[awhtc]

If COE goes up to $100k+, the PHVs and taxis will be very expensive also.  I think COE will continue to climb before plateauing from the end of 2023 to 2025, thereafter they will come down gradually.  Cat A and Cat B may never see sub-$40k and sub-$60k again.

[Ginyu]

The objective of COE is to force people to give up driv

44 minutes ago, JaguarXF said:

I was expecting the COE to keep rising. $80k COE is still acceptable to me as my current car COE is almost 100k. But I know it is going to rise further judging from the lack of supply and very high influx of rich FTs. I renewed at PQP at $60k because I know in the near future COE at $150k is going to be the new norm. It may look like a 10% increase now but next year this time I doubt it will merely be a 10% increase. A GCB owner may not feel the pinch but ordinary folks like me will surely be priced out. 

Even COE go up as high as $150k, ordinary folks will still go for it so as long the banks are willing to assist like 10 year loan with $0 down payment. They will do whatever it takes for face value🤣

[Macrosszero]

No la. COE is not meant to force people to give up driving, it is a cash cow that keeps on giving. 

Given Singapore's relatively high income, if everyone who can afford the basic cost of a car gets to own a car, we would have a situation like Bangkok or Jakarta. And thus to "optimize" revenue, COE is a floating price floor that ensures that only those who can afford it can own a car. It benefits the rich because COE is insignificant to them and ensures that the roads are reasonably uncongested because for them, time is money.

[Watwheels]

The thing is ppl are wfh and not driving much. Ppl cannot drive to M'sia for holiday. So why are ppl rushing to buy car now?

 

[Mahjong74]

16 minutes ago, Watwheels said:

The thing is ppl are wfh and not driving much. Ppl cannot drive to M'sia for holiday. So why are ppl rushing to buy car now?

 

@Watwheels 

You will be surprise of what people can do when they have too much spare cash laying around

My boss car reaches 10 yrs this year. Thus he purchased a new car 6 months ago. 

For the past 6 months, his new car just park at the car park and the mileage is less than 2000 km! 

And his team, including myself has been working from home since Feb 2020 till now

[sg100179]

@Mahjong74 In fact I have never driven so much mileage than now. WFH is having more driving around than parking it at the office. I always think I can commute to work via public transport but not WFH. It sounds weird but it's true. You need a car more WFH. 

[bruce76]

@sg100179 you couldn't be more right than this man. i remember my trips to changi airport NTUC to buy toilet paper 😂

[Ginyu]

2 hours ago, Watwheels said:

The thing is ppl are wfh and not driving much. Ppl cannot drive to M'sia for holiday. So why are ppl rushing to buy car now?

 

Not everyone buy car just for driving to work, there are other purposes for it🤣

[Ct3833]

2 hours ago, Watwheels said:

The thing is ppl are wfh and not driving much. Ppl cannot drive to M'sia for holiday. So why are ppl rushing to buy car now?

 

it is not about rushing in. There are 600,000 cars on the road, basing on linear aging, there would be 2,500 old cars need to be replaced every 2 weeks, this translates into demand for number of COEs. Granted that there are lesser 10 year old car now, the demand would still consider high, at least higher  than the 1,000+ COE per bidding pre exercise. 
In addition, some people will have their reasons of changing cars earlier, for example, their old cars breakdown too often, receiving a sudden windfall, extra cash, just walk out from a crisis that he feels he should pamper himself more, deperately wanting a EV , new first time buyers from the 5m population etc,  all these add up. Due to the lower COE quota,  any small incremental in  demand would result in a huge jump in COE price. 

Edited November 8, 2021 by Ct3833

[Eyke]

is also self-fulfilling: when dealer price in higher COE cost into selling price, they can then afford to bid/drive up the COE price.

end of day, everyone happy except for car buyers.

Edited November 8, 2021 by Eyke