Fewer vehicles on Singapore roads

[Darthrevan]

Singapore's vehicle population has shrunk for the first time in more than 10 years, with car numbers showing the sharpest drop.

Land Transport Authority statistics showed that the total vehicle population stood at 971,871 at end-June - 0.2 per cent down from 974,170 at the end of last year.

The private car cohort shrank by 0.4 per cent to 604,633, from 607,292.

Motor industry watchers attribute the rare contraction - the first since 2002 - to the small supply of certificates of entitlement (COEs).

While starting to expand after seven consecutive years of shrinkage, the COE supply is still among the smallest in the last decade.

This has to do partly with the Government's decision to restrict annual vehicle population growth rate to only 0.5 per cent - down sharply from 3 per cent.

Not only that, industry players said there has been a clawback of COEs to make up for an oversupply in 2008 and 2009.

Singapore Vehicle Traders Association secretary Raymond Tang said another contributing reason could be that "at the moment, many cars are booked, but stocks have not arrived".

Hence the population contraction.

Besides private cars, the numbers of buses, goods vehicles and motorcycles have also been shrinking.

On the other hand, the taxi population grew marginally, but the rental car population truly bucked the trend by growing 6.5 per cent to 17,458.

Motor traders said the rise in the rental fleet is fuelled by robust tourist arrivals and a growing expatriate community.

In fact, the rental car population is more than double its size just nine years ago.

Mr Neo Nam Heng, chairman of rental firm Prime Leasing, said his fleet has been growing by about 15 per cent a year.

"Three years ago, we had around 700 cars, today, we have 1,000," he said. "There's been a lot of expatriates coming in."

Looking ahead, industry players said the vehicle population shrinkage may come to a halt once the clawback of oversupplied COEs is completed next year.

However, much depends on whether the Government will defer the release of an expected bonanza supply of COEs that will come on stream from next year.

Transport Minister Lui Tuck Yew had said that he would prefer to keep some COEs for the next "dry spell" in 2019-2022.

Mr Tang of the Singapore Vehicle Traders Association said if a percentage of COEs is kept for later years, the vehicle population contraction will continue. In fact, it may become more severe.

While the market speculates that the Government might defer 20 to 50 per cent of the COEs due in the bonanza years of next year to 2017, Mr Tang reckons some clarity will emerge towards the end of the year.

"I think by January, they will probably announce something," he added.

Source: http://transport.asiaone.com/news/general/story/fewer-vehicles-singapore-roads

[Wt_know]

no wonder coe can sustain $65k la ...

no ordinary buyer can outbid business where they pay $65k for the coe is to make more money

 

On the other hand, the taxi population grew marginally, but the rental car population truly bucked the trend by growing 6.5 per cent to 17,458.

Motor traders said the rise in the rental fleet is fuelled by robust tourist arrivals and a growing expatriate community.

In fact, the rental car population is more than double its size just nine years ago.

Edited August 4, 2014 by Wt_know

[Kezg1]

no wonder coe can sustain $65k la ...

no ordinary buyer can outbid business where they pay $65k for the coe is to make more money

 

 

....pappy is the best, in term of making $$ from the citizen..no other country can match....sigh

[Powxus]

However, much depends on whether the Government will defer the release of an expected bonanza supply of COEs that will come on stream from next year.

Transport Minister Lui Tuck Yew had said that he would prefer to keep some COEs for the next "dry spell" in 2019-2022.

Mr Tang of the Singapore Vehicle Traders Association said if a percentage of COEs is kept for later years, the vehicle population contraction will continue. In fact, it may become more severe.

While the market speculates that the Government might defer 20 to 50 per cent of the COEs due in the bonanza years of next year to 2017, Mr Tang reckons some clarity will emerge towards the end of the year.

"I think by January, they will probably announce something," he added.

Source: http://transport.asiaone.com/news/general/story/fewer-vehicles-singapore-roads

 

 

Are they hinting that we will not get the bonanza COE that everyone is hoping in the coming year ?

[Myxilplix]

 

Are they hinting that we will not get the bonanza COE that everyone is hoping in the coming year ?

 

Obviously lah. Simi hinting? If they don't claw back to try and smooth out the supply, we'll just see another oversupply and then everyone will wait for 2025. Anyone expecting bonanza is daydreaming.

[Darthrevan]

 

Are they hinting that we will not get the bonanza COE that everyone is hoping in the coming year ?

 

probably..he already mentioned that some of the COEs might be kept for 2019-2022

[TVT]

Many people turn to public transport, so less cars on the road....

 

Just like bro Mustank....

[Evillusion]

3000 out of nearly 1 million car where got feel wan? Nb.....want to hint at something else just say lar!

[Quantum]

but the rental car population truly bucked the trend by growing 6.5 per cent to 17,458.

Motor traders said the rise in the rental fleet is fuelled by robust tourist arrivals and a growing expatriate community.

In fact, the rental car population is more than double its size just nine years ago.

obviously no point to wait COE tsunami coming,

seriously rent car expense maybe cheaper than own car in next 10 years

[Dafansu]

My COE ending in 4 months. Either go public also or renew 5 years at 31k. In fact my season parking carpark used to be full every night, now is relatively empty.

Edited August 4, 2014 by Dafansu

[Quantum]

My COE ending in 4 months. Either go public also or renew 5 years at 31k. In fact my season parking carpark used to be full every night, now is relatively empty.

depends on what is your car's brand and condition, if it's still good, renew COE is better than public transport

[Ahgong]

it is also largely dependant on your usage patterns no?

if got kids, elderly, and you need to ferry them all over the place, the consolidated public transport expenditure may match the cost of owning a car, then renewing the COE may be a good option.

 

but COE dun have loan wan hor? is upfront cash rite?

 

depends on what is your car's brand and condition, if it's still good, renew COE is better than public transport

 

[Matrix0405]

My COE ending in 4 months. Either go public also or renew 5 years at 31k. In fact my season parking carpark used to be full every night, now is relatively empty.

 

 

Go public, after your car ROD, for 6 mth could save you $10K.

[Dafansu]

 

 

Go public, after your car ROD, for 6 mth could save you $10K.

 

for 6 mth? meaning

[Toothiewabbit]

3000 out of nearly 1 million car where got feel wan? Nb.....want to hint at something else just say lar!

Hehe....try lumbering along Bendemeer/Jalan Besar in the morning!

[GLZT]

I think its a good idea to keep some coe for 2019-2022, after all, it will prevent coe from fluctuation eventually.

[Baal]

it is also largely dependant on your usage patterns no?

if got kids, elderly, and you need to ferry them all over the place, the consolidated public transport expenditure may match the cost of owning a car, then renewing the COE may be a good option.

 

but COE dun have loan wan hor? is upfront cash rite?

 

 

Agreed. Not to mention trhe rushing around sending for music, tuition, etc. Can really feel the rush after elder kid in P1.

 

Just google speed credit or type coe loan & there will be a few links. Not sure how it works as I never call. So unsure whether its really loan u for that toilet paper or buy ur car then sell back to u or otherwise.

I think its a good idea to keep some coe for 2019-2022, after all, it will prevent coe from fluctuation eventually.

 

Actually on the contrary, I would think they would want some level of flucttuations for tactical reasons though dont think to the extend of the extremities that we have been exp over the last few years.

[GLZT]

 

Agreed. Not to mention trhe rushing around sending for music, tuition, etc. Can really feel the rush after elder kid in P1.

 

Just google speed credit or type coe loan & there will be a few links. Not sure how it works as I never call. So unsure whether its really loan u for that toilet paper or buy ur car then sell back to u or otherwise.

 

Actually on the contrary, I would think they would want some level of flucttuations for tactical reasons though dont think to the extend of the extremities that we have been exp over the last few years.

 

Such as for election purpose I presume?