Will higher COE prices affect your decision to own a car?
COE prices for bigger cars and the Open category reached new highs for the third tender in a row, with the premium for an Open COE rising to $137,000.
image from motorist
Families with yound children face higher COE burdens?
Soaring Certificate of Entitlement (COE) premiums presents a challenging dilemma for many families. The high COE prices are unlikely to decrease significantly in the near future.
This reality forces individuals and families to make tough decisions about their finances, lifestyle choices, and future plans.
Public transportation might be accessible and affordable, but there are instances, especially for families with young children, where having a car is seen as a necessity due to the convenience it offers.
How will the soaring transportation fees affect society?
The impact of these "insane" COE prices extends beyond individual families and affects the society as a whole. In addition to COE premium, the public transportation fees are also hiked.
Some argued that it can potentially deter people from having more children, contribute to financial strain, and limit overall mobility and accessibility for families, especially those with young children.
Will high COE premiums affect your decision to own a car?
Are young families to be impacted the most?
How will the soaring transportation fees affect society?
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Well, maybe the car can only be affordable by the rich people. Those who are not very rich will usually consider to invest in other value growing items instead of car. Unless the price of ownership is much more reasonable. Anyway, I really hope the COE price could go down in SG one day although it is quite impossible! Either I invest better or work harder so that I can drive my own car in SG one day! Haha. @GoodLife99 @Aqa @Universe宇宙 @icycrystal @b1uesky @rL @koolgal
🌟🌟🌟Singapore has the unwanted reputation of having the most expensive cars in the world with the latest COE price hikes! It is becoming the Switzerland of Asia where billionaires flock to live. Even Ray Dalio has set up an office here.
Fortunately we are lucky to have an excellent public transportation that is the envy of our neighbouring countries. I prefer not to own a car in Singapore as it is astronomically expensive. Instead I would use the MRT and if required, grab a taxi whenever required.
A car is a depreciating asset and after 10 years, even though it is good condition, it needs to be sent to the scrapyard. I prefer to own stocks and real estate because these assets will grow in value over time.
A car is a luxury in Singapore that only the rich can well afford. However I would much rather live in Singapore than anywhere in the world as safety and peace are of utmost importance to me.
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Friends come join @b1uesky @Jadenkho @Universe宇宙 @GoodLife99 @Fenger1188 @SR050321 @LMSunshine @MHh @koolgal @DiAngel @Shyon
Definitely an increase in the overall cost for young families to own a car. Of course there are those who were born with silver spoon will have no issue with the increase.
Public transportation is still cheaper than to own a car. Do weigh the options, the pros and cons before making a decision on owning a car in singapore.
having said that, cost of petrol is crazy high. it's forecasted to be nz$3.50/litre by summer. camping location may have to be just at our backyard