🎁Singapore: The world’s most expensive car market?
In Singapore, the price of a “Certificate of Entitlement (COE)” has exceeded 100,000 Singapore dollars.
Why is a car both a luxury and a practical necessity in this small, densely populated, bustling city-state?
How does Singapore’s “car-less” vision impact car enthusiasts, commuters and the overall environment?
Certificate of Entitlement (COE) prices have increased in recent weeks, The first round of public bidding for car COE in October ended on the afternoon of Oct. 4.
The price of the eligibility certificate for the small and medium-sized car group (CAT A), which caters to mass market demand, fell slightly by SG$1 1,000 to SG$104,000 yuan.
The cost for the large and luxury car group (CAT B) increased by SG$5,113 (3.6%) to SG$146,002. The price for Group E, which is generally used to register Group B cars, also increased by $SG$7,360 (5.1%) to SG$152,000.
Data from：https://www.motorist.sg/coe-results
Notes：
Quota Premium | Price of the successful COE bid. |
Change | Difference between current price of COE and the previous price. |
Quota | Number of COE issued. |
Bids Received | Number of bidders participating in this COE bidding round. |
Prevailing Quota Premium (PQP) | Amount to be paid for COE renewal. Computed from 3-month moving average of COE prices. |
Premiums for Certificate of Entitlement (COE), which form a big chunk of a car's final price tag, have been hitting new highs this year at various bidding exercises.
Question For Tigers：
Why is COE so high in Singapore?
Do you think the price of COE will get longer and longer?
What reasons caused the COE price rising unstoppable?
How do you view the COE price rise? Good or Bad?
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🌟🌟🌟Owning a car in Singapore is getting enormously expensive simply because the demand far exceeds supply. In fact it is one of the most expensive car markets in the world.
Fortunately we have an excellent public transportation system with extensive MRT network, taxis and buses.
It is the price we have to pay to keep Singapore clean and green. Can you imagine if there is no COE? There will be horrible traffic jams, increased pollution. Take Bangkok for example, it is a nightmare to travel in the city.
That's why we need the COE system to ensure that only those who really need or can affird a car will bid for the COE. Ultimately it is up to individuals to decide whether they are willing to pay for the privilege of owning a car.
@Tiger_SG
Yes, without doubt, Singapore has the world's most expensive car. It is a known fact that cars are extremely expensive in Singapore, owing to the Certificate of Entitlement (COE), which costs more than an entire car. The COE was implemented primarily due to Singapore’s small land size and an increase in vehicle traffic. As Singapore utilises a larger percentage of its land for roads than most countries, the government recognised an increase in vehicle ownership and enacted COE to reduce the number of cars on the road and prevent congestion.
Due to SG government’s zero-growth policy for cars, which limits the number of COE quotas issued to the number of existing COEs deregistered. As the supply of COE quotas decreases, COE prices rise in inverse proportion.
Another reason is probably due to many private hire companies such as Grab and Gojek, are eagerly bidding for COE in order to expand their fleet. These companies can afford this costly technique because it is the drivers who will ultimately bear the cost of this method.
Lastly, there are a lot of high paid foreign employees in Singapore, who can easily afford the high priced COE. Therefore, demand will forever higher than supply.
Do you agree? @TigerStars @CaptainTiger @MillionaireTiger @Tiger_comments @Tiger_SG @TigerEvents @Daily_Discussion
[Wow] Wow, wow, wow, never knew that Singapore was in the top 10 of the world most traffic jammed countries, do you also know that, @TigerGPT ?
Source: https://www.selectcarleasing.co.uk/news/article/most-least-traffic-jammed-countries
Keep it up! Aim for Number One hor, hahaha! [Chuckle] [Facepalm]
Come and join the discussion. [YoYo]
@icycrystal @Shyon @MHh @melson @Aqa @GoodLife99 @rL @SirBahamut @HelenJanet @DiAngel @xXxZealandxXx