COE premiums hit record highs

[Bionex81]

many fresh grad think it is their god given right that because they have a degree, they must be able to buy a car and a condo

 

all only want to look good, must have 'face'

 

go talk to some bangladesh workers building your roads and houses and see how many have degrees

 

all these ME ME ME iGeneration need to face a hard lesson in life before they wake up

Yah Now degree in singapore is nothing there so much around have degree but all doing exe job.

 

[13177]

I bought a 57k car with a $500 monthly pay. I am sure the fresh grads earning average $3k plus can afford a $100k car since they are earning 6 times my old salary.

Salary 3K plus can afford a 100K car??? If you tell me the person downpayment a lot for the car and loan less than $60K then maybe can.

 

Cause even your loan amount is around 60K plus, your monthly installment already about $700-$800 liao!

[Ben5266]

Excellent reply. I hate it when people always mention the 60.1% of the population. Like the rest of the population don't own cars. Stupid or wat I just don't understand.

Aiya... those are school kids. No point waiting your time with them. They will grow up one day.

[The_Bear]

I bought a 57k car with a $500 monthly pay. I am sure the fresh grads earning average $3k plus can afford a $100k car since they are earning 6 times my old salary.

 

The monthly repayment is at least $500 for a $57k car. Unless you have savings or other sources of finance, it is impossible.

[CH_CO]

The monthly repayment is at least $500 for a $57k car. Unless you have savings or other sources of finance, it is impossible.

 

Why cannot , if he has cash he doesn't even need to pay installment

[The_Bear]

Why cannot , if he has cash he doesn't even need to pay installment

 

That's why I said there are other sources other than just the salary.

[SimonTan]

Saturday will be inaccurate.

I say Wednesday and Thursday traffic is generally smooth due to lesser deliver.

 

 

 

 

 

I am not discriminating , i am stating something i have observed. IF you don't believe me , try driving on a saturday morning , the only difference is the traffic moves faster since the goods vehicles aren't around. By the way , my purpose is not to drive 80km/h which i don't think is possible but a speed increase would be quite evident. By the way , i reach my work places sometimes at 715 and i move off at 6+ i don't see much goods vehicles and traffic is good.

 

For flamers which can't read , please read my passage again. Look down on clowns which set up a new account just to flame.

 

[Good-Carbuyer]

Prices for certificates of entitlements (COE) have soared to record highs on the back of an announced reduced vehicle growth rate.

 

The premium for a small car (cars 1,600cc and below, including taxis) COE ended at a 15-year high of $56,112.

 

This was an increase of 16.9 per cent from the previous premium of $48,006 at the last bidding on Sept 21.

 

Premiums for big cars (above 1,600cc) saw the biggest jump. It closed at $75,889 up from $63,600, an increase of 19.3 per cent, also a 15-year high.

 

The last time buyers saw such prices was back in 1997 -- when COEs were still separated into seven categories.

 

The open category, usually used for cars, also crossed the $70,000 mark. It finished at $73,600 up from $65,058, an increase of 13.1 per cent.

 

Commercial vehicle premiums increased the least -- it ended 12.8 per cent higher at $37,001.

 

Motorcycle premiums remained marginally unchanged at $2,091 from $2,078.

 

Fewer COEs to come

 

Last Friday, the Government had announced that Singapore's annual vehicle growth rate will be lowered gradually over the next three years as annual road growth could not keep up with the increase in vehicles.

 

The current 1.5 per cent growth will be cut to an effective one per cent next year, and 0.5 per cent in 2013 and 2014.

 

In practice, the vehicle cap will remain at 1.5 per cent for the first half of the quota year -- February to July 2012.

 

The cap rate will be slashed to 0.5 per cent for the second half of the quota year spanning from August 2012 to January 2013.

 

The new COE quota for February to July 2012 period will be announced in mid-January 2012. Given that the current motor vehicle population stands at 952,009 as of September this year, a 0.5 per cent cap means only about 4,760 vehicles will be added the following year, The Business Times reported.

 

This will then affect the COE quota, which is a function of the stipulated vehicle growth rate, the number of COEs needed to replace deregistered vehicles in the previous six months, and the adjustment for overprojections of vehicle deregistrations in the 2008 to 2009 period.

 

In a Facebook post last Friday, Transport Minister gave the reassurance that COE quota numbers should be 'relatively stable'.

 

Mr Lui said: 'I believe that the graduated changes we are making, coupled with the expected increase in the de-registration of vehicles, should result in relatively stable quota numbers over the next one year or so.

 

'And if the de-registration trends remain generally stable, then it is likely that we should see higher quota numbers from 2013 onwards.'

 

http://motoring.asiaone.com/Motoring/News/...019-305931.html

 

wow

Can use bicycle?

[13177]

The monthly repayment is at least $500 for a $57k car. Unless you have savings or other sources of finance, it is impossible.

Monthly installment of $500 for a car consider quite "low" liao. As i think most people their monthly installment at least $700 or more!

[Steptronic]

Bro Nf0rc3r already mentioned, prepare for a 200k Civic.

A fresh graduate with average income, how to buy?

Unless u doctor, lawyer, Banker etc.....

I highly doubt fresh doctor, lawyer, Banker can affod a 200k civic!

[The_Bear]

Monthly installment of $500 for a car consider quite "low" liao. As i think most people their monthly installment at least $700 or more!

 

Taking the best case scenario. $57k with 10 year term @ 1.88% (used to be higher years back). Works out to be $565 per month. So impossible to pay with $500 salary unless (a) a deposit was made (Therefore not counted as purely supplementing with own salary) (b) Other source of financing i.e parents/ additional income from other sources/ sell backside)

[Aaron_soh80]

Taking the best case scenario. $57k with 10 year term @ 1.88% (used to be higher years back). Works out to be $565 per month. So impossible to pay with $500 salary unless (a) a deposit was made (Therefore not counted as purely supplementing with own salary) (b) Other source of financing i.e parents/ additional income from other sources/ sell backside)

 

$ 565 Include petrol , modding, cash card , season parking , servcing , road tax , insurance ?

[The_Bear]

$ 565 Include petrol , modding, cash card , season parking , servcing , road tax , insurance ?

 

Nope, installment only.

[Ithunk]

Taking the best case scenario. $57k with 10 year term @ 1.88% (used to be higher years back). Works out to be $565 per month. So impossible to pay with $500 salary unless (a) a deposit was made (Therefore not counted as purely supplementing with own salary) (b) Other source of financing i.e parents/ additional income from other sources/ sell backside)

 

high end vehicles will cost 1k or more

 

a Lamborghini is about 8k to 10k a month

[CH_CO]

Taking the best case scenario. $57k with 10 year term @ 1.88% (used to be higher years back). Works out to be $565 per month. So impossible to pay with $500 salary unless (a) a deposit was made (Therefore not counted as purely supplementing with own salary) (b) Other source of financing i.e parents/ additional income from other sources/ sell backside)

 

Had a friend which bought a china made hafei van(weekend car which he bought for 9k with 7 years more) which he converted it to a storage space. He said that is was cheaper to store his stuff in that van than to rent a place for it. Even with insurance and carpark. He eventually sold this van for a profit recently which fetched him 14k.

 

So it maybe he earns 500 but he can claim the transport so no issue.

 

Another way is to claim from father and the 500 is pocket money

Edited October 21, 2011 by CH_CO

[TandemAssassin]

The monthly repayment is at least $500 for a $57k car. Unless you have savings or other sources of finance, it is impossible.

 

Didn't know my short post would generate so much speculation.

 

Salary all for paying installment. Day to day expenses from my childhood savings I am just citing my example to show that cars, especially 2nd hand ones or OPCs aren't unaffordable per se. It is just how badly you want it.

 

Having said that, I must admit, those months were tough. The nicest friend I have said I had balls; the rest just told me to the face I was It only started to get better when my takehome increased to about 2k. Even then, people still told me I was Yet at the same time, they wouldn't hesitate to blow $200 per night out at the clubs.

 

On a more realistic note (as I doubt people can get as car crazy as me), someone I know bought a 50k car on a 1.8k takehome. But he is one of those guys who does nothing but work and tinker with his car. No interest in girls (or guys) or any other activities. Parents are financially independent. His expenses are basically for lunch on workdays and his car. If someone on a 3k salary wants a car bad enough, they can definitely afford a 50-60k 2nd hand car and they won't even need to lead a simple life like his.

Edited October 21, 2011 by TandemAssassin