The COE Prices are Fluctuating. Is Now A Good Time to Buy a Car?
Hi mooers! ![]()
Wah, did you see the latest Certificate of Entitlement (COE) prices? The results for COE bidding have been released and there is a slight decrease in both Category A and Category B after 4 consecutive months of rising prices, with current prices at S$93,900 and S$105,889 respectively. Meanwhile, Category E has seen a slight increase in its price, now at S$106,001.
As all fellow Singapore residents know, COE is essential for owning a car in Singapore, and these prices can make a difference in securing the best car deal.🚗💸
Getting a COE is just the beginning. After that, you'll have to deal with costs like open market value, registration fees, petrol, parking, ERP charges, insurance, and maintenance. Quite a list, isn’t it? And if you add in the cost of a car loan, the financial pressure might get even heavier. 😨
Plus, COE has a validity period (typically 10 years), which adds another certain obstacle to owning a car in Singapore. When it expires, you need to consider either renewing your COE or deregistering the car, which is so leh chey!😫
It seems like buying a car can be quite a hassle. But actually, owning a car does have its benefits. With a car, getting around becomes more comfortable and convenient, allowing you to avoid crowded public transport and save time. Plus, you get to enjoy your own personal space in the car — whether it’s having a quick meal, taking short naps, or simply enjoying the pleasure of driving.🤩
What are your thoughts on the latest COE price? And, how will it affect you? 🤔
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ShadowK : Seems like 100k is the new norm. As I got my car 3 years ago, where my COE was only at 48k, it does not make financial sense for me to buy now. If the COE drops to 50k within the next 7 years, I will buy my next car as I do enjoy the benefits that come with the car, convenience, and mobile luggage. If it goes beyond 100k, I will sing all the benefits of taking public transport instead, e.g., during movement, I can now optimise my time doing many things instead of concentrating driving. Think of all the money you can save when you do the math, especially since I have no kids to ferry around. I still get to drink the milk without owning the cow.
Moomoo SG OP ShadowK : Thank you for nice sharing!![[undefined]](https://static.moomoo.com/nnq/emoji/static/image/default/default-black.png?imageMogr2/thumbnail/36x36 "undefined")
![[undefined]](https://static.moomoo.com/nnq/emoji/static/image/default/default-black.png?imageMogr2/thumbnail/36x36 "undefined")
: The COE Prices are Fluctuating. Is Now A Good Time to Buy a Car?
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mr_cashcow : At that pricing I would rather invest that amount to get better ROI😂
Thomas_TBH : No. Wait till it drops to 40k
HODL RDDT : For sure there will bw recession, no rush
Money come 88 : if you need a vehicle to make a living, then go for it. Btw if you house have space to park , why leave empty? go buy a few to occupy the space, or else what a waste. if my neighbour had a Porsche , I will need 2 Farraris, or else loss face lei
Miu Mei Mei : Eversince I have sold my vehicle a decade ago, I have not look back or missed driving. The price of COE fluctuating is not my main consideration to owning a car. But rather if my job requires to travel around the island, I would at all cost get a vehicle. Since switching my career from sales & marketing to current desk bound administration & planning role, I see no requirement in having a personal vehicle to drive around. I found joy in being driven around in mrt and buses now.
Freakazoid : Unfortunate this COE price range seems to be here to stay. Still hoping for a dip sometime for me to enter the market. Many people may say cars are expensive but so is grabbing around? Each grab trip is more easily 20+, 30+ dollars or even more. Thankfully bus and MRT rides remains affordable. While Singapore’s public transport system is great, it will not totally over ride the desire to own car for most people.
mummybee : I used to have a family car. And it was great for getting around, especially when you have elderly or young children. I would not have visited some of the far flung places in SG that were not as accessible by public transport. so I kinda miss having a car.
The COE has definitely served it's purpose to deter folks like me from having a car. As I would weigh the cost benefits of car ownership in SG.
102247499 : Depends on your disposable income or how you intend to make money from a car. I haven't read the comments, but others have probably said the same.
If you have 100 to 200 k to put into a car and can make a profit from it or have money to burn, then te salut Don Corleone.