Many of my neighbors bought a brand new car. Their previous cars were close to 10 years old. Some even have two cars as both husband and wife need a car each for their work. I think many are waiting for their bonuses to get a new car before the lunar new year.
COE prices likely to rise by 10% in the November and december
COE bidding in order to secure the new cars before the new year. $20k
COE is a thing of the past. Most people's salaries have doubled over the past 10 years and with inflation over the past 10 years,
COE prices cannot be that low any more. If
COE do hit $20k, then each Uni student can afford to buy a new car and this is not good as it leads to worsening traffic congestion.
Quote:
Originally Posted by Unregistered
You forgot these other contributing factors:
1. People are going to retire later (beyond 62), so they will continue to buy new cars even they reached 55.
2. People who previously did not own cars will do so when they withdraw their CPF at 55 because they will continue to work for another 10 years.
3. Previously I was thinking of giving up my car to my son when he starts work, but now I tell him to buy his own because I will still be working and need my car. By the way, my wife has her own car because she said she also needs one for her work.
And now that the gahmen said they will cut the car population growth to 0.25%, I don't think the COE price is ever going back to $20k. |