Petrol prices are now lower due to the plunge in oil prices. Your home utility bills will also be lower. With lower oil prices, cost of production of many goods will also go down and become cheaper. So we all have more money in our pockets.

This means we can easily buy a brand new car as we have more savings and the cost of running a car is now lower since petrol prices is cheaper now. Better to own a car now than taking the cab.

Petrol and cars are complementary goods. When the price of oil drops, the demand for cars will shoot up. This means the demand for new cars and COEs will shoot up.

Buy your new car now.