Out of 100,000 car owners with expiring COEs, only two-thirds will go and get new COEs.
The remaining 1/3 will drop out as they cant afford to pay 50% downpayment due to high mortgage debt with impending Sibor spike.....
Singapore economy is slowing down too
Population growth are mostly the 40,000 new born babies (cant drive) and work permit holders ( take MRTs), not forgetting the 60s-70s who are giving up driving due to failing eyesight....
With downtown line coming, more people will not drive to work
Government is also reducing car park lots in city area to reduce congestions
The prosperity of singaporeans are mostly linked with property boom
With property bubble bursting now, many singaporeans will feel the pinch on their net worth, buying new cars are not the first thing in their mind
Quote:
Originally Posted by Unregistered
Despite Friday night, the Motor Show in Suntec was crowded just now. I think it will be more crowded with families tomorrow and Sunday. I won't be surprised if there is a tsunami of orders from the 100,000 car owners who need to change to new cars in 2015. Another 100,000 will need to change in 2016.
I predict the COE prices will be higher in the next bidding and subsequent biddings. Pls note that I don't work in the car sales industry. |