Oil prices have gone down a lot. It is also now more affordable to own a car than before. Makes more economical sense now to own a car than take a taxi. A car allows you to travel easily and you will reach your destination faster. Since COE prices have gone down, cars are now getting cheaper. So, the cost of owning a new car is lower and the cost of using a car is also lower. So it is the right time to buy a new car. Should we hope for COE to go down to $40k? $30k? $10k? Your guess is as good as mine. Just buy when you can afford it. More new cars are now selling at less than $100k or $10k pa. Can you afford to set aside $10k pa to own a car? If you can, then you can buy. If it's a struggle, then forget about it. If your household income is $150k pa, then buying a new car costing less than $100k should be affordable. Don't buy cars costing more than $100k.