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How much are you earning per annum?

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  #5841 (permalink)  
Old 05-11-2014, 09:07 PM
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Cat A COE ended higher than the last bidding despite a big rise in COE supply. Many people expected COE to drop but it did not. This means those waiting will now no longer wait and will go and rush to buy now. COE prices will go higher in the next bidding. Many buying before the lunar new year. Do remember more than 100,000 existing car buyers need to change to new cars next year and they will likely change now than wait as prices expected to go higher. Many people who profited from selling their BTO flat have lots of money and they can now buy new cars.

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  #5842 (permalink)  
Old 05-11-2014, 10:36 PM
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COE prices should be expected to rise because of inflation.
10 years ago, a cup of coffee cost so little compared to today's coffee price. Everything is more expensive today than 10 years ago - food, petrol, property, etc. Salaries have also gone up for many people. So if many things are now more expensive today than 10 years ago, it should not be surprising that COE prices can no longer be so cheap like $30k or $40k or even $60k. COE prices should go higher than the current $64k for Cat A.

COE supply should also be cut as there is still too many cars on the road causing traffic jams which results in loss of productivity. Since we have already built so many new MRT lines, more people should be taking the MRT instead of driving. So, the car population needs to be reduced to ensure that the roads are not congested and the MRT lines are fully utilized.

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  #5843 (permalink)  
Old 06-11-2014, 06:54 AM
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Price increases because of inflation do not necessary make things expensive as long as wages move up in tandem or move ahead.

Cars - I recall when I was still a student decades ago, the price of a brand new corolla was $23k. There was no COE then. I urged my father to buy a car for the family, but he could not afford based on his income. But now a brand new Altis (Thailand made) costs $120k including COE. I bought one, paid for in full. Is it expensive to me? Not really.

Cup of coffee - yes the price of a cup of coffee has gone up steadily. Is it expensive? Nope, don't believe? Go and ask the many people drinking coffee at Starbucks and other branded café joints. To these people the cup of coffee at the coffee shops is too cheap and low class for them.

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Originally Posted by Unregistered View Post
COE prices should be expected to rise because of inflation.
10 years ago, a cup of coffee cost so little compared to today's coffee price. Everything is more expensive today than 10 years ago - food, petrol, property, etc. Salaries have also gone up for many people. So if many things are now more expensive today than 10 years ago, it should not be surprising that COE prices can no longer be so cheap like $30k or $40k or even $60k. COE prices should go higher than the current $64k for Cat A.

COE supply should also be cut as there is still too many cars on the road causing traffic jams which results in loss of productivity. Since we have already built so many new MRT lines, more people should be taking the MRT instead of driving. So, the car population needs to be reduced to ensure that the roads are not congested and the MRT lines are fully utilized.

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  #5844 (permalink)  
Old 06-11-2014, 09:00 AM
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Many people with 8 to 9 years old cars are already replacing their cars with brand new ones. They are not waiting at the last minute. Many are at the sidelines to wait and see. They want to wait to see whether the Nov bidding for Cat A will go down. Contrary to expectations, Cat A price did not go down due to strong replacement demand. This signals that people at the sidelines will now jump in for the next bidding as they realize demand is strong. Price of COE will continue to rise.

Anyway, you can still get a good Cat A car for $100k. Just go for the Japanese or Korean brands. Don't be stupid to waste on conti cars as a big portion of money you pay goes to the dealers. You are a big fool to throw your money. Might as well use your money to upgrade from public housing to posh condo or from a small condo to a bigger, newer condo. Cars are depreciating assets so don't be a fool to overspend on a car. The Korean brands are best value for money.
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  #5845 (permalink)  
Old 06-11-2014, 06:35 PM
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Luckily I went in to bid as I dont think it will come down anytime
In fact many people at sideline will be disappointed!
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  #5846 (permalink)  
Old 06-11-2014, 08:22 PM
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Quote:
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Luckily I went in to bid as I dont think it will come down anytime
In fact many people at sideline will be disappointed!
Good for you. I predict Cat A COE will reach $70k by Jan 2015 and then higher and higher. Remember $100k COE ever reached when people's household incomes were not high many years ago. Now, with so many rich household earning so much, $100k COE will soon be a reality again. Many people make money from property esp those that sold their BTO flat after MOP. They got big profits of $200k or more after selling their BTO flat which they bought at very low prices. These people can buy their new cars easily.

Buy now if you plan to change to a brand new car.


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  #5847 (permalink)  
Old 06-11-2014, 09:58 PM
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How about getting a 2nd hand car? is it a good guiding principle to choose cars with high COE+OMV:selling price ratio?
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  #5848 (permalink)  
Old 07-11-2014, 12:10 AM
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If a someone needs a car they will buy one regardless of COE, its just a matter of quantum. With so many options in the market I don't believe the theory of people just waiting on the sides used to taking public transport suddenly deciding to buy a car because of a 20K cost save. You will need a huge drop to the days where COE were priced at 20K to make that kind of impact, we talking about going back to the time where a swift can be purchased for 40 - 50K brand new.

For people needing a car now, they can buy New Conti, Jap, Korean. If too expensive can consider PI save 5 - 20K pending if conti or Asian, not to mention 2nd hand cars. Each option already allows them to save money as much money as their intended COE correction price.

I know about 5 - 8 people whose cars will scrap next year, all of them are looking to replace. Some replace with same model, others replace with Korean makes to save cost, one guy looking at PI car and another 2nd hand Jap car.

Its highly likely the COE at worse will go down by 15 - 20K maybe. Even at that price I doubt it will create a ripple big enough to sway the non car drivers to rush out and buy a car.
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  #5849 (permalink)  
Old 07-11-2014, 06:17 AM
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Quote:
Originally Posted by Unregistered View Post
If a someone needs a car they will buy one regardless of COE, its just a matter of quantum. With so many options in the market I don't believe the theory of people just waiting on the sides used to taking public transport suddenly deciding to buy a car because of a 20K cost save. You will need a huge drop to the days where COE were priced at 20K to make that kind of impact, we talking about going back to the time where a swift can be purchased for 40 - 50K brand new.

For people needing a car now, they can buy New Conti, Jap, Korean. If too expensive can consider PI save 5 - 20K pending if conti or Asian, not to mention 2nd hand cars. Each option already allows them to save money as much money as their intended COE correction price.

I know about 5 - 8 people whose cars will scrap next year, all of them are looking to replace. Some replace with same model, others replace with Korean makes to save cost, one guy looking at PI car and another 2nd hand Jap car.

Its highly likely the COE at worse will go down by 15 - 20K maybe. Even at that price I doubt it will create a ripple big enough to sway the non car drivers to rush out and buy a car.

In my office, there are 2 production supervisors who just changed to new rides after their old cars hit 10 years. It's very common and there are many more in my office are whose cars are hitting 10 years and will be looking at replacement.

Therefore, the 100,000 cars expected to be deregistered will be looking for new replacements. Only a fraction might give up driving, but there are many new immigrants who are willing to take that place.

So, COE of $60k (CatA) and $70k (CatB) will be a new norm. barring any economic crisis.

Those waiting at sidelines will be sadly disappointed and cheated that government has told them that there will be more supply (but price didnt come down as much anticipated)
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  #5850 (permalink)  
Old 07-11-2014, 08:50 AM
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Owning a brand new car is no big deal. Even those living in HDB flats can afford to buy brand new cars. Many got the cash from selling their HDB BTO flat. BTO flats are sold so cheaply that many people profit from it. On top of that, many people now earn more, salaries today is more than doubled the salaries 10 years ago. So, while supply is high, demand is higher. So Cat A COE will soon reach $80k while Cat B will soon reach $100k. This is going to be the normal level. Prices of new cars are still affordable. You can get a good quality brand new Korean Cat A car for less than $100k.


Quote:
Originally Posted by Unregistered View Post
In my office, there are 2 production supervisors who just changed to new rides after their old cars hit 10 years. It's very common and there are many more in my office are whose cars are hitting 10 years and will be looking at replacement.

Therefore, the 100,000 cars expected to be deregistered will be looking for new replacements. Only a fraction might give up driving, but there are many new immigrants who are willing to take that place.

So, COE of $60k (CatA) and $70k (CatB) will be a new norm. barring any economic crisis.

Those waiting at sidelines will be sadly disappointed and cheated that government has told them that there will be more supply (but price didnt come down as much anticipated)
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