How much are you earning per annum?

There are just too many cars and other vehicles on the road. During peak hours we always have traffic jams and congestion. Vehicle ownership here is still too easy. We should cut the number of cars and vehicles on the roads. It is ok for car dealers to sell less cars. We just need lesser cars on the road.

I don't enjoy driving in heavy traffic jams. We should start reducing the number of cars on the road by 1% every year. With more MRT lines opening, we don't need many cars any more, more people should travel by MRT. It is ok for COE prices to be high so that more people will switch from cars to MRT. COE prices now is still too low, prices must go up further so that we will have lesser cars on the road.

The first Dec 2014 COE bidding has started today.

Cat A COE will likely close at 72k
Cat B will close at 75k

Originally Posted by Unregistered

In two weeks time, hundreds of thousands of PMEs will get their bonuses. Those whose cars are old will be rushing to buy a brand new car before the lunar new year. They are buying now before COE prices go up higher again.

With the increase in salaries across the board for most PMEs over the last 10 years, it would not be surprising that many families find cars today relatively cheaper. For instance, a car costing $100k ten years ago is relatively more expensive than a car costing $100k today. Ten years ago a $100k car may be 2x the family income of $50k pa. But today, the family's income could rise to $100k and so it is only 1x their annual income so they find a $100k car today more affordable than a $100k car ten years ago.

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The most I've ever paid for a car is $74k.. and that was in 1997.
Relative affordability is one thing. I just think absolute affordability - based on value for money-- still needs to be taken into account. Regardless that my income now is better than in 1997, I still think it's stupid to part with all that money, maybe $120k, for a similar car now.
A fool and his money are soon parted...

Originally Posted by Unregistered

The most I've ever paid for a car is $74k.. and that was in 1997.
Relative affordability is one thing. I just think absolute affordability - based on value for money-- still needs to be taken into account. Regardless that my income now is better than in 1997, I still think it's stupid to part with all that money, maybe $120k, for a similar car now.
A fool and his money are soon parted...

It's quite pointless to argue agst the car salesperson. He/she is basically propagating urban myths to generate demand for cars...

Originally Posted by Unregistered

The most I've ever paid for a car is $74k.. and that was in 1997.
Relative affordability is one thing. I just think absolute affordability - based on value for money-- still needs to be taken into account. Regardless that my income now is better than in 1997, I still think it's stupid to part with all that money, maybe $120k, for a similar car now.
A fool and his money are soon parted...

No one is forcing you to buy a brand new car. You don't have to buy a brand new car. You can always by a used car. With $30k-$40k, you can easily get a used car. Only a fool don't know that. Cars are luxury goods for those who can afford. There are always the bus, MRT and taxis or motorbikes if you can't afford a car. Only stupid fools buy cars they can't afford. For instance, buying an expensive continental car just to show off even though your salary is mediocre.

Originally Posted by Unregistered

The first Dec 2014 COE bidding has started today.

Cat A COE will likely close at 72k
Cat B will close at 75k

I am scared. Very scared.

Please don't hit $100k COE!

Originally Posted by Unregistered

I am scared. Very scared.

Please don't hit $100k COE!

Don't be scared. COE will eventually reach $100k as demand for cars will rise due to many richer families in Singapore. Now with oil dropping so low, pump prices will eventually drop too, so the cost of operating a car will be much lower, so it is now more attractive to own and use a car.

Cars should rightly be classified as luxury goods as Singapore is a small, and well connected city by public transportation systems comprising the MRT, buses and taxis.

Anything that is beyond meeting basic necessities should be considered luxury eg branded watches, pens, bungalows etc..

Therefore, let the COE go up so that you will have to pay a premium for this luxury.

But as car prices started from a relatively low base in years back, a lot of people got to own cars. There will be thus a slow but painful transition from ownership of cars by the general populace to ownership of cars by only the wealthy.

This would be akin to the early 60s and 70s where although cars were cheap (compared to today's prices), not many people owned cars because they simply couldnt afford them. And those with cars were the wealthy merchants and rich "ang mohs". Those days cars were really status symbols for those who "have arrived". Cars dont give this feeling anymore nowadays even those conti cars. To set yourself apart, you really need a chauffeur to drive you around in a Bentley, 7 series BM or Mercs.

For me, I am ok with seeing fewer cars on the road. Less pollution - noise, toxic fumes etc.

In Singapore basic necessities are:

1. HDB flat (public housing)
2. Bus, MRT, taxis (public transportation)
3. Eating at hawker centers
4. Marketing at NTUC Fairprice, wet market
5. Buy clothings from market, during cheap sales

If you do this, you can live comfortably with a household income of $6k pm

In Singapore, luxury goods and services are:

1. Condo and landed properties (private housing)
2. Cars (private transportation)
3. Eating at restaurants
4. Marketing at high end grocery shopping outlets
5. Buy clothings from branded retail shops
6. Employing a maid

If you have such high taste, you will need a household income of $20k pm

Since cars are luxury goods, cars must be expensive so there won't be many cars on the roads to reduce congestion. The car population must be reduced a lot and COE must go higher to limit the number of cars.

Originally Posted by Unregistered

Cars should rightly be classified as luxury goods as Singapore is a small, and well connected city by public transportation systems comprising the MRT, buses and taxis.

Anything that is beyond meeting basic necessities should be considered luxury eg branded watches, pens, bungalows etc..

Therefore, let the COE go up so that you will have to pay a premium for this luxury.

But as car prices started from a relatively low base in years back, a lot of people got to own cars. There will be thus a slow but painful transition from ownership of cars by the general populace to ownership of cars by only the wealthy.

This would be akin to the early 60s and 70s where although cars were cheap (compared to today's prices), not many people owned cars because they simply couldnt afford them. And those with cars were the wealthy merchants and rich "ang mohs". Those days cars were really status symbols for those who "have arrived". Cars dont give this feeling anymore nowadays even those conti cars. To set yourself apart, you really need a chauffeur to drive you around in a Bentley, 7 series BM or Mercs.

For me, I am ok with seeing fewer cars on the road. Less pollution - noise, toxic fumes etc.

Since I can't afford a car and envy of those who can, may COE shot up to $200k.