How much are you earning per annum?

Originally Posted by Unregistered

265k pa is nothing to shout about. Very common if you are in your late 30s or early 40s.
Most of the new car owners are likely to be in this age range and many can pay for their new car in cash from their savings from bonuses over the past year or two. $100k for a new car is no big deal at all. Savings $100k pa is common.

many can....... .. But the question is why would "many" want to do it??

Some will use their bonuses no doubt aka "a sucker is born every minute"... BUT the question is are there that many suckers?

And the main problem with the earlier post was that the poster aka yourself misled people by saying that since the car cost $100k hence the cost per year is $10k. hence you or the Govenrment would pay for the car park fees, petrol, servicing, insurance, road tax and TP fines??

Can you give us a more honest cost of car ownershp?

Originally Posted by Unregistered

Ten years ago we bought our first car after we got married. Our HH income then was only $120k pa. Now after ten years of hard work, pay increments, bonuses and promotions, our HH income is effectively $290k pa. We also got a big cash profit after we sold our 5 room HDB flat and now living in a 3 bedroom condo worth $1.8m. Ten years ago we bought our first car at $70k. Today, given our higher income and wealth, we find current COE prices and car prices cheap. We have no problem at all buying a $200k new car, paying in full cash. I'm sure there are many couples like us, in fact there are many much better than us.

It is such a coincidence!! Lol

Post 6470 pops up quoting a "real" situation of a 120k HH family who 10 y are ago bought a car..... the very same income and period of time post #6467 mentioned. Lol.

Dear car sales person, you might want to crawl back to the dark hole cps you may vaporize under the sunlight.lol
Anyway, I have decided to make myself the thread vigilante AGAINST car ownership simply because
1) I am Kaypoh
2) I don't like to see people spending their money in stewpig manner
3) I don't like to see people mislead of others.

An additional reason,

This thread jshould be about annual income NOT car ownership.

As an MCST member in a mid size condo, we watch anxiously as our car park lots get filled up quickly with more and more residents owning cars. As the current trend goes, it is only a matter of time before we will resort to balloting to control the number of 2nd cars in the condo. Residents with 2 cars will not be happy.

So, it is just not traffic jams that I am concerned with, but also insufficient car parking lots. It is for this "selfish" end, that I wish the car population does not grow anymore. And if it needs very high COE prices to stop the growth, so be it.

Originally Posted by Unregistered

At first I was thinking, alamak this "how much are you earning per annum" thread is becoming a car COE forum, but then I think this is more interesting because people can see if their prediction of COE prices will come true or not. It is definitely better than not knowing if any of the postings on income, net worth is true or not.

About whether people will buy car or not, whether they will change car or not, I can only infer from my conversations with my colleagues and circle of friends.

Among my friends, all in their late 40s to mid 50s, all currently own cars. Three of them have 2 cars each. Their wives drive. Those whose cars are nearing 10yrs old, are looking around to replace them. Even those with 2 cars in the family are intent on having 2 cars and not settling for 1 when the COE expire. For me, I have 2 cars, of which one car is less than a year old, bought to replace an earlier car where the COE had expired.

Among my colleagues, newly married ones are looking to book their first family car. They said they will go and visit the car show this weekend to sniff out bargains. Those colleagues whose cars are over 8 and 9 years old are also keeping tabs on car prices. Some are getting anxious.

My conclusion of these 2 groups of people is that there is a net increase in demand for cars. Current car owners want to replace their cars, with newly married people wanting to own their first car.

But let's see how the COE price will trend over the next few months, as the bigger population at large may see more people giving up car ownership than those wanting to buy.

I hope it is the former, because our roads are really congested.

My car has less than 1.5yrs left before coe expires. Hv been looking at new models and deciding if i shd get a new one next yr. If not, will join car coop to try out on the availability. Key is price of coe new year. Nowhere in the world has car inflation except for sg. It cost me sgd50k to buy my current car, brand new. A similar one will cost above double this amt at current px! Happy SG50.....

Originally Posted by Unregistered

My car has less than 1.5yrs left before coe expires. Hv been looking at new models and deciding if i shd get a new one next yr. If not, will join car coop to try out on the availability. Key is price of coe new year. Nowhere in the world has car inflation except for sg. It cost me sgd50k to buy my current car, brand new. A similar one will cost above double this amt at current px! Happy SG50.....

I believe if you are patience, you can drive till end of life. COE will probably drop to $30k-$40k range by then.

Certainly hope to see this or lower coe price level....

Originally Posted by Unregistered

Certainly hope to see this or lower coe price level....

Confirm sure drop one. Those 100,000 people are not going to pay a crazy $60k-$70k for a piece of sh*t paper. if they could, they would have entered the market long ago.

with the impending economic slowdown, it's only time that COE will return to the $30k level.

Don't believe the stupid salesman in the forum here.

Somehow the arguments I see here, both for lower and higher COE, show that demand is still there. No where do I see people saying they are giving up car ownership for good. People are just hoping for COE price to drop before they go in. As long as the demand is there, COE prices will maintain at current levels. The moment people see softness in the COE price, all will rush in and push it up again.

Only when a large segment of the population say no to car ownership will we see the COE price head south.

Originally Posted by Unregistered

Confirm sure drop one. Those 100,000 people are not going to pay a crazy $60k-$70k for a piece of sh*t paper. if they could, they would have entered the market long ago.

with the impending economic slowdown, it's only time that COE will return to the $30k level.

Don't believe the stupid salesman in the forum here.

Everywhere you go, people talking about cars and new cars. In the office, among friends and family members, they all want new cars. Given this narrative, it is therefore pertinent for COE prices to continue escalating higher.