How much are you earning per annum?

Originally Posted by Unregistered

This is interesting. Now only 12.30 pm and Cat A COE is already $60k.

I think my prediction of $70k - $72k at closing 4 pm likely will come true.

All the best!

You think there are that many suckers here whos going to listen to you, buy COE TODAY and then help you push up the price so that u can make a tidy sum?

60k -> 70k in 4 hours? Nice!

Cat A close at $67,601
Cat B close at $78,001

Lower than my expectations, but I think it will go higher in the future. Without any clawbacks, Cat A will likely reach $100k and above in 2018-2019 period. Now is a good time to get a new car as COE levels are still cheap.

Why are people Kiasu and keep bidding up when the next quota is going to release 40% extra quota??

Originally Posted by Unregistered

Why are people Kiasu and keep bidding up when the next quota is going to release 40% extra quota??

Because the bulk of the supply is replacement supply, which means there will be replacement demand from those who scrapped their cars. The car population only increase marginally by 0.25%. On top of replacement demand, there will also be new additional demand by new buyers who are richer and more successful. Flipping of BTO flats also allows people to cash out and use the cash to pay for their new car's downpayment. New cars are luxury goods and is a status symbol.

When we both looked back at where we came from, my wife and I feel so blessed to achieve what we have today. Both of us came from low middle income family. We lived a very humble and frugal life. We both worked hard in our studies and did well to be in top schools. Eventually we both climbed the social ladder achieving success which we thought were impossible.

We started staying in a HDB flat and eventually upgraded to a condo. Today we live in a modern condo with full facilities. We can also afford to buy a car for the convenience of my family. Our household income is currently $180k pa and we earn enough to service our mortgage and car loans comfortably. We were born in a family in the bottom 30% and now at the age of 43 and 46, we are now in the top 20% percent, given our ownership of a condo and a car. We are indeed happy and grateful for our success.

How times have changed.

Car ownership used to be a status symbol. Back when I was still a student (in the 80s), owning a car means you are atas, you are one up on your neighbour. Not many people could afford cars then, so when you have one you are telling the world you have arrived.

Nowadays, so many people/families own cars that when your family doesn't have one, people look at you like you are not quite there. So owning cars becomes a part of the rite of passage of growing up, getting a job and starting a family. People are not in awe of you when you own a car, as they expect that you/your family should have one. My colleague who resisted having a car told me that his mother-in-law asked him repeatedly when he will be getting his car saying that it would be easier to move the family around and it would be more comfortable for the family. He bought one last year and everyone especially the parents-in-laws were satisfied. He was glad he did, saying that he didn't know a car could bring the family closer together as they now go out together. Last time, his children would go out on their own and he and his wife would take public transport to work separately. So you can imagine that families would be rushing to get a replacement car once their old cars reach 10 years!

So how do the rich differentiate themselves from the masses? They buy big conti cars and own multiple cars. Nowadays to be atas, or appear to be one up on your neighbours, people buy big conti cars and have more than one. It is typical to see a few cars parked on the porches of landed properties. Likewise in my condos, my neighbours have multiple cars so much so that the Condo MCST members are stressed out trying to manage the problem of ensuring fair allocation of parking lots. We could not imagine we would reach this stage of maximizing our car park lots allocation because our condo is right next to an MRT station. People talked about walking 5 - 10 mins to MRT, ours is only a minute walk away! I can only conclude that people indeed are getting richer!

Like that how to expect COE price to come down other than in another financial crisis?

Originally Posted by Unregistered

Why are people Kiasu and keep bidding up when the next quota is going to release 40% extra quota??

Originally Posted by Unregistered

How times have changed.

Car ownership used to be a status symbol. Back when I was still a student (in the 80s), owning a car means you are atas, you are one up on your neighbour. Not many people could afford cars then, so when you have one you are telling the world you have arrived.

Nowadays, so many people/families own cars that when your family doesn't have one, people look at you like you are not quite there. So owning cars becomes a part of the rite of passage of growing up, getting a job and starting a family. People are not in awe of you when you own a car, as they expect that you/your family should have one. My colleague who resisted having a car told me that his mother-in-law asked him repeatedly when he will be getting his car saying that it would be easier to move the family around and it would be more comfortable for the family. He bought one last year and everyone especially the parents-in-laws were satisfied. He was glad he did, saying that he didn't know a car could bring the family closer together as they now go out together. Last time, his children would go out on their own and he and his wife would take public transport to work separately. So you can imagine that families would be rushing to get a replacement car once their old cars reach 10 years!

Really ah?

Me and wife makes 285k pa. With employer cpf that will be 315k+.
Absolutely no desire to own a depreciating asset..
Live in a fully paid EA.
looking for a second property so that can rent out EA.

The real status symbol is a second property IN Singapore (not horizon hill or dolphin island,ok LOL!).

You dont get it do you? He said nowadays owning a car is no longer a status symbol as so many people / families own cars.

So to differentiate themselves from the masses, the rich and those who wanted to be perceived as rich will buy big conti cars and have multiple cars.

If you still have to decide between own a car and owning a second property you are not in that league yet to own both.

It is embarrassing.

Originally Posted by Unregistered

Really ah?

Me and wife makes 285k pa. With employer cpf that will be 315k+.
Absolutely no desire to own a depreciating asset..
Live in a fully paid EA.
looking for a second property so that can rent out EA.

The real status symbol is a second property IN Singapore (not horizon hill or dolphin island,ok LOL!).

Incredibly, it appears that owning a car seems to be less of a status symbol but more a necessity. Like if you sleep in air conditioned room everyday, you can't sleep in a non-air-conditioned room no matter how much it costs.

Today, we have accumulated one landed, one river valley condo, one industrial property. I sold off one condo and used the money to literarily burn cash by buying a Porsche. Really, makes absolutely no sense whatsoever, but, ahem, I did it because I can, no other reason. Its painful to think how much I am spending on the car, but then again, I can afford it and its still cheaper than 50% tax I would pay in UK or Amsterdam for example.

People buy multiple big cars cos they can. You jealous? That's the whole point. Work harder and maybe you can afford a small car in future.