High COE

Discuss about COE and how you can make a good decision in buying your next vehicle.
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Jameschee19
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High COE

Post by Jameschee19 » Wed, 28 Apr 2021 5:52 pm

With the recent COE announcement, did it deters you to buy a car?
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sundaymorningstaple
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Re: High COE

Post by sundaymorningstaple » Wed, 28 Apr 2021 7:15 pm

Didn't bother me at all. Not one iota.
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Re: High COE

Post by Max Headroom » Thu, 29 Apr 2021 8:22 am

Ditto.

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Re: High COE

Post by Lisafuller » Thu, 29 Apr 2021 11:43 am

Not at all. After the COE on my current car finishes, I’m not planning on buying another one. The cost is exorbitant, and the public transport system here has become so developed and convenient. At most, I’ll just take Grab if I’m in a rush.

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Re: High COE

Post by sundaymorningstaple » Thu, 29 Apr 2021 12:07 pm

I owned two cars when the COE system started, (one for comfort and one for playing with). Sold both of them within the 6 month grace period to register the cars into the system and pay the initial COE (which was only around $1,600 for the smaller car for playing with). I knew, with the Asian penchant of being willing to sell your grandmother to buy a car, that it would sky rocket (to the point it reached $104,000 for a 1600cc car in August & Sept of 1994 (1994 dollars converted into todays dollars made it well over $135,000 in todays dollars. I only had a car for around 5 years since 1988 and that was during the period of 2006~2019 when I had a friends car in my care for 3 years until I scrapped it for him and a company car for around 2 years up till I retired. I agree with Lisa on this. With the public transport infrastructure here, unless you are an outdoor salesman, you don't really need a car at all, and I come from the country where having a car at 16 years of age is a birthright!
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Re: High COE

Post by Lisafuller » Thu, 29 Apr 2021 1:21 pm

sundaymorningstaple wrote:
Thu, 29 Apr 2021 12:07 pm
I owned two cars when the COE system started, (one for comfort and one for playing with). Sold both of them within the 6 month grace period to register the cars into the system and pay the initial COE (which was only around $1,600 for the smaller car for playing with). I knew, with the Asian penchant of being willing to sell your grandmother to buy a car, that it would sky rocket (to the point it reached $104,000 for a 1600cc car in August & Sept of 1994 (1994 dollars converted into todays dollars made it well over $135,000 in todays dollars. I only had a car for around 5 years since 1988 and that was during the period of 2006~2019 when I had a friends car in my care for 3 years until I scrapped it for him and a company car for around 2 years up till I retired. I agree with Lisa on this. With the public transport infrastructure here, unless you are an outdoor salesman, you don't really need a car at all, and I come from the country where having a car at 16 years of age is a birthright!
The last time we bought a car was 5 years ago. We have a little under 5 years left on the COE. Can’t remember how much we ended up paying, must have been somewhere between $40-$50K. The car itself was nothing special. With how congested the roads are getting, I find myself resenting having a car more and more. I will probably end up buying a car when we move back to Florida out of necessity, but I know I won’t be getting another one while we’re still living here. Just out of curiosity, what kind of cars were they? Anything interesting?

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Re: High COE

Post by sundaymorningstaple » Thu, 29 Apr 2021 2:17 pm

Well, no, except for the play toy 2nd car, Both were used cars, one was a ltd edition 76 Ford Cortina (metallic Gold with a US style Gold vinyl roof and instead of the normal Cortina emblem on the rear roof post it had a round emblem in black with a gold outline of the island of Singapore. It also had a brass plaque on the woodgrain dash commemorating the 50th Anniversary of Ford in Singapore. Ran great and was good on the highway (did lot's of runs up to KL & back). The other one was a non-running restoration that I complete rebuilt while living in the black & white in Seletar Camp. It was a 1966 Mini Cooper Mk I with a special racing engine (was originally imported into Singapore for the Grand Prix circuits on Old Upper Thompson Rd in 60's & 70's) It was one of 400 Factory modified engines that while starting as as 1000cc mini (actually 998cc) was carrying 1100cc heads that were planed, giving only 997cc but a very high compression. Wasn't all that fast but was quick as hell. Restoration of old cars has been a long time hobby of mine (and the occasional Motorcycle).
76 Ford Cortina_02.jpg
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Re: High COE

Post by malcontent » Thu, 29 Apr 2021 9:38 pm

I see the COE for what it is, an optional tax.

Nobody needs to pay it, but I am happy for those who do, it definitely contributes to keeping other taxes here low.

Look at it another way, if you add up 10 years worth of property taxes in the U.S. it’s more than enough to buy a 10 year COE or two.

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Re: High COE

Post by midlet2013 » Fri, 30 Apr 2021 3:01 am

Most of you bought a car at some point. If you really enjoyed public transport, you would have never bought a car in the first place. For me, it boils down to costs. If 1.5-3k is not a big deal, then car is fun and adds more value than cabs/public transport. Although if bought for a wrong reason such as pushing oneself financially or peer pressure, then it is regrettable.

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Re: High COE

Post by malcontent » Fri, 30 Apr 2021 9:36 am

Before I moved to Singapore I had owned 3 different cars in the U.S. and all were purchased for under $10k. I really enjoy driving in the U.S. and always rent a car when I’m back.

But I have never bought a car in my 24 years in Singapore and have no plans to do so in the future. Up until Covid struck I had been happily taking the MRT to work almost every day for over two decades. It’s a great opportunity to meditate and catch up on all the content I’ve downloaded to my phone.

That said, my wife bought a car after we had kids - and I admit, that is when it does make a difference, in terms of convenience (when transporting a family it also makes a little more economic sense). But driving here is not exactly a pleasure because of all the other drivers on the road - - many are inconsiderate, reducing the fun to none.

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Re: High COE

Post by midlet2013 » Fri, 30 Apr 2021 10:52 am

The main issue here is cost. However we choose to find reasons like inconsiderate drivers , great public transport, affordable taxis etc. If it made any sense , no one would need a car here , def not expensive cars given the speed limit of 90 and short drives.

One could argue the same way about hdb or condo. Are they worth the premium. I think they r as long as u can afford it.

And to mock asians for being materialistic is bullshit. They r but who isn’t.

The same folks here who think cars r a liability are discussing about buying a Tesla in a different thread.

For me having a car is definitely better as long as I can afford it.

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Re: High COE

Post by malcontent » Fri, 30 Apr 2021 11:10 am

I have to say, living in Singapore for the past 24 years has made me less materialistic, simply because you don’t get your money’s worth for a lot of things here.

This is a place to make money, not spend money! If a lavish lifestyle is your goal, you are in the wrong place... unless you are an UHNWI where the tax savings far exceeds any concern about cost of living.

For everyday ordinary folks, there are a lot of “market distortions” here that have broken the normal price/value equation found elsewhere in the world, and reshapes market forces in unique ways. Bottom line, if you are not here for love or money, you are probably better off elsewhere.

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Re: High COE

Post by Lisafuller » Sun, 02 May 2021 5:04 pm

malcontent wrote:
Fri, 30 Apr 2021 11:10 am
I have to say, living in Singapore for the past 24 years has made me less materialistic, simply because you don’t get your money’s worth for a lot of things here.
Agree. The insane cost of living has been a huge wake up call. I went from having 3 cars at one point in Florida to owning one in Singapore, and when the COE expires, that number will become 0.

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Re: High COE

Post by Lisafuller » Sun, 02 May 2021 5:07 pm

midlet2013 wrote:
Fri, 30 Apr 2021 10:52 am
The main issue here is cost. However we choose to find reasons like inconsiderate drivers , great public transport, affordable taxis etc. If it made any sense , no one would need a car here , def not expensive cars given the speed limit of 90 and short drives.

One could argue the same way about hdb or condo. Are they worth the premium. I think they r as long as u can afford it.

And to mock asians for being materialistic is bullshit. They r but who isn’t.

The same folks here who think cars r a liability are discussing about buying a Tesla in a different thread.

For me having a car is definitely better as long as I can afford it.
I think it’s more about getting your money’s worth. Coming from Florida, I will always have a point of comparison. So spending $150-$200K on a car here seems absurd when I am used to spending $20-$30K in the US. You pay to own it, and once you do you can drive it virtually forever, not like here where you spend an additional $50K, only to drive it for 10 years. To me, it’s not so much a question of affording it. Rather, it’s about financial prudence.

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