Why are cars so expensive in Singapore? | MS Explains
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- Опубликовано: 25 июл 2024
- Want to buy a car? COE price up to S$100,000, how to afford. But at least now you know how COE works and why it's so expensive.
Note: The footage of the Tesla car used at timestamp 0:01-0:02 is of a Tesla Model S, instead of the Tesla Model 3 as stated. We apologise for the error.
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The last statement is very true. COE will go down if bidding can only be done by buyers, paid by cash, no financing or COE loan. Been to a few car dealers and they said they bid high COE to ensure that they can secure COEs so that they can sell their cars, passing the high cost to the customers who then take high loans. Government or LTA should ban car dealers from bidding COEs and only let car buyers do the bidding
Will never happen, more cars on the road and less 💰for govt
I believe this will cause another set of problem. The number of people who can afford COE in full will cause the number of bids to decrease, pushing down prices of COE in the short term. The remaining car buyers will have to resort to taking loans for COE renewal (if they still can) or buy through second hand car dealers (likely at a mark up). Worse come to worse, there will be companies who buy cars and bid COEs in bulk, to lease them out, driving the prices of COE even higher. Not so straightforward imo
Don’t count on COE to fall 👍👍👍👍👍👍
Not possible as a matter of fact 👍👍👍👍
Unless u have dat ridiculous amount to spare
It doesn't take a scholar to realise that when govt say that high COE prices are due to market forces (i.e. demand and supply), they already know that the "demand" is driven by cash rich car dealers trying to outbid one another and not REAL consumer demand. If bidding is only allowed by the actual buyers and not dealers plus COE must be paid in cash, not via loans, the COE will surely fall. But do you really think the govt don't know this already? It's very clear what is happening here........
Same goes for our EV policy. The "rebate" of up to 45K is nothing when COEs are allowed to shoot up that easily. And to make matters worse, Govt say we want to be eco-friendly and yet they impose huge road tax on EVs + add a lump sum component to cover the loss of petrol duty. Say one thing, do another.......
Seems like many people in the comments section support the insanely high coe as a means to control car population in SG. Well whatever the case, expressways are still jammed up, the weather gets hotter every year, and less and less people can afford a car. I do find it kinda crazy that a new basic car can cost close to half of a brand new bto flat. I suppose that's the sacrifice we have to make to live in the relative comfort of the city. Doesn't mean I have to like it.
High COE price is caused by too much money and too little common sense. Stop blaming govt or foreigners. Your pay and bonus goes into your own pocket. There are consequences to your spending for convenience and comfort.
This was so informative for a car noob, thanks guys!
Lies again? Grab Car Google Drive
What to do? Don’t manage supply, we become congested like certain cities. Buses get delayed due to the jam also. Then… walking becoming faster. See Jakarta
0:01 is a tesla model S not 3
Note: The footage of the Tesla car used at timestamp 0:01-0:02 is of a Tesla Model S, instead of the Tesla Model 3 as stated. We apologise for the error.
Next time please do your homework first, instead......
Couldn't care less, all tesla look alike
@@alansilverstri4457 won't really agree with it ( well ya some)
That’s fine.... Content is the key
Well there was a positive effect. Everybody is walking. I dont remember a overweight person in previous visits there.
The sales people need cars . Imagine they have to change transport to get to their destinations, and in some places there is no bus or MRT ! Have a heart. You who earn milions should also be empathetic towards the breadwinners.
LTA is building more under ground roads for private vehicles Island wide. Soon only bus lanes and PCN will able to see the daylight.
Someone famously proclaim: "What's wrong with collecting more money??"
Agreed with the presenter totally. COE is the only tax which can be financed by a bank loan. The dealers should be barred from bidding on behalf of buyers and buyers should allowed to pay the amount they bid in cash.
When was the last time you bought a new car? The dealers already charge large booking deposit which needs to be paid in cash or on credit card. Plus car loans will only loan up to 60%. The fact remains there is wage inflation, high savings and full employment in SG. And just because a citizen claims to have "low income" does not mean that citizen deserves more privilege, welfare, subsidies and discounts.
@@scbchong6964 when is the last time u buy a new car?
@@Victor-rt3fx I bought new a year plus ago. Why kpkb now when COE high? What did you do when COE low? Singaporeans not banned from buying car when COE low, right? You cannot earn enough, don't blame those more successful (or more sucker) than yourself.
@@scbchong6964 if what you said is true, you are smart ask-whole to pay high $ for a piece of paper. It is your money, not mine. It is also good for you to take up a English class to enhance your conprehension of the content of my earlier post. Your improved command of language will also uplift your earning power as well. Eat-deer
Yes agree with you. It's like buying a property and being able to take a loan to cover the Stamp Duty portion of the purchasing cost. Car loan should only cover the 60 or 70% of the selling price of the car. COE and any other govt charges (reg fee, etc) should be paid for in cash by the buyer.
Most will know what is wrong with this system. Bidding by dealers, businesses such PHV, Car-Sharing companies bidding for the same COE as private owners, 1 owner 1 COE.
Ya agree .
Because in Singapore, most people are expected to get around by public transport, unlike other larger countries which have more land area for roads (*roads already take up as much land area as housing in SG*) and where cars are needed to travel vast distances.
Public transportation here is getting more expensive as well though, seems like every year there are "price adjustments". Much cheaper to just stay home...
Public transport is overcrowded, the affluent would not mind paying a premium to avoid squeezing on public transport like cattle.
@@SGbro92 Not the case in Singapore. You either become sardine in a can or suffocate in traffic. Singapore traffic jam is already bad enough, plus finding parking + paying will be a nightmare
@@kingcoong Not true. Precisely because of COE the quota system which prices out many ppl thereby making driving in SG so much easier because of less congestion. I drive regularly. Yes peak hours will still have jam but not as bad as those 4 hour daily jams in Bangkok. And besides, in a jam you still have your own privacy and personal space. Still 100x better than being squeezed like sardines / cattle on the MRT during rush hour.
@@SGbro92 That's true. Everyone household should have a car to provide flexibility of travelling. Even with that, I think driving should not become a habit. The urban design for car-dependant cities are not looking too great.
Just take the bus, mrt or grab. Why let the SG govt earn your hard earned money. Not as if Singapore is a big country with a poor transport network. We are such a small island with new mrt lines opening up every year as well as many bus services that go to every corner of this small island. If u really need to drive a car, just sign up with the many car sharing companies in SG. U will save a crazy amount of money by doing this.
Right, that shit of a paper couple with the crazy petrol price. c the amt of ah guas on the road don't dare step accelerator or those ah guas like drive abit harder their cars will spoil. Lol
So you just accept whatever the govt restrict you? Regardless of anybody's situation? So only the rich can enjoy living in Singapore lol. Small island for you but for someone who is old or who needs to travel back and forth, its a different situation for them.
right, continue crying with the many on the bus
@@shoulderrgh youre the only who said regardless of situation. bodoh. he say can save money not lets make old people suffer. ownself say ownself offended. samdol
What abt the van, urg COE is now 96k so how to deliver all yr necessities cheap, wheverything will go up 10% or more
Aik Hui's commentary is as always, sharp n precise!
COE is to show that only elites can afford the expensive models.
No, all singaporeans can work in civil service, armed forces, private sector or start a business. All are free to save and invest. You are angry because it shows you lack talent and skills to earn more or you lack the willpower and confidence to stop trying to show off.
@@scbchong6964 you need to go IMH
@@bigno1900 Arrogant singaporeans like you need to gain more self-awareness instead of hating and blaming those more successful than you.
Land and road is scarcity in Singapore, making ownership of cars expensive is the only reason why we don’t have traffic jams like Jakarta, Bangkok, KL or NYC.
You ask those countries whether they like to pay 100k for car paper or face the jam. You will be surprise most will choose the jam.
55% of COE is bidded by rental, car hired or use for company transport. For the rest of us, We have to fight with the high net worth imported into Sg for the balance 45%. No matter how gov try to convince us that car is a luxury item, it is not. Why high net worth are allowed to buy more than one cars and leave them in the garage when the car quota can be put into better use for the rest of us? The current COE policy is no longer relevant and needs to revamp to serve greater good.
Great. Government need the money to pay their Ministers millions dollars salaries.
It doesn't makes sense to buy in Sg. You can stay in Malaysia and buy 3 cars for that money and use it for many2 years 👍🏻
How about buying car in Malaysia and use in Singapore.. it is okey or more miserable?
I’d love to see a chopped 1949 Mercury cruising down the Orchard Road, or a 1927 Model T roadster with a Zetec between the frame rails on whitewalls outrunning the cops. How do kit cars fit in? Can the government take your COE off you if your probation or parole conditions forbid you from having a vehicle?
You are imagining a false narrative. The car taxes are rebated at the end of 10 years. ie. there is a guaranteed price floor and cash into the car owner's pocket when they sell the car or scrap at end of 10 years. Some young adults like to biatch and complain and blame govt alot in singapore while remaining misinformed and inexperienced.
I’m here to assure myself that I can never afford a car in Sg. Thanks for the video.
Fundamental argument is that land scarcity chiefly contributes to high COE prices. So unless Singapore suddenly doubles or triples in size, or flying cars a la Back to the Future II becomes a reality, this problem will never be resolved.
The high COE prices are because of too much money and too little common sense. Stop blaming govt or nature. Blame working adults who have high wages, large bonus, fat CPF savings, subsidised HDB and easy credit/loans.
Hillo pls tell what is the process used car export in Singapore and How much taxes
Coz of COE and to discourage people from owning it so as to prevent traffic jam but yet many people owning one.
Question on the bidding process: if the COE price is determined by the first failed bid… why do people not just bid really Low and ensure it fails? Why are the COE prices high then?
Well the video also said that it's done mostly by car dealerships, and everyone wants to win the bid i guess?
coz its monopolized by car dealers who is cash rich enough to bid more coe than whats required. If car dealers are not able to bid on behalf of buyers we won't ever see 6 digit price as it is based on "first losing bid + $1" and not the "last winning bid"
@@morganzachlfich4309 yea.. but he said “failed” bid. So I guess a failed bid is a winning bid.
I think they meant the highest unsuccessful bid. So "first" isn't referring to the smallest, but the highest haha.
Did you know that COE was low from 2018 till end 2021, yet those who bitch and complain did nothing? Many on social media love to blame govt and hate those more successful than themselves.
people forget you are actually renting a car for 10 years. the car is not yours in Singapore unless you can export it to other countries in which you have residence in it. rich people who drive ferraris in Singapore will send them to overseas once 10-20 years coe is up.
Wrong. The car taxes are rebated to the owner once the car is sold or scrapped. That's money back into your pocket. If you rent, you get nothing, right?
@@scbchong6964 Can think of car taxes as deposit to the rent?
I mean Singapore's COE basically is just .... as the name suggest "entitlement" to own a vehicle for 10 years. So basically you're more to "subscribing per decade" to own a car then "renting" to own a car ..... But both should be the same thing?
@@junrenong8576 No, there is a cash rebate (the scrap value) which is paid to you in cash at end of 10 years. Plus the car has cash value when you sell at any time. Renting a flat or a car leaves you nothing. Can you sell the rented flat or the rented car? I think you like to blame govt alot but have not started working yet, right? Do you pay any income tax, property tax, road tax? You are probably living rent-free under your parents' roof and eating free food every day.
Car dealers and banks earn what if car loans is 40-50k? Quantum must go up lah.. high coe helps..
COE is an insanely outdated policy. Back when wealth disparity was not as large as today, bidding was fine. However now we are looking at a wider gap in wealth between the ultra rich and the lower to middle income families.
Why should a family looking to buy their first car cost the same amount as the 5th BMW the ultra rich is buying.
COE unfairly distributes car ownership rights.
COE needs to change. It needs to be changed to a progressive tax system where every car purchase needs to be tagged to an address and any additional cars to a household should cost significantly more in COE.
For eg. first car would be the normal COE and 2nd car to be COE + 30k and 3rd car purchase be COE + 60k. This way we can discourage multiple car ownership and allow more families in Singapore to own a car. (Which imo would help boost population. If cars are cheaper to afford, I would think couples would be more inclined to have more kids)
There is a flaw in your argument. COE is to limit the no. Of total cars per year on the road, it doesn’t care how many cars each households have at any one time. By your logic, we would have traffic jams everywhere in singapore. Clearly, you are unhappy COE is high as you want it to be low from your own personal perspective, not from one which represents the general conditions of the road in a small island that has a risk of getting overtly crowded very fast
@@ShindoSensei Well yes COE currently does not look into how many cars each household have at one time which is PRECICELY why I am saying it should. The quotas for COE can still be used to limit the number of cars on the road. My suggested policy will only redistribute the car ownership rights fairly among the people.
What I am saying is that it is not fair for the rich to own multiple cars when actually in fact many of our low to middle income families are more than capable of owning a car if COE was more affordable. If they want to have 3,4 or even 5 cars, they should pay much more than someone buying the first car. (Basically what is happening now is the rich hogging all the COE)
The number of cars on the road will still be controlled using the quota issued. It will still serve its primary goal of controlling congestion.
(By the way my house already has one car which is more than enough to enjoy the weekend drive out with my family)
@@mikey3672 Tell me why should ppl work hard and earn more money if they can't even own a car whenever they wishes? It totally go against how Singapore position itself - a society of merits. If u are rich, car is a reward. Look at size of SINGAPORE and with MRT almost EVERYWHERE, Car is obviously a luxury. Grab and other car rental services help those who needs "once in a while" ride. So lets be real abt it, car is a reward for the rich. While the poor as a lot of other options instead of complaining.
@@mikegan9382 Not having a car can be an inconvenience to citizens with elderly, disabled and small children. In many countries, having a car is not a luxury item but a necessity. Most working class people in other countries can afford a small car. Right now expats with very generous salaries can afford cars while Singaporean with aging parents are burdened with huge mortgages, expensive petrol and high cost of living can't. A lot of migrants don't need to purchase a house here as they enjoy relatively low rents. The rent here is very low in relation to house prices, therefore they can afford to own the car for a short number of years. If a country does not pay attention to the needs of its common citizens, they will not stay or remain loyal. When the makeup of this country changes drastically, so will its leaders. I agree with M, on the need to revamp the distribution of COEs.
@@s._3560 Let me give u a sad fact in life. If u can't even earn enough to afford a car, u think u have the ability to move to a BETTER country? And u are right, other countries are BIG, going to a store can be a few blocks thus a CAR is required but if u think just because u stay in New York, Shanghai and those cities are BIG means u can afford a car, think again. Do your research and understand how the WORLD is then rethink again abt CARS. Of course, u can move to UK, Malaysia and places with big piece of LAND but that's not SIngapore (that's why I compare Singapore with Tier 1 cities instead of Countries), we can't even compare our size to New York thus CAR no matter how u measure it, is a selfish need because it can't be cater to everyone and no matter how u put it, having a personal car is a luxury in Singapore.
What about importing a private vehicle that you owned in another country like Malaysia as a Singaporean do you still need a COE ?
Sad. As of Jun 2022. we can only buy 65% of the paper using 65k Sgd
You might want to verify the accuracy of statement made on how COE price os determine.
The intro says Tesla model 3 rear wheel drive but the vid shows a Tesla model S plad 🤦♂️
Knowing the situation, can anyone suggest to me what car is a good to buy?
We need the same thing in Maldives.
Don't. You will regret.
Sg is a very small island with very very limited land to accommodate its population residential areas, commercial buildings and industrial estates. It is impossible to keep expanding roads and creating new roads. Therefore there is need to control vehicle population and traffic to prevent jams. The solution is the COE to make ownership of cars expensive, couple with expanding & upgrading of public transport to serve the nation. This also help is reducing the carbon footprint and make Sg greener.
Who brings in the population, and shit, they are looking at 10M
Lame excuse. HK is worst than Singapore. Do you see jam and super high car prices? It's a cash cow for the gov .
additional car in the same household should pay a much higher COE
They shouldn’t
No complaint about foreigners bidding up the price of Singapore cars.
Sometimes I dun even know why we bother with the COE, when you drive on the right lane along the CTE at 50+km/h, its a wtf. I take train faster than I drive.
When rich foreigners are here bidding on COEs.. must have a separate category for them.
Why blame foreigners when it is singaporeans who are overpaid, pampered and spoonfed?
Wonder how many of these buyers were born before 1970s. Early growth sg contributes plenty of wealth to these boomers. Now the younger generation are feeling the side effects of these wealth effect as the country is no longer in high growth mode. Properties included.
Circuit breaker?
Ive been profiting quite abit by buying cars before the price rise and selling them after.
Finally! Finally! after 30+ years of implementation, the COE system is now: elegant, egalitarian and efficient. Point #1 - in 700sq km - not every one and not every family can have a car, (so auction off that right) Point #2 Any driver - can drive a car and provide for their families by becoming a "Grab driver". Point #3. Cars are so astronomically expensive, new or used,, that is easy logic for everyone to give up private cars. Point #4, the aged and infirm have access to Taxis and Private Hire vehicles at less cost than owning a car. Point #5. Life and COE was not fair 20 years ago. But now with such good public transport there is no need (but still the. desire) for private cars, I first came to Singapore 34 years ago - and promised I would leave if I could not afford a car. So, peaking at 4 cars some 10+ years ago. Now we are economic migrants to Malaysia where I own 5 large engined cars for various vintages. I just ride a huge three-wheel motorbike in Singapore.
70,000 crazy
This is a Tesla model 3 rear wheel drive. But the car is model s
I need an 80K new car including COE by this year. Give me that or I'll hold everyone responsible.
Me after read the video title: "because its SINGAPOREEEE"
🤣🤣🤣singa pourrr
Fewer cars is great
Coe $106,000...divided by 10yrs by 12mth and 26days ..u get to spend $34 daily on transport..this does not include cost of car , maintenance , parking ,erp and rising petrol...really not worth it
Of course, but man, how do you transport yr mc grabfood, getch that lorry of meat or vege or cold stuff.wld they not hv to charge you more
THIS IS PURE GREED
PAP IS THE BEST LEADERSHIP IN THE WORLD.
That coe price i rather use for a vacation.
What vacation need 100k ? maybe a trip to mars
@@yongquanwu3921 multiple vacations. To many countries.
in the long run only those who can afford pay for it. other just use public transport please
Then be the one who can afford lor if u want to own a car.
To sum up, no money dont buy. BMW more than enough to travel around SG.
If you can't afford...do not buy it!
Only 10 years
The truth is only dealers will bid for the COEs. And they will bid regardless of price, becos no COE means no sales, means no business, means close shop. Therefore the inclination for COEs to stay high is strong and not vice versa. The COE system of today isnt right nor fair. It also isnt effective.
Nature/God distributes talents unfairly, so why do you insist that "low income" residents deserve more? It is an embarrassing and sensitive issue because it tell so much about your earning ability (which indicates your talents, abilities, skills and work attitude).
@@scbchong6964 You seriously got some problem dude. You have absolutely no idea how capable someone can be over here on a youtube comment section. COE is a man made policy and you are bringing up about nature and god. Don't make a fool out of yourself please.
@@mikey3672 You should check the background of those haters and blamers and complainers lah. Those who complain the most actually have achieved very little. The bitchers and blamers have no talent. It is a fact once you enter the work force, kid.
@@scbchong6964 You are delusional. Please leave your linkedin profile so we all can do a background check on your "credibility"
@@mikey3672 Can tell just by asking the right questions and the answers, or lack of. You, for example, have never buy a car before and still in school, but rather self-important about your opinions. Kid, you have right to freedom of speech but if you got no real world experience, your opinion carries little weight. Too many liars, BS kings and Haters-Complainers-Blamers on social media.
whatever bank says ok i buy bank says no then no
You forgot wage inflation, generous CPF interest, Wealth Effect from rising property prices, full employment, and easy loans means too much cash floating around in SG.
Sharon lee
Idris!
Talk talk as long as population continue to grow infinitely with influx of Foreigner to PR to Citizen. The COE system shall be change to PAY WHAT YOU BET👍👍👍
Why blame foreigners? High COE prices are because of working adults with too much money and too little common sense. Doesn't your pay and bonus go into your own pocket?
@@scbchong6964 Hello it is not blame it is due to more demand due to more influx of rich foreigner you talk like the dead man🥵🥵🥵
@@johnboon4731 Why you blame foreigners when it is singaporeans who are mostly white-collar middle-class and like to show-off and boast about expensive purchases? There is more demand because there is high salaries for untalented singaporeans. You forgot bonus got paid despite two years of low productivity and innovation, and lack of skills and talent. You forgot there is wage inflation and fat CPF savings. CPF interest is so generous and there is high savings and full employment with easy loans/credit. There is also generous subsidises given for HDB public housing.
Why you avoid the issue that singaporeans got too much cash and too little common sense?
"PANAMA RELOCATION TOURS!! WITH JACKIE!! 🙋 😊 👍❤ 👈"
Want to manage car supply and reduce carbon emissions in Sg for the environment?
1)Limit the number of cars one household can own. Eg less than 8 PER HOUSEHOLD can own ONLY 1 car. This will hinder the rich ppl.
2)All car purchases can only be made in FULL CASH. NO financing, loans, installments or whatever. This will hinder the dumb ppl.
3)Since vehicle purchases are made in only CASH in substantial amounts they will be subjected to investigations by IRAS and the relevant authorities to ensure no foul play. This will hinder the rich criminals.
Do these plus COE and i think both car ownership and COE prices will go down. The profit margins for the rich car dealers will also go down but hey, think of the environment
Unemployment rate will shoot up. Cos dealers will start massive retrenchment.
1st car $x for COE
2nd Car $2x.. etc. 1. Prevents people buying and selling ,making profit,
And allows commoners more chances
Tesla car is good unfortunately the road tax your have no put into consideration. 10 years road tax will be around 30k
Actually 100-200k is really a small figure for those who wants to own a car. No big deal la.
There is already too many cars in SG, the jams the congestions its so uncomfortable. Its nonsensical for a small country like SG to have so many cars. There are people who would drive 200meters just to have a meal or buy groceries. The problem is not with CoE, but the convenience of having a car. What the government need to do is build more MRT lines and have better short distance transport means, to the point where driving is less convenient. We need to cut down the numbers of cars on the road, not increase it.
People who think cars should be affordable in SG are outta their mind, if every single person in SG owns a car, it would cover the landmass of the country. Heck, even if its just every household owning just 1 car, it would out flood our streets. Not to mention there are thousands and thousands of drivers from Malaysia coming into SG everyday. Infact i think CoE should be even more expensive to reduce car ownership in SG, it would be justifiable only if we have much better public transport.
isnt the govt. increase the MRT network across the island, abeilt no faster than most of us expect?
There's people who would walk that extra 200m just to save on parking fees or because that's the nearest parking space they could find. Cars is not really as convenient as many made it out to be. The talk of convenient is to mask the fact that cars is status symbol. To them owning a car is a sign they have made it. Instead of working towards it, those dumb dumb decide to whine and pray one day prices will fall and suddenly it's affordable to them. The sad truth is once it's affordable to them, it's affordable to many. Car will loses is value as a status symbol.
If singaporean are one people one nation we can control the game…
COE and other numerous forms of indirect taxation help fill up government coffers so that ministers can continue to collect jackpot size salaries.
In reality, all singaporeans can work in civil service, armed forces, private sector or start own business. You also can earn high salary if only you stopped kpkb, complaining and blaming others. You forgot Nature/God distributes talents unfairly. And singaporeans are mostly offspring of landless peasants, uneducated farmers and coolies. Really lack of talent. There are some complaining singaporeans who lack the humility to realise they are being overpaid for their talent level.
the things thats driving the cost up is not the car or COE. it's the convenience of able to park everywhere.
🤮🤮🤮🤮🤮🤮🤮🤮🤮🤮🤮🤮🤮🤮🤮🤮🤮🤮🤮🤮🤮🤮🤮🤮🤮🤮🤮🤮🤮🤮🤮🤮🤮🤮🤮🤮🤮🤮🤮🤮🤮🤮🤮🤮🤮🤮🤮🤮🤮🤮🤮🤮🤮🤮🤮🤮🤮🤮🤮🤮
I buy car from Malaysia & house ...
gd choice.. 50-% cheaper than sg...alos fake rolex in holiday plaza
Nepal : Those are rookie numbers😤
Singapore is the most expensive place to own a car. We pay 100k for a piece of paper to lease the car for 10 years and when the time is up we have to pay again to renew it. At least you get to keep the car right?
My dreams of owning a car shattered
I just cant stop staring at her nose ring 👀
Haha.....Sure you can own a new car in Singapore.Join the private hire rank.Actually a lot of the drivers cannot afford the car, now with grab and go-jek providing the platform.Having a car is not a problem.
If you buy a car and complain about rising costs 🤡🤡🤡🤡
Can't understand why people need cars in Singapore. Bus stops & MRT stations are almost everywhere
No money don't buy, live within your means. How hard is that to understand.
When you increase population, what can we expect, but higher COE, and a bigger revenue reserve for govt spending
Singapore is rich nation so it wouldnt be matters ;) it is astonishing cars/appliances are cheaper in south korea than low gdp/capita south east asia like philippines or vietnam nations
A moment of silence for the average Singaporean who will never get to drive their own car.
Motorbikes exist though……
cars are expensive.
😌 public transport
😌😌😌
Isok i take mrt
Simple answer. It's the incumbent government's fault. They made these ridiculous and ludacious regulations.
Don't hate the messenger. It is what it is.
I wonder why Singaporean are not angry with their government who make buy a car so expensive?
0:21 oof
COE was low from mid-2018 to Mar 2022! You had three and a half YEARS to take action. If you did nothing, you only have yourself to blame. The problem with many singaporeans is they are no-action-talk and complain-only. There is too much liquidity cash and too little common sense among citizens. Complain about the price of everything but know the value of nothing.
first and early :)
Car loans should be restricted to 50%. And no more than 5 yrs
if you are talking about it as for the whole market, that is not a wise idea as it will destroy the whole car industry. the main aim is the prevent the rich to own too many cars. If it should be like property. The current policy is good for first car owners, perhaps heavier restrict for 2nd car onwards?
Car loans are already restricted to 55% for Cat B high OMV cars. Don't think you have ever bought a new car before. There is wage inflation, full employment, high savings, and easy loans in SG.
@@stevelin8850 More like destroying passive income for the government is what they worry about. Our reserves is strong from coe and erp.
@@yongquanwu3921 the gov rather lesser ppl drive car. Even better if no coe or erp. So no idiots able to use coe and erp to scold them. Sg gov is the most difficult to be gov cos many sgprean are not appreciative. Did u praised the gov for shutting off ERP during high perk of pandemic and praised the gov when COE was less than 15k?
mothership pls hire me
Because
Papa
Alpha
Papa
S'pore has one of the best public transport systems in the world. Kudos to the capable and reliable s'pore govt. ❤️❤️
😅🤣😅🤣😂🤣😅🤣😂🤣😂🤣😂🤣😂🤣😂🤣😂🤣😂🤣😂🤣😂🤣😂🤣😂😂
🇸🇬🇸🇬🇸🇬🇸🇬🇸🇬🇸🇬🇸🇬🇸🇬🇸🇬🇸🇬🇸🇬🇸🇬🇸🇬🇸🇬🇸🇬🏝🏝🏝🏝🏝🏝🏝🏝🏝🏝🏝🏝🏝🏝🏝
citizens are day dreamers without a doubt. 🤣
I still prefer having a car for uh... personal reasons. But the high price terrifies me.
Simple lah. The govt wants $ lah. Shoo em out.
We should realize that this 🏝🇸🇬🏝 is a place to make money..not for living...better rent / bought a house in Johore...but we need to be patience laaa crossing the causeway every morning/evening..
That's why Govt care two hoots abt improving causeway
If you needed 50% loan or more to own the car, u probably are stretching yourself or simply wanted to stay poor .
When COE high, buy second-hand car.
Second hand still expensive
giga chad: abandon bitcoin and invest in COE
@@matachendra5490 Most Expensive Country 💸
Because of
Papa
Alfa
Papa
Cat B is at 113,000 now. Fk
Crazy rich Singaporean rather than crazy rich asian
Why not remove coe for electric vehicles to encourage ppl to buy electricity vehicles?
Then whole of SG will be even more flooded with cars than now, with mostly electric cars.
An entry level Tesla Model 3 only costs $114k without COE. As of my writing, the cheapest ICE car is 101k (Note, Fit etc)
This will not resolve the car congestion issue.
@@melvinlo7704 make it like a temporary thing for a few months
That would be a nightmare for traffic lol... And my passion too. I don't want to see petrol cars disappear. Even if sg wants green cars they should focus on hydrogen because I think it's a more fun choice
@@Aris-di9sz Then there will be many unhappy parties who cannot secure a cheap Tesla @ 114k i.e 100k savings due to absence of COE
Flippers who manage to get it would buy the 114k Tesla & flip it for e.g 80k profit, since COE is 100k and there will still be buyers
@@definitelyjustjj4042 Exactly. Although it does better in terms of emission but the congestion .. I cannot imagine..
I agree! But Hydrogen cars pose risks of electrical shock and flammability of the fuel. Storage of the hydrogen in high pressure tanks within the car can be a potential problem too