Wednesday, April 18, 2012
Coming Soon? $100K COE
Graphic source: ST701
Certificate of Entitlement Quota Premium for both the Open and Large cars categories has surpassed $90,000 in the latest bidding exercise earlier today. These categories see the highest jump in premiums, rising $7,420 and $7,300 respectively to $92,010 and $91,000.
All other categories also see rises since news that COE supply will be further cut from August. The Small cars category COE goes up $5,700 to $64,201. Quota premiums for commercial vehicles rose $3,600 to $57,589 while the COE for motorcycles inched up $28 to $1,924.
Gee, $90,000 is a lot of money! How long would it take for you to save $90,000? With Singapore 2011 per capita GDP at $63,050 (source: Department of Statistics Singapore), the average Singaporean will find it hard to afford to pay for the COE of a small car at $64,201. It is no surprise that there were three Luxury car makers in the top five newly registered cars in 2011 (source: One Motoring):
1. BMW - 4959
2. Mercedes Benz - 4166
3. Toyota - 3,562
4. Volkswagon - 3,204
5. Audi - 2,111
Will the other mass market makes exit from the Singapore market in future? Only time will tell ...