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 ...

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