COE
SINGAPORE: Certificate of Entitlement (COE) premiums continues to break records in the latest bidding exercise on Wednesday (October 4).
Premiums for Cat A dropped merely by $1,000, from $105,000 to $104,000.
Cat B has rose another $5,113 from $140,889 to $146,002.
The recent increase in COE prices is a concerning development, especially considering that just a fortnight ago in September, COE prices for larger vehicles in Category B and the Open Category had just surpassed $140,000.
The skyrocketing price puts cars firmly out of reach of most middle-class Singaporeans, with the average household income in Singapore at $10,099 per month.
We definitely are seeing aggressive growth from car sharing companies like GetGo.
With a typical Singaporean spending an average of $2,000 on their car, including COE, insurance, parking, Electronic Road Pricing (ERP), road tax, maintenance and fuel, it definitely comes across as a more affordable option.
However, car-sharing may prove to be a challenge for some, especially if the nearest available car is 5 bus stop away.
On top of that, there is an insurance excess fee of $1,000 to $10,000 - which could be reduced by 50% if one purchased a Collision Damage Waiver at an additional cost of 5% of the total booking charge in the case of GetGo, or $1.20 for TribeShield that reduces the insurance excess to $500 for Tribecar, as highlighted by CNA Talking Point's Steven Chia.
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