High COE prices going to disrupt family life

Hooray, my old car has appreciated in value. Many old car owners are jubilant and praying that the COE prices will continue to rise, to hit the $100k mark. And in tandem the value of their old cars will rise as well. But beware, this orgasm is short lived. Just one last time. No more orgasm subsequently for many. After the old car’s life span is expired, some would not be able to cough out another $100k for a new COE and a new car. Many have the same experience in owning HDB flats. Prices going up, happy like hell. But don’t ever sell, no chance to buy back unless one still got one more chance with the HDB. What is disturbing in the two great price hikes is how they will eat up the limited disposable incomes of many families. Some families rely heavily on the car for their mobility, to bring children/seniors to schools, to care givers, to all kinds of classes and activities. Minus the car, life is going to be very disruptive and miserable. But there are convenient and easily accessible public transports available, the MRT, buses and the taxis. When time is an issue with tight schedules, shuttling between work, home, schools, tuition centres, parent’s homes etc etc, it is going to be hectic and a frustrating waiting game for taxis even if they can afford to. Our social system is getting to be less caring and less family friendly. Can families who really need the car make do without them? Is the high COE prices really unavoidable, like high HDB prices, high medical prices? Where are we going? For the sake of the poor motorists and those who really need a car, the present COE bidding system must be changed. No more stupid explanation that it is the best system. For one, no bidding by car companies. Two, the bidders shall pay the price they bid and not the lowest. This will prevent the crazily rich from bidding $100k or $200k for his COE knowing that they need not pay for what they bid. And neither can the car companies bid as high as they want while the helpless real buyers suffered in silence. Let’s hope the super talents will use their talents for the good of the motorists. But worst is to come. When more people give up car ownership, the MRT is going to be bursting in the seams. And they would be another good opportunity to hike fares to provide better services!


Anonymous said...

Very soon only the very rich and elites will be zooming around. High car populations are due to high influx of the riches. What is $100k COE to them ? With a close of the eyes they can easily make 1 million either legally or illegally.
Also soon prc of everything will start to go up due to higher transportation charges, higher petrol prices. bla bla ....

Matilah_Singapura said...

Wealth is better than the alternative.

If the people in the society are getting rich, then "scarce" goods like COE will be bid up in price if they are "popular".

Too bad. People have to realign their priorities: food on the table or car...no one is forcing you, but you have to choose.

Matilah_Singapura said...

Anyway, thats how the state becomes richer and more powerful as the population experiences more prosperity.

You earn more money, you buy a car...everybody buys a car. Everybody needs to bid for "restricted" COE which the state "sells" on the "free market".

The state pockets the money made on the "free market".

This is a terrific revenue model. I'm envious.

Anonymous said...

For those who cannot afford the COE, sorry lah. Have 3 school going kids or oldies to move around, who cares?

Welcome to the real world of to each his own.

Anonymous said...

The COE bidding system is like a loaded dice. Everyone trying to bid as high as possible not bid according to affordability.

Price how to come down?

Matilah_Singapura said...

> Price how to come down? <

Economic collapse and / or recession.

Then the price falls off like panties at Hotel 81.

You forget: Dec 1997 COE fell to $50 -- Asian currency crisis.

Houses and condos started to fall too. After tech-wreck in 2000, 9/11 in 2001, freehold semi-d in B Timah: $750k, apartment rental in Orchard Rd: $1500.

Sure, the price can fall. But of course when people are "celebrating" their "wealth", who cares about uncertainty and the future?

All people care about is up up up up! Higher and higher!

Anonymous said...

Only in Singapore! Old cars appreciating in value! No where else!

All orgasms are short by the way!

Only in Singapore do we have PMS and CMS.

In case you are wondering what they are, one is 'Property Madness Syndrome' and the other is 'Car Madness Syndrome'. Only in Singapore do we have these two diseases giving people strange orgasms..

Anonymous said...

'Dec 97 COE fell to $50. In November 2008 it went even lower to $2.

Wonder whether in Dec 97 it was because of the Asian currency crisis. They claimed it was a fluke because by the next bidding it went back to about $64K. Some say it was because NTUC wanted to register thousands of taxis at that time, so they wayang wayang a bit. Don't know true or not.