Thursday, April 08, 2010

COE Price Woes.

The amount of speculators on COE may be rising and the government usually does not intervene when they are gaining from this.

COE Prices of course. "Car prices up after COE premiums hit new highs"

With speculators on housing, housing price rises, COEs, Vehicle prices and eventually transportation price rises. Getting more cars on the roads, increasing ERP Prices basically increases revenue. Does it control traffic flow and prevent traffic jams? I really doubt the ERP system works that way.

Now with enough cars and traffic jams all the way till 10pm at night on the CTE, steps are taken to reduce the increase amount of cars on the roads. (By limiting COE)

The biggest increase was in the Open category, where the premium closed at S$42,001, an increase of S$14,411.

The COE for big cars also saw a significant jump. It rose S$9,700 to S$36,089. For small cars, the new premium stood at S$28,389 - up S$7,587.

I'm sure everyone in Singapore is going to pay for this, and if you think you are taking the BUS and not affected by this, you are too Naive!

-- Iron Bowl


Karen Fu said...

true, that pedestrians will also get affected by the price hikes but the increment will be lesser. Taking up a driving license these days isn't really worth it. At least not here in Singapore. Buying a car is cheap, keeping one isn't. MRT and public transport appears to be far cheaper and actually more effective means of transport when traffic gets hot.

Housing is going to spike, esp public housing. The most affected will be the singles. Well the married ones aren't going free either. Uni fees up, food costs up, almost everything is up except for income. Well maybe it will go up, but it won't be that fast as the rising costs of living here.

Then again, we are still less ex to live in than in most advanced cities in the world. Think 7% GST is ex ? Try elsewhere where tax could go double digits? The net effect isn't going to be really nice..
Bed Time!

Iron Bowl said...

The problem is "privatizing" public transport. It means they are out to make money. With COE prices going up, they can easily raise MRT and Bus fares, which they are doing so.

About GST, I feel that taxes should be a redistribution of wealth, and I don't mind 10% of GST or even more taxes as long as there is a safety net for others.

When you cannot afford basic necessities, adding GST will just make it worse.

In terms of housing, no matter what, public housing should be affordable, and not for rent!

Rich people buy HDB flat, leave them empty for 3 years and then rent it out for a good return and property appreciation. This is WRONG.