Lai Liao: Car Prices Dropped After COE Dropped, With a Car Sold at Less Than $60K

Image: Chatchai Somwat / (Image is for illustration purpose only)

Dr Strange might be able to see different versions of the future, but we’ve an even better ability without the use of an Infinity Stone: we can see the prices of cars in the future.

(Just in Singapore, but good enough lah)

After all, if you’ve downloaded our app and read this article about how I project that prices of cars are going to drop in early July, you’ll agree that my ability prevails over Dr Strange’s.

In fact, here’s one more prediction from yours truly: England’s going to lift the World Cup next Sunday.

I digress, but anyways, we know cars in Singapore are expensive. Here, take a look at a video we’ve done on car ownership and you’ll know that a car in Singapore doesn’t just cost an arm and a leg: it cost countless arms and legs.

(Since you’re here, subscribe to our YouTube Channel for more informative videos lah)

While we can’t change many of the fees, there’s one that’s determined by demand and supply: the COE.

And according to an adjustment that should have taken place two years ago, but was messed by private hire firms upping their rental fleet, prices are going to drop like crazy about right now.

The second tender in June (there are two rounds every month) has already placed the small car COE (Cat A) at its lowest in eight years. And just last week? It dropped from $34,110 to even lower, at $25,000.

If you’re a car siao who looks at COE prices like a hawk, you’ll know that this kind of number only existed in the days before COE exploded – since 2010, the annual average COE price is always above $30,000.

Then again, it’s not that surprising since anyone who’s been analyzing the trend like Warren Buffett would know that it’ll continue to drop.

But What About the VES?

If you watch the video, you’ll see that we spoke about “VES” that’s something new. To put it simply, it’s an additional tax that encourages people to buy cars that emit less pollutants. Yeah, it’s like how KFC introduced its no-straw policy to save the earth – just that this time, it affects rich people’s wallet instead of causing inconvenience.

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