The great Uncle Ben once said:
“With great power comes great responsibility.”
But in hindsight, what he should have said is:
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“With low supply and high demand, come phenomenal prices.”
Because in the end, even Peter Parker’s immense levels of power and responsibility can’t save him from the sure-surging prices of COEs.
Let alone us.
Cars Might Become More Expensive As Fewer COEs Available from Next Month
According to The Straits Times, the number of certificates of entitlement (COEs) will fall again in the next three months.
Apparently, there will be a staggering 10.6 per cent drop from the current quota: a notion that would almost definitely cause prices of COEs to adopt a significant increase.
To put it into perspective, there was already a 12.8 per cent fall from the preceding quota period, which took place between November and January. And during that time-specific COE bidding exercise, prices were nothing short of exorbitant, with generally higher fares reported.
So well, the same can be expected for the upcoming quota window. Bad news for budding car owners.
According to the news report, the COE quota is dependent on factors including the number of deregistered vehicles and differences in the taxi industry.
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Affected
Apparently, there will be an average of 3,792 car COEs per month from May to July, down from 4,241.
The affected figures include Category A, Category B and Open category vehicles.
Commercial vehicles will also see a sharp decline again, with a startling 38.6 per cent decrease.
However, motorcycle COEs will be facing a reverse in fortunes, as there will be 1,228 COEs per month, up from 1,083 a month now.
Meanwhile, there are 2,890 remaining COEs from the April to June period last year, which was suspended because of the pandemic.
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The remaining figures will be distributed over the next three months, instead of May and June, so as to ensure a more even approach to the redistribution.
COE
Certificate of Entitlement, or better known as a COE, is a document that you need to obtain before buying and registering a new vehicle in Singapore. It is a document that represents the right to own a vehicle and the usage of the limited road space, with a lifespan of either 5 years or 10 years.
Interestingly, you can actually take a loan to renew your COE. Financial institutions and some banks offer such loans to help vehicle owners to renew their COE. United Overseas Bank (UOB) as well as financial institutions such as Hong Leong Finance offer loans at different interest rates.
So if you fancy a COE even amidst such competitive times, well…
You could always go down that route, I guess.
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Just make sure you’re making a rational decision while doing so. Because in the end, you’re the one paying for it.
You can read more about COE here.
Featured Image: Kichigin/ Shutterstock.com
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