For adults who have adult jobs and are able to afford a driving license and a car in this crazy economy, rejoice.
The Land Transport Authority has announced that up to 20,000 additional certificates of entitlement (COEs) will be added in progress across all vehicle categories, starting from February 2025 and then over “the next few years’.
It’s the first time the LTA has done so in over 20 years.
This potentially means lower premiums (i.e. COE) for car owners looking to purchase a new set of wheels.
The last COE exercise saw COE prices drop slightly across all categories on 23 Oct, despite premiums for both car categories remaining above $100,000.
Okay, but why now?
The decision, said the LTA, was made thanks to the run up to the implementation of the ERP 2.0 system, meant to manage congestion.
Yes, that ERP 2.0. Watch this video to know more about it:
This will include the introduction of ‘virtual gantries’ to manage traffic better and allow for ‘more flexible and responsive congestion management, thanks to the use of the ERP 2.0’s satellite technology.
The LTA has stated that the ERP 2.0 will provide “more comprehensive aggregated traffic information and will be able to operate without physical gantries”.
The new virtual gantries will only be in operation after all Singapore-registered vehicles have installed the new on-board units (OBUs) that can handle the ERP 2.0 system, with the timeline for installation targeted for the end of 2026.
The ERP system, when fully installed, will provide the possibility of distance-based charging in the future, an additional tool that will help regulate vehicle usage and manage traffic congestion more effectively.
Slow your drift, Vin Diesel: don’t actually go get a car yet
The Singapore Government, on the whole, has been focused on a car-lite Singapore for the long-run, as the LTA has said it will keep the vehicle growth rate for the car and motorcycle categories at zero.
The rate for commercial vehicles will remain at 0.25% per year from 1 Feb 2025 to 31 Jan 2028.
The decision has always been to push on walking, cycling and public transport as the predominant travel modes, LTA said.
As of 2023, vehicle mileage has decreased by 6% from 2019 to 2023. This has been attributed to the rise in work from home (WFH) arrangements, according to the LTA. The expansion of the rail network by 18% from 228km in 2019 to approximately 270km in 2023 has also helped increase accessibility to public transport.
Singapore has, for the record, 1,003,126 vehicles on the road as at September 2024.
Here’s a simplified summary of the South Korea martial law that even a 5-year-old would understand:
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