COE on a 10year high

PREMIUMS for Certificates of Entitlement (COE) have struck a 10-year-high for all categories, according to data from the Land Transport Authority.

Cat A COEs, used for cars below 1,600cc and taxis, now cost $39,000 apiece. The category also saw the largest increase as its price went by 14.7 per cent this week compared to the previous bidding on Nov 3.

Cat B COEs, used for cars above 1,600cc, was marked up 5.3 per cent to end at $47,890.
The Open Category, used generally for cars, crept close to the $50,000 barrier. It ended at $49,890, an 8.5 per cent increase.

Premiums for commercial vehicles inched upwards by 0.6 per cent to close at $31,202 while motorcycle premiums notched a higher increase of 8.5 per cent to end at $1,502.

It was only in January this year that COE premiums for Cat A were still at around $18,500, a far cry from today's price levels.

Comments:
WeiSiang: During the 1960-1970s, cars could perhaps be an appreciating asset to many, but it has since turned to become a liability, especially in Singapore. From the article above, the government has yet stretched the financial gap of the rich and the poor, leaving a huge gulf between the rich and poor classes.
I hear my parents grumbling, friends complaining, in this win-lose situation where the citizens are obviously forced to dump their cars to convert in faithful public transportation users.

I personally do not adhere to this method of solving increasing private transportation users. I believe, if thought deeply, and with careful planning, the problem of solving increasing number of cars on the road could perhaps be solved, without hurting the already tight finances of the citizens.

Koofang: Personally, I don't really like that fact that the government is increasing the price of COE. This results in all vehicle users to pay a larger sum of money in order to get a car. The purpose of getting a car is to  make transportation much easier. By increasing the price of COE, the average income families who own cars would be unable to afford it. This action therefore leaves them with no choice but to sell their cars whereas the richer families can still continue to use their cars. Perhaps the government is trying to reduce the overcrowding number of cars on the roads, but this does not fully solve the problem.

WeeSoon: Many people may hate the COE policy, but for me, I feel that it is necessary for the government to implement this policy. Many people may think that with COE it would be even more difficult to get a car. However if we were to put ourselves into the government shoes, we are actually helping not only ourselves but also to the environment. With the limited land area in Singapore, we can't afford to have so much cars on the road. We need to cut down the amount of cars to make every journey smooth riding, and one way would be not to get a car and take the public transport instead. The government price up the car amount, therefore indirectly reducing the amount of cars. Not only that, it also help reduce greenhouse effect. As most people know, Car emits out a harmful gas which could destroy our atmosphere. Therefore by reducing the cars in singapore, it is also helping ourselves to fight against global warming. Therefore once again i think that the governemnt had done a excellent job in coming out with this policy, it is like killing two birds in one stone.

Chrystal: I agree to what WeeSoon has said. I feel that it is necessary for the government to implement this policy too. However, in my opinion, increasing the COE continuously may not be effective anymore. This is because the rich will only become richer and they will most probably be able to afford the COE no matter how high it has risen. On the other hand, the poorer sector of the economy will not be able to afford cars. The rich will be able to own many cars while the poor will only be able to take the public transport.
On the other hand, I feel that the COE should only increase to a limit and not continuously. Instead, I feel that the government should implement a "One Family One Car" policy to limit the number of cars on the road. They should also consider decreasing the price of public transport to encourage more people to take public transplant and be more eco-friendly!

Zeena: This is really getting outrageous. Prices were already at a sky high price now its increasing even more. When will this maddness end? If goverment really wants to control the amount of cars on the road they could use other methods instead of keep increasing the prices of COE. Actually i feel that COE does not control the amount of cars on the road. Rather it jus decreases the amount of people buying cars. What about those cars that were bought during the lull period for the COE prices. They are still out there on the road. Futhermore, due to the ever rising prices of COE, cars has become more then a want. It has become a luxury. Certainly there are other ways to cut the amount of cars on the road but rising COE prices is diffently not 1 of them.