[LTA] Three-Year Lock-In Period for Business-Owned Chauffeured Private Hire Cars to Enhance Stability of the Point-to-Point Transport Supply

[gnoes85]

CatA COE up to $92850. What measures? Haha

 

[StoicGuy]

I think the dealers are cornering the COE prices for accounting.

Let's say you bought 10 cars with $1 million in 2021 or 2022.

As long as they keep cornering the COE price to go higher.

I think they still considered the value of the 10.cars to be 1 million in 2025 based on good resale value due to higher Coe.

Whatever money they rented out last 3 years is profit.

 

[TopGun]

But the "trend in recent years" - does not change the fact that a car "is a depreciating asset in Singapore"... that's what I said initially.

Sure we can have the ups and downs that make it "profitable" to sell a car a year, even a month down the road (if COE prices spike harshly).

But at the end of the day... still a depreciating asset.

Cars in which country do not depreciate? Let's ignore classic cars, limited editions. So what's so special in your statement?

But what's unique in Singapore is that cars may actually appreciate a few years into it's life! You could have driven your car for 'free' for a few years if the COE shot up sharply after your purchase.

And this was not limited to COVID. The previous time it happened, it was around 2012 to 2013 when the COE spiked to ~$90k.

 

[ratppl]

No wonder today COE up

 

[Philipkee]

Interesting. So what is your suggestion? Let's help to close all those loopholes fro LTA.

Have a new category for phv vehicles.

Any private car owners who want to convert to phv will get his pro rated coe refunded after he has successfully bidded for a phv coe.

Any phv car owner who wants to convert back to regular car scheme will get his pro rated phv COE back once he has successfully bidded for a regular COE.

But the main COE for the car will still be 10 years

Means if he had a phv Coe for 3 years and wants to convert, he will get 7 years of phv Coe rebated to him after he has successfully bidded for a regular Coe and he only needs to pay 70% of the final Coe price and vice versa

PHV, leasing companies, car rental companies including BLUESG etc can only bid for cars under PHV cat - which will be universal meaning no car A or B in this cat

 

[stingray1211]

Cars in which country do not depreciate? Let's ignore classic cars, limited editions. So what's so special in your statement?
But what's unique in Singapore is that cars may actually appreciate a few years into it's life! You could have driven your car for 'free' for a few years if the COE shot up sharply after your purchase.
And this was not limited to COVID. The previous time it happened, it was around 2012 to 2013 when the COE spiked to ~$90k.

https://tralvex.com/pub/cars/coe.htm


should trace back to 1990s..

already back then COEs hit $100k in 1994.
conclusion , sinkies were rich back in 1990s and even richer now. don't understand the complains.


Read HWZ Forum Rules!

 

[Philipkee]

Interesting. So what is your suggestion? Let's help to close all those loopholes fro LTA.

I think many years ago this happened but it could get freak results. So I tweak it

Pay what you bid, closed bidding

So you put in the amount you want to bid for COE. If you win, you pay what you bid for. But here’s the thing. Closed bidding. So you don’t know what is the lowest winning bid or how much has the quota been exceeded. You just put what you are comfortable with and how you win.

so if you put $200k but winning bid is $50k, you pay $200k and you only find out at 1600 hrs

It was freak result cos since everyone didn’t know, end up number of bids less than quota and hit $2. But now even if it is less than quota, you pay what you bid for

 

[mikezuper]

Think unless sell dirt cheap. If not, those in the know one will not even think about buying phv car for private use. The wear and tear is scary. Even those phv rental company also don't even repair all their cars to tip top, mostly do the necessary only. Especially those with big fleet. Where got time.

I know they hire head mechanic/engineer to manage the fleet condition

And as other mention, can always play with odo

But today COE went up liao

 

[gnoes85]

I know they hire head mechanic/engineer to manage the fleet condition

And as other mention, can always play with odo

But today COE went up liao

Up bcos too many people bid for the 139k altis

 

[mikezuper]

But the "trend in recent years" - does not change the fact that a car "is a depreciating asset in Singapore"... that's what I said initially.

Sure we can have the ups and downs that make it "profitable" to sell a car a year, even a month down the road (if COE prices spike harshly).

But at the end of the day... still a depreciating asset.

You cant always have appreciating asset in everything and some people truly understand this

They are willing to part with $$ in exchange of convenience / image

After a while, what the use of the $$ accumulated if you only buy car let say in your 50/60s? If you plan well, most should be able to buy comfortably in their 30/40s when they start a family

 

[y2k_tay]

Must understand why the COE is so high!!!......becos now the private vehicles can be used to generate revenues for the owners!!!...... That's why today COE biddings will not drop...... If restrict COEs not for commercial usage..... u see it will drop?!......

 

[Comage]

Cars in which country do not depreciate? Let's ignore classic cars, limited editions. So what's so special in your statement?

But what's unique in Singapore is that cars may actually appreciate a few years into it's life! You could have driven your car for 'free' for a few years if the COE shot up sharply after your purchase.

And this was not limited to COVID. The previous time it happened, it was around 2012 to 2013 when the COE spiked to ~$90k.

That's what I said right? And actually got joker come in with outlier scenarios saying "but.. but got appreciate before leh!!"

Duh.

You are laojiao member since the early days, supposed to be all-knowing and respected around here... but not sure why you seem so angsty and trigger-happy to bash and whack people for their comments as of late.

What came over you man?

 

[TopGun]

That's what I said right? And actually got joker come in with outlier scenarios saying "but.. but got appreciate before leh!!"

Duh.

You are laojiao member since the early days, supposed to be all-knowing and respected around here... but not sure why you seem so angsty and trigger-happy to bash and whack people for their comments as of late.

What came over you man?

My point is very simple. While cars generally depreciate, cars in SG can appreciate. And if COE prices can be kept high, or made to rise, the depreciation cost goes down or even appreciate, and that provide certain incentive for some people to work the system to their advantage.

By taking away the ability to freely transact, akin to the vehicular version of MOP, it will 'cool' the market.

 

[sseasea]

They just don’t ppl play masar register and deregister every now and then

 

[Kunkka]

A went up b drop

 

[ricohflex]

This is the problem.
Officialdom don''t know how to speak English.
Singaporean MPs and Ministers end up having to explain what this nonsense means.

 

[iceblendedchoc]

Chee Hong TAT 3 years lock in plan failed to stop PHV car companies !

Already told them easiest way to monitor and control is to introduce a new Category just for PHV but PAP iron teeth refuse to listen and want to continue let PHV car companies push the COE higher !

 

[iceblendedchoc]

My point is very simple. While cars generally depreciate, cars in SG can appreciate. And if COE prices can be kept high, or made to rise, the depreciation cost goes down or even appreciate, and that provide certain incentive for some people to work the system to their advantage.

By taking away the ability to freely transact, akin to the vehicular version of MOP, it will 'cool' the market.

when COE keep going up , my cars actually appreciate i can even pocket 100k profit now if i sell after driving after 5 years for free literally.

 

[gnoes85]

Chee Hong TAT 3 years lock in plan failed to stop PHV car companies !

Already told them easiest way to monitor and control is to introduce a new Category just for PHV but PAP iron teeth refuse to listen and want to continue let PHV car companies push the COE higher !

He can just say phv is not the problem of rising coe. Then how u gonna counter that argument?

 

[iceblendedchoc]

He can just say phv is not the problem of rising coe. Then how u gonna counter that argument?

must have transparency, how many cars disclosed. How many cars after getting coe get converted to PHV by business at the one year mark, two year mark etc onwards