5 May 2023
Can property-like cooling measures tame soaring COE premiums?
COE prices ended mostly lower in the latest bidding exercise (May 4), due to a higher quota for May to July 2023.
But they are still on the high side - over $100k for Cat A, Cat B and Open category - still a challenge for the average Singaporean to own a car.
Question now is, should something similar to the cooling measures being introduced to control the skyrocketing prices of homes here, be also introduced to the COE system?
Measures such as the recently raised Additional Buyer's Stamp Duty (ABSD), have been put in place to prevent property prices from rising too quickly, and to ensure that housing remains affordable for the average Singaporean.
However, as home prices are being kept in check, there are growing concerns about the cost of owning a car in Singapore, with soaring Certificate of Entitlement (COE) premiums making it difficult for many to afford a vehicle.
Is it time to reevaluate the COE system?
Listen to this mini panel as Lynlee Foo and Ryan Huang host Associate Professor Walter Theseira, Transport Analyst, SUSS and Julian Kho, Editor & General Manager, Media, sgCarMart.
This podcast is produced and edited by Anthea Ng (nganthea@sph.com.sg)
Highlights of the conversation:
1.43 - Should there be a separate COE system for Singaporeans, PRs and foreigners, just like our HDB policies?
4.51 - Will an ABSD-like tax be effective in deterring car buyers from getting a second or third car, and in turn curb soaring COE premiums?
6.17 - What is the impact of the rise in taxes on costlier cars since it was announced at Budget 2023?
8.03 - How might a more equitable COE system help to address social mobility and inequality in Singapore, such as families with elderly and young children?
12.13 - What policy changes can be implemented to address the role of private-hire vehicle operators in driving up COE prices, and potentially treat them like taxis to alleviate the issue?
14.17 - Should there be a different COE system for EVs, to encourage mass adoption?
15.51 - In conclusion, is it time to re-evaluate the 33-year-old COE system?

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