$31,000 just for a piece of paper ?
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Why are Singaporeans so desperate to own a car, to the extent of being prepared to pay $31,000 for a piece of paper?
The car itself is probably worth only $25,000 landed in Singapore, and with all the taxes and other margins thrown in, the price is inflated FOUR to FIVE times of its landed cost.
PLUS the cost of paying FOUR Percent GST on the Final Purchase Price.
All added together to allow an ownership of only TEN Years.
Is this value for money? -
Ever heard of a joke between LKY and Mahathir about makingOriginally posted by Atobe:Why are Singaporeans so desperate to own a car, to the extent of being prepared to pay $31,000 for a piece of paper?
The car itself is probably worth only $25,000 landed in Singapore, and with all the taxes and other margins thrown in, the price is inflated FOUR to FIVE times of its landed cost.
$$$ in automobile industry ?
Then PM LKY and Mahathir was hving a chat during a meet.
Mahathir proudly presents Malaysia's successful venture into
the auto-car making industry with her pioneering gov-linked
Proton in the 80s. It was showcase of Malaysia's
growing industrial powess and technological might then.
Mahathir, prior to the Internet boom and before the birth of another
pet project, MSC), questioned Singapore's industrial ability to
make its own "national car." LKY just smiled without saying a word.
This gave birth to COE, which officially was implemented to
"control car population" (HA HA). But the real fact is it has become
an important revenue (an indirect comsumer tax) for the gov
coffer.
True as ever :
Sing gov now makes more $$$ per paper which only has effective
period of 10 yrs than Proton can from each car they produce at
today's market and exchange rate ! -
With this change in Government Policy to allow purchase of vehicles without initial down payment, each month will see at least 5,000 new cars on the road.
At an average COE of $30,000, the Government will collect a monthly cash inflow of at least $150,000,000.
Added to this, is the FOUR Percent GST on the price of the vehicles purchased.
At an average price of $100,000, the monthly GST collected on 5,000 vehicles will be add another cash inflow of $20,000,000.
With a monthly cash in-flow of $170,000,000, in one year, our Government would have taken $2.04 Billion from the SGP Citizens – on a single item only – VEHICLES.
The COE being valid for only ten years, many 10-year old cars that are in relatively good conditions will have to be scrapped, the entire capital sum simply evaporates for the SGP Car Owning Citizens.
Another cash outflow in foreign exchange will be incurred, and another cycle of cash inflow into Government Treasury will result, if another new car is purchased after the first car is scrapped.
That is the brilliance of our SGP Government, making money out of its own Citizens, and ending up impoverishing the Citizens.
By the time when they reach Old Age, many will be deemed as economic liability, useless and defenseless. Only to be looked after by their offspring, religious and charity organizations. -
Yeah, COE...
Sux... -
It beats me. But we really got to thank these people. Whether they are buying it for practical reasons or just for pride, one thing for sure.......they contributed to the economy. If everyone manage to work out that this is'nt a good deal, the car industry in sg will probably collapse bringing along other businesses.Originally posted by Atobe:Why are Singaporeans so desperate to own a car, to the extent of being prepared to pay $31,000 for a piece of paper?
The car itself is probably worth only $25,000 landed in Singapore, and with all the taxes and other margins thrown in, the price is inflated FOUR to FIVE times of its landed cost.
PLUS the cost of paying FOUR Percent GST on the Final Purchase Price.
All added together to allow an ownership of only TEN Years.
Is this value for money? -
eh... dunno what u're getting at here... what's the problem with looking after one's aged parents???Originally posted by Atobe:By the time when they reach Old Age, many will be deemed as economic liability, useless and defenseless. Only to be looked after by their offspring, religious and charity organizations.
have u turned so "kentang" that u expect the state to look after them for u
just kidding... no offence...
but seriously... the high cost of living and limited social welfare "safety net" here should encourage people to practice more prudence in managing their money...
this might include investing in insurance policies, saving plans and other investment packages... in short: SAVE MONEY!
i'm shocked that this seemingly obvious fact has escaped many people i know... to the extent that they seem to splurge on new cars they can barely afford, lifestyles they cannot sustain and get into ridiculous debts which they cannot clear.
so what i think is, if u can't afford it, and u don't really NEED it, don't buy a car... save the money for your old age
but the problem is that many of us perceive a car as THE ultimate convenience and a status symbol... so bo bian lor... pay. -
The problem is that those offsprings will have been burdened by the study loans that they have to repay to the parent's CPF account, and before they even start work.Originally posted by CX:eh... dunno what u're getting at here... what's the problem with looking after one's aged parents???
have u turned so "kentang" that u expect the state to look after them for u just kidding... no offence...
but seriously... the high cost of living and limited social welfare "safety net" here should encourage people to practice more prudence in managing their money...
this might include investing in insurance policies, saving plans and other investment packages... in short: SAVE MONEY!
i'm shocked that this seemingly obvious fact has escaped many people i know... to the extent that they seem to splurge on new cars they can barely afford, lifestyles they cannot sustain and get into ridiculous debts which they cannot clear.
so what i think is, if u can't afford it, and u don't really NEED it, don't buy a car... save the money for your old age
but the problem is that many of us perceive a car as THE ultimate convenience and a status symbol... so bo bian lor... pay.
By the time the offsprings get married, they would have been burdened by mortgages taken to purchase HDB homes; and more financial commitment to the insatiable need to own a vehicle; or alternatively prepare an equivalent budget to travel on the ever increasing cost of travelling on public transport. (NE MRT will cost more than older MRT Lines. What will be the cost of travellin on the Circle Lines when it comes into operation in five years time?).
The problem is that this "consumerism" is being encouraged by our SGP Government, which end up filling up the treasury.
This is exactly the problem that occured in the mid-1980's when past and retired Government Leaders voiced their concern about Moneytheism or Money Minded Attitude or Materialistic outlook, that is being encourage of the Singapore Citizens.
Presently this change in policy, creates a false sense of wealth, and an illusion to good times, when in effect there should be an effort to conserve cash in preparation for the harsh time ahead.
While on the one hand, the Economic Review Committee has stated that too much Private Money is in the Hands of the Government, and taken out of circulation - (which reduces entrepreneurial opportunities to be developed); by this change in policy of "No Cash Deposit", has caused the flood gates to be open, and more cash being collected by the Government.
It seems that the Government is bent on reaching a critical mass of vehicles on the road, so as to implement the next stage of extending ERP charges to cover every single major arterial and secondary roads and streets in Singapore.
This will result in every road being covered by a ERP Gantry; on any roads that stretches more then one or two kilometers, another gantry will be placed.
ERP charges will be reduced to an average of 20 or 40 cents per gantry passage.
The Singapore Driver will unwittingly be a "Taxi Driver" with the ERP Cash Card Meter in the Privately Owned Vehicle, which he has paid a high priced for. -
[quote]Originally posted by Atobe:
Why are Singaporeans so desperate to own a car, to the extent of being prepared to pay $31,000 for a piece of paper?
The car itself is probably worth only $25,000 landed in Singapore, and with all the taxes and other margins thrown in, the price is inflated FOUR to FIVE times of its landed cost.
PLUS the cost of paying FOUR Percent GST on the Final Purchase Price.
All added together to allow an ownership of only TEN Years.
Is this value for money?
[b]nope..dun think its value for money unless you are damm rich!Actually i would say the goverment is smart to have hitch the 30% downpayment to boost up their COE revenue.But somehow after ive done some research on it..it seems like it not adviceable to get a full 100% loan on the car.imagine paying for thousands over dollars a month for the next ten years when the market value of the car will drop once you purchase it.thats to say for the first 4 years,you are actually paying for interest and COE only.Not the market value of your car.! -
DO NOT BUT MALAYSIA'S PROTON - WAJA! It doesn't equip with the small litter bin!
(Because Singapore hasn't signed Free Trade Agreement with Malaysia while Singapore signed with Japan and USA, Malaysian cars are relatively more expensive than cars from Japan and USA.
BUY TOYOTA COROLLA MORE ECONOMICAL LAH! ) -
I think the government is contradicting itself in this case. On one hand, it wants people to get a COE for their car, this is supposedly to control the 'car population', however, on the other, they allow people to drive cars off without down payment first. Promoting more cars on the road? Plus the COE is so darn high, u can buy a whole car (not just the paper) with that money in various countries in the region. . .
They encourage people to tak public transport, but public transport is already congested like crazy, anyone taking MRT or bus during peak will know. Virtually impossible to squeeze in at City Hall around 6 or so everyday, which is the time people need public tranposrt most. . .hopefully the new MRT line eases some of this congestion.. .
MOst of the time, I support government decisions, this time I just don't agree.
However, taking care of one's parents is still a basic responsibility people should take. . . btw, is there a certain birthday on which u can take out all ur CPF money (minus Medishield) ?? -
No one buy cars = no jobs for people at car firms = economy worsens = no business for petrol station and maintenance shops and car magazines and it goes on and on and on.....
value for money? thats subjective isnt it? I can tell u frankly that there are certain things u buy that i gonna brand as stuipd purchases which are not worth the money? Me right? u wrong? neither...its a fair exchange. -
A car costing $100,000 PLUS $30,000 COE plus $5,200 GST PLUS 3% Annual Interest for 7 Year Loan will result in Total Ownership Cost of Car over 10 years being a sum of $162,500.
This will mean an average monthly cost of $1,354 (not including fuel and maintenance cost every two to three months).
Taking public transport will cost a daily average expenditure of $5.00 or $150 per month by MRT and Public Bus; PLUS weekend journeys by taxi costing about $60 per weekend, or $240 per month.
This will result in a total estimated cost of $390 per month.
The “value for money” will certainly give Public Transport the full advantage over Private Car Ownership. -
that is just u isnt it? what is the most expensive u ever bought? tell me.Originally posted by Atobe:A car costing $100,000 PLUS $30,000 COE plus $5,200 GST PLUS 3% Annual Interest for 7 Year Loan will result in Total Ownership Cost of Car over 10 years being a sum of $162,500.
This will mean an average monthly cost of $1,354 (not including fuel and maintenance cost every two to three months).
Taking public transport will cost a daily average expenditure of $5.00 or $150 per month by MRT and Public Bus; PLUS weekend journeys by taxi costing about $60 per weekend, or $240 per month.
This will result in a total estimated cost of $390 per month.
The “value for money” will certainly give Public Transport the full advantage over Private Car Ownership. -
Would you like to know... you will not be able to afford it, don't worryOriginally posted by gasband:that is just u isnt it? what is the most expensive u ever bought? tell me.
If the entire car sector is to shut down, the world will not cry for them.
It will only mean a boom in the business for motor cycle and battery powered bicycles.
As for the Petroleum Companies, Singapore is too small a market size for them to worry about the loss.
With the death knell sounded for the car "market", it will only result in a more efficient re-allocation of both Public and Private Funds. -
well, large portion of your salaries goes to the government... one of the benefits of singapore citizenship
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just tell me the most important thing u bought with ur money. cmon tell me, dun avoid the issue.Originally posted by Atobe:Would you like to know... you will not be able to afford it, don't worry
If the entire car sector is to shut down, the world will not cry for them.
It will only mean a boom in the business for motor cycle and battery powered bicycles.
As for the Petroleum Companies, Singapore is too small a market size for them to worry about the loss.
With the death knell sounded for the car "market", it will only result in a more efficient re-allocation of both Public and Private Funds. -
Originally posted by gasband:that is just u isnt it? what is the most expensive u ever bought? tell me.
What has any of my purchase to do with you?Originally posted by gasband:just tell me the most important thing u bought with ur money. cmon tell me, dun avoid the issue.
Like I said, you will never be able to afford it.
The point is not about my purchase here.
The point is about the idiocy of paying $31,000 for a piece of paper, just to own a car, and in the process enriching the Government Treasury.
The fact is that the general acceptance of this COE policy - by not dampening the demand for vehicles - will only embolden the Government's position in similar punitive policies being imposed on the Citizen's insatiable demand for other material needs.
So, what is the direction of your debate, in your persistent need to know what is the most valuable thing that I ever own? -
The point is that this "expensive thing" that u bought with ur money seems justifiable for u to put that sum of money in. To me or to many other pple, it may not be that justifiable simply becos it is of no value to me or others but it does make a lot of sense to urself becos u v alue it and think its worth it.Originally posted by Atobe:What has any of my purchase to do with you?
Like I said, you will never be able to afford it.
The point is not about my purchase here.
The point is about the idiocy of paying $31,000 for a piece of paper, just to own a car, and in the process enriching the Government Treasury.
The fact is that the general acceptance of this COE policy - by not dampening the demand for vehicles - will only embolden the Government's position in similar punitive policies being imposed on the Citizen's insatiable demand for other material needs.
So, what is the direction of your debate, in your persistent need to know what is the most valuable thing that I ever own?
Same goes here rite? If someone thinks is worth it, they will pay for it? If u can buy something which i think is not worth it, why cant someone else buy something which u think is not worth it?
Before u noe it, everyone is gonna tell u how stopid u are to buy something and everything just becos they think its not worth it? its STOPID isnt it?
u are a bit forceful in ur arguement isnt it. -
The point is not about seeking your consent or that of mine.Originally posted by gasband:The point is that this "expensive thing" that u bought with ur money seems justifiable for u to put that sum of money in. To me or to many other pple, it may not be that justifiable simply becos it is of no value to me or others but it does make a lot of sense to urself becos u v alue it and think its worth it.
Same goes here rite? If someone thinks is worth it, they will pay for it? If u can buy something which i think is not worth it, why cant someone else buy something which u think is not worth it?
Before u noe it, everyone is gonna tell u how stopid u are to buy something and everything just becos they think its not worth it? its STOPID isnt it?
u are a bit forceful in ur arguement isnt it.
The point is about the acceptance of paying $31,000 to buy a piece of paper, just so to own a $100,000 vehicle that becomes worthless in 10 years time. -
Some people pay a few thousand dollars for a trip to Europe that lasts only 2 WEEKS. Worhtless? Stupid? To these people, it is not.
Who are you to judge worth for them? -
someone has the pay the million dollar salaries...
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Even $1 for jus a pieces of paper oso not worth it ..
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Let us be objective, and compare "red California apples with those other red California apples"; and not those from "Australia" even.Originally posted by gasband:Some people pay a few thousand dollars for a trip to Europe that lasts only 2 WEEKS. Worhtless? Stupid? To these people, it is not.
Who are you to judge worth for them?
You are now comparing events at a tangent to the issue, and is comparing "apples with oranges".
I can accept your argument if you would say that some people are prepared to pay $30,000 to purchase a vehicle out of necessity to make a living.
On a similar direction, without going at a tangent to your point, I could engage your argument by saying that it would certainly be stupid to pay "thousands of dollars" for a trip to Europe, instead of paying less for a trip to East Europe (presuming you are referring to West Europe, where tours are known to be more expensive). -
this is a way that singapore gov control car populartipn... not fair to say tat other country is cheaper as u fail to account tat other country is bigger too. If there is no control, then the road will be filled with problems of congestion. COE is smart way as can control car population and tax the richer people. They do account coe earnings into gov budget isn't it ?
Anyway if u r without a car, u will not die as public transport still available. There is no such thing as absolutely must have a car. Even drivers can work for companies with car if they so need it.
About saying why people r stupid enough to spend so much money, tat is not for anyone to say... Somebody can spend money on stamps, or on 4d or donate it away. Some people like to save money on usual stuff while buying big investment like house or cars. Some people neevr spend money and treat cash like a score board. They r really personal preference -
You cant just stand it if someone dun agree with u huh hahahaa...Originally posted by Atobe:Let us be objective, and compare "red California apples with those other red California apples"; and not those from "Australia" even.
You are now comparing events at a tangent to the issue, and is comparing "apples with oranges".
I can accept your argument if you would say that some people are prepared to pay $30,000 to purchase a vehicle out of necessity to make a living.
On a similar direction, without going at a tangent to your point, I could engage your argument by saying that it would certainly be stupid to pay "thousands of dollars" for a trip to Europe, instead of paying less for a trip to East Europe (presuming you are referring to West Europe, where tours are known to be more expensive).
ok lets get this clear, so u wan us, in fact ALL PEOPLE to agree with u that using $31,000 to buy COE is useless and is worthless? Please note that the word 'WORTH' is not defined by MONEY or WHAT ur brain thinks, its about what we the person who buys it feel. On paper, a trip to western europe costing MUCH MUCH more would be of no worth to u but to the husband wanting to please his newly wed wife on a honeymoon, to him thats value, to a son who wants to bring his aged parents on a trip, that is worth to him, so i demand to know, WHO ARE YOU to determine whats worhtless and worth for US?