I read the strangest thing on Channel NewsAsia today. It reported that COE prices have come down in most categories for the first time in nearly a year.
Now in Singapore, to buy a vehicle you need to buy a Certificate of Entitlement (COE). Basically this is nothing but a piece of paper that allows you to use the vehicle in Singapore. Since the Singapore government cut the number of COEs available last month, COE prices has risen through the roof.
Here’s the strange part; in the latest tender, the COE price for small cars (Cat A) is at $30,000. The COE price for big cars (Cat B) is $40,001. In the open category, Cat E, the price is $43,003. Cat C, for goods vehicles and buses, is at $35,556. Only COE price for motorcycles was up, closing at $1,253.
Now I’m not saying they are wrong. The price for the COEs all went down except for motorcycles but it is still between $30,000 to $43,003! At these prices, there nothing to be upbeat or happy about, but I do not blame the Singapore government.
Most Singaporeans blame the government for cutting the number of COEs but the COE prices are determined by a bidding system. So the rise in COE can only be blamed on Singaporeans who are buying COE even as they bitch about the high prices. WE ARE THE ONE TO BLAME.