[TopSage]

why are second hand car prices going up in singapore when Certificate of Entitlement prices are dropping?

[Lukongsimi]

New car got to wait.
Sec handed car u can drive away on the spot.

[talky]

why are second hand car prices going up in singapore when Certificate of Entitlement prices are dropping?

even though coe dopped is still >60k for a paper
2nd hand car depreciation is a lot after 1st n 2nd yr though raise a bit is a=still much cheaper than a brand new ones

[EvertonDiehard]

why are second hand car prices going up in singapore when Certificate of Entitlement prices are dropping?

It is because most S'poreans cannot afford brand new cars. This is a "no brainer" question.

[EvertonDiehard]

New car got to wait. Sec handed car u can drive away on the spot.

The High SES don't mind waiting for a new car while still driving their existing luxury vehicle. They would never dream of buying a used car.

[EvertonDiehard]

even though coe dopped is still >60k for a paper. 2nd hand car depreciation is a lot after 1st n 2nd yr though raise a bit is a=still much cheaper than a brand new ones

When the COE rises substantially, the "snob appeal" of buying a new luxury car will become even more attractive for the wealthy because their status symbol would not be affordable to an even greater segment of the residential population in S'pore. 

[Lukongsimi]

The High SES don't mind waiting for a new car while still driving their existing luxury vehicle. They would never dream of buying a used car.

Used car lots of problems n some are illegally modified can’t buy road tax

[EvertonDiehard]

Used car lots of problems n some are illegally modified can’t buy road tax

At the moment, less than 11% of the resident population of S'pore are able to afford a car. I foresee the number of envious people rising rapidly, leading to an increase in vandalism cases in the country. 

[Lukongsimi]

At the moment, less than 11% of the resident population of S'pore are able to afford a car. I foresee the number of envious people rising rapidly, leading to an increase in vandalism cases in the country. 

Ya loh very kua lung

[victortan]

dont buy car in 2024,,, coe gg to crash, cause mkt crash and recession sure to come.

coe gg to drop like a stone... wait first.

[sclim]

new car even more expensive ma. new car price quoted by main dealer does not reflect total coe down price as the demand still exceed supply. by taking future supply to meet current bid means the future price will not come down already.
so dealer will not quote too low list price in case cannot deliver then no face.
hoping price will continue come down to 50k so can change car. after that think 80-100k will be norm.
remember inflation. will also be reflected in car via coe.

[EvertonDiehard]

new car even more expensive ma.  new car price quoted by main dealer does not reflect total coe down price as the demand still exceed supply. by taking future supply to meet current bid means the future price will not come down already. so dealer will not quote too low list price in case cannot deliver then no face. hoping price will continue come down to 50k so can change car. after that think 80-100k will be norm. remember inflation. will also be reflected in car via coe.

The current pricing mechanism has caused a contraction with a multitude of marginal car owners giving up their wheels after the expiry of their COEs.  While it makes sense for the majority of the population in an urban metropolis to rely on public transportation, existing car owners are reluctant to give up something which has become an extension of themselves, and not merely a tool to get from point A to B.

[EvertonDiehard]

dont buy car in 2024,,, coe gg to crash, cause mkt crash and recession sure to come. coe gg to drop like a stone... wait first.

Many motorists simply cannot wait for the COE to go down drastically.  Conspicuous consumption boosts our sense of identity and also conveys status and importance.  In land-scarce S'pore, the less affluent have to make way for the wealthy; nowhere is this more clearly apparent than in car ownership. Unlike one’s private home, a set of 4-wheels is a possession that can be literally displayed at different places to a wider audience throughout the day. Car owners are perceived as wealthier and having membership to a higher social status group - not just to others, but also to themselves.

[EvertonDiehard]

Ya loh very kua lung

We are rapidly approaching the day when only top earners would be able to possess cars. This will, in fact, make car ownership even more attractive to those who can afford it owing to the increased "snob appeal".