Since arriving in Singapore 3 years ago the Certificate Of Entitlement has always been a battle zone between me and my husband. I just could not understand the reasons for the inflated price of cars. I would rather take public transport than buy a overpriced piece of paper. At SGD$70,000-90,000 just for a 10-year right to drive is an exuberant and ridiculous price to pay for a car and that’s not even covering the price of the car itself.
Simply put the COE bidding system is flawed and I have some pretty damning piece of opinion on it.
1. COE is an open bidding system. People are allowed to revise their bid to be able to secure the limited supply of COE allotted during that bidding exercise. Those with a deeper pocket will most likely win the bidding system which effective places all of the middle to poor income bracket out of the market. If they really wanted the COE use a bidding system model and not appear as a exclusive commodity for the rich they should make it a blind bidding system.
2. The rate of population increase by 200,000 annually from 2006 to present, but proportionally COE hasn’t really increased at all.
3. Why are taxi put into the same category as normal passenger car? In fact all business purpose cars should have a separate category of their own.
4. Why are car dealers allowed more bids than ordinary folks? They should have their own category or in fact should not be able to bid at all.
So won’t the government get up and do something about the currently skewed system?