COE coupled together with import tax becomes a double 'tax' to all buyers. Additional Reg. Fee (or ARF) is 100% of open market value. So even before COE comes in, you are already paying double of what you should be paying.
COE at $100k means you are paying $10k per year to the authorities. Five years ago, the only people who are paying $10k per year to the authorities are people who own and drives luxurious 5000cc or above cars.
Singapore hot and humid weather condition contribute significantly to the decision of just sticking to the car no matter what. Because the car comes equipped with this amazing invention called AIR-CON.
For the money spent A DAY on a $160k 2000cc car, say instalment + petrol + parking (55+20+5 = $80),
you can:
- Take public transport with the same amount of money for WHOLE work month based on $4 per day.
- Dine in a decent restaurant, having decent buffet for 2 with the same amount of money,
- Treat at least 26 person to a $3 chicken rice in hawker centre
- Buy a low end printer or mobile phone, one month you can buy 30 phones or printers.
- Take the whole family to Singapore flyer or other attractions
- Buy 240 packets of tissue paper from the 3 for $1 tissue auntie
- Feed a person (or family) in India for 66 days. (Not drive for 6 days, you can feed them for 1 year). Some people in India live on less than US$1 per day.
See the point. What's more, I am not talking about a high end high performance luxury or sports car. I am merely taking the figures from an average on-the0-road cars like Toyota Camry, Honda Accord, Nissan Cefiro which you see many on the roads everyday.
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