Does it make more financial sense to own or lease a car in Singapore? | Money Talks podcast
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- čas přidán 22. 08. 2024
- With car prices at an all-time high, thanks to record-breaking Certificate of Entitlement (COE) fees, would it make more financial sense to lease a car instead of owning one? Andrea Heng puts the question to Julian Kho, general manager of Sgcarmart.
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In Singapore you never truly own a car. It’s still a ten year lease. Renewable ofc.
COE is finally living up to its intended purpose which is to discourage car ownership. If you are complaining about prices, the harsh fact is that you aren't able to afford and you probably aren't in a role important enough to warrant owning a car.
important role huh, hehe
The COE System should be abolished. Every family [with children] is entitled to buy a car "if they want" [non transferable] and only those owning more than 1 will be very heavily tax. This is about respecting the Freedom and Being a Singaporeans Entitlement. Otherwise can be seen to be only enriching the Govt? at the pretext of control and there is nothing to be proud about for the absence and restriction of Quality of Life.
How many Singaporeans and how many foreigners own cars? Should we consider doubling the price of COE to foreigners and a 50% discount to Singaporeans? This is an ideal approach for offering greater benefits to Singaporeans while minimizing the impact on the balance sheet.
Lol...good idea 😂
Thanks God I m living in East Malaysia I can drive any where with my vintage 4x4. Road tax for 4x4 here much cheaper than in the west because of necessity for roads condition and terrains in East Malaysia.
Type R is a driving school car? I want to retake my license...
Honda city for SSDC lol xD
Lease is The WORST n Most Expensive Option
I agree when you say: "... it is not worth the (financial) STRESS...". Thank you for this. I learnt a lot!
It only kind of make financial sense to lease a car when compared to owning a new car. Shops will still need to profit and all the cost will still be pass down to consumer even when it comes to leasing. And regardless if you own or lease, the number of cars on the road will still remain the same.
I agree with u all. As I a caregiver of 2x person(87yr old mum, 65 yr old handicap bro) in my family. Fetching them to clinics , buying food, bring them to hair cuts, etc seeing a specialist. Etc. A car will help alot to buy time and the caregiver if he owns a car is not a luxury. Is a necessarily. Obviously I don't own a car foe thr above mention. If only gov can see thru the eyes of a caregiver. If owning a car is made possible. It sure give the care giver a long break and rest . In this caregiver owns a car to buy time. Time = rest, lesser frustration. Etc. Only me time is in the car while driving.
“you’ll own nothing and you’ll be happy”. Owning a car will soon be a forgotten memory, electric vehicle sharing is what the WEF have been pushing from the top down. The reality is, Singapore could never have the infrastructure for mass electric vehicles, the amount of electricity required to replace ICE cars (let alone trucks!) is insane!
COE is having its intended effect on limiting car population but unfortunately preserving such privileges to the rich. Time to re-consider car ownership model.
The house made those rules and rules can change as and when needed. What is there to discusss?
The key question is given the number of cars on road controlled, does the PAP want the the COE up or down?
No wonder talent prefer hong kong than singapore because here whole life can only afford to take bus and mrt but not buy car, who dare to come ??
Not only HK, all other countries can ie Malaysia, Thailand. Just not SG as it is tiny island
Soon, a rich country where middle income can only rent a car
Leasing makes more sense for Pte Ltd company. Good company liquidity and tax deductible.
Imho, transparent car sharing might be a promising solutions for SG Startups. Think again when cars running with just 1-2 persons, so many people, neighborhood share the same as your destination. And they might just be around at MRT or bus stops at the same time on work days. Just legally allowed this to happen transparently and safely e.g. registering and on-board recording requirements, consents granted. Anyone with cars should be allowed to make a little money to covered the COE, gas and lower traffic consumptions, pollutions, etc. and this should be win-win for SG residents. AI and apps allowed this to happened and autonomous cars are coming soon. Why not?
Correction. There is no paper
But is it all same same like in the past, when Singaporeans made a lot of noise yet when they went to the polls, 70% marked X for the People’s Action Party?
No, say a segment of Singaporeans. This time around, it is different and there is a storm brewing. They point to any number of issues which cause discontent.
The most comical thing you'll see are people driving Porsches/Ferraris/high end BMW/MB/Audi, when you can't drive faster than 80 km/hr anywhere on the island.
A Toyota can also do 190km/h, are you saying people buy luxury cars to drive insanely fast? You totally missed the point, it’s for status. Looking rich (even when you aren’t) gives people the illusion that you are. For many, the status can make them richer.
Having said what I said earlier... I do have a suggestion, if the SG government is listening: if you want to increase the birth rate, monitor the birth rate trend and set aside a quota of free COE's for the expected number of families with three children every year. Every family with three kids will be entitled to one free COE. If they've already bought a car before their third child, then SG gov will reimburse the remaining COE value and extend it to reach ten years from the birth date of their third child.
The following is not that strong a suggestion, but under such a scheme I think special concessions could be made for families with two kids and one elderly, less able-bodied or disabled parent (as assessed and certified by a doctor). Such families can be considered for a free COE too.
Basically, if you're a young single and your desire to buy one is mainly driven by the status or prestige that you think it brings, or to "impress the girlfriend/boyfriend", then you shouldn't buy one really.
If you're not responsible for taking care of three kids (or two kids and at least one disabled parent), then you shouldn't need such assistance (at least to the same level).
Lastly, to gradually encourage peeps to have more kids, set aside a quota for expected number of families with one child and another for those with two children. This time however, open up two new bidding groups, both seperate from the general COE bidding market.
Since the two new bidding groups are only open to families with one and two kids respectively, adjust the quota (supply) of COE's in each group accordingly to target prices such that the COE for the one-child group would come out at about 66% of the price set by the last general COE bidding exercise, and the two-children group at about 33%.
And similar to the first suggestion, if they have one child and one elderly disabled parent, then they can apply to bid in the 33% category.
Summary: monitor population trends closely (number of kids expected and disabled elderly); set aside a quota for three-kids group, and adjust the quota (supply) of COE's accordingly in two separate COE bidding markets for the one-kid and two-kids groups to target a much lower price than the last general COE bidding exercise.
...or if you want to really make it simple, count the number of local children there are in SG (age 0 to 14), divide that number by three, and that's the quota of free COE's you set aside for families with three kids (or two kids plus one less able-bodied parent).
I think there are 995,000 motor vehicles in Singapore in 2022.
In 2021, 12.4% of SG's population were between 0 - 14 years old, which equates to about 694,400 children.
694,400 / 3 = 231,467
Take away total 'three-kids' COE's currently active (which will be zero at the first introduction of the scheme). And that's the quota to set aside. Any unused ones gets re-absorbed into the general COE bidding market. The three-kids 'free' COE exercises will have to be run earlier, maybe a month earlier, than each general COE exercise.
For the one-kid and two-kids groups idea, bo pién, you will have to monitor population data in detail on how many families currently have one or two children.
Government won’t agree. Bc they wants only rich foreign family become Singaporean so no need to change COE regulation
6:40 lol, nope I am afraid that’s not applicable to everyone about the statement of driving Mercedes Benz E class or even S class as status symbol. I know someone although he can afford to pay Mercedes Benz S class but still choose Honda car. Wise people won’t need to brag about their status with car they drive.
Owning a car is basic human right
Buy a simple Toyota Corolla, change the oil regularly and keep it will last 20 plus years.
You will still need to get coe after 10 years. Moreover, currently the costly component is coe.
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The insurance issue for rental car has not been resolved by government. Hirers are made to feed these blood thirsty companies.
The traffic situation in Auckland, New Zealand is insane. Much worse than SG. And it's a city of only 1.7 million people! I think peeps in SG need to see the perspective of a situation where it is very affordable to own a car and the traffic is just so ridiculous, and getting worse, like in NZ cities (where the overwhelming majority of Kiwis live). And it's not like the public transport system in NZ is any good - ahahhahah, if only y'all knew, I've come across people actually crying because of not being able to make their appointments/meetups/etc. because of train and bus delays or cancellations!
Families need a car. What's the point of a person owning 5 supercars in a mansion but rarely drives them... 😳
Owning a car in the early years is a Luxury . Now , no more Regardless if u are wealthy , have the money . With the Transport available anywhere when one leaves house , it is just a Burden here nowadays . So bloody expensive , One buys 4 units , take 1 n gave Govt 3 units !!! It just Dont Make Sense n for 10 years . Who drives till 10 years?
m y brother not free to comment mcroy thean comment good
Type R isn't your driving centre car! Have some respect! 😂
Let's see how many people caught this. :D
Neither 😅 but stupidity is a powerful trait many spend money for both 😂
Nope with the gov keep jacking up Coe NOPE
Silly
I think the speaker is speaking on behalf of the younger generation when they want a car to chase girls.. for those who drove for many years already this session is pretty much common sense already
sorry sg girls are not into 100k toyotas! girls prefer ferrari and porsches… but many on hondas and toyota
Does it make more sense to own or lease a tuk tuk?
Sounds like this is propaganda piece for government 😬
Absolutely
Work of incompetent government
Are they spot on in their indictment of Singaporeans as “crybabies” and complainers?
They are certainly not alone. There are others in our midst who feel that Singaporeans ought to put up or shut up.
Today, there is again a growing chorus of anti-government voices. Voices of dissent and complaint, voices of resentment and unhappiness. Even those who used to keep their sentiments close to their chest are now speaking up because they cannot tahan anymore.
You are describing your circle only.
Growing chorus? Ya, from martin lee, grown into martin dawn, martin misty, martin brock, old lee martin etc. In the end, is just one miserable voice 😝
Well we aren’t exactly getting unbiased reporting in SG, especially from CNA! Opposing views are being silenced, even the opposition parties are so bad now, super disappointed that even now we can’t even get them speaking the truth about covid vaccines…
@@user-um9re5vj8r
Lol 😂👍👍👍
Propaganda.. A person selling Cars telling people not to own cars?? 😂😂
Killer is not COE, they are maintenance, insurance & ERPs
😂😂
And that’s all intentional, it’s not like any of those costs are replicated in other countries, even our closest neighbours.
😊
Both are killing the low wage users 😂😂
If you are Low wage, why do you want to buy a car, which is just a luxury for your income level?
In the end elite win
The elite win nothing.