So, is it worth to buy a new car now?
Toyota Corolla Altis, taken from http://www.flickr.com/photos/50915680@N08/4796839344/ |
Okay, let's take a look at the pricing of a popular, budget priced Toyota Corolla Altis 1.6. According to SGCarMart as of 9 December 2010, the model cost $98,488, inclusive of the COE priced at $47,604. Okay, there may be COE rebates or other offers when you buy a new car, but for this post I shall keep things simple and omit other factors. A simple calculation of the percentage of the COE price over the price of the model gives you 48.3%. In other words, if you intend to buy this model, expect around half of your money paid to enter the government's pockets!
Alternatively, you may want to
- Buy a used car. (Do beware of the relevant charges and taxes)
- Take public transport. (Yeah I know that the efficiency of public transport is a tad disappointing, but it is still much better than paying inflated price.)
- Car pool. (If you have a lot of friends or colleagues going to work together.)
Alright, that's all I have for today. But hopefully I wish to see the Ministry of Transport step up to make full use of their government funds to upgrade the standard of public transport. I swear they have more than sufficient government funds to contribute to the society =)