In view of the recent downward trend of COE prices, is now the right time to buy a car? If not, when should we wait until if we decide to own a car?

You could consider getting a secondhand car

Go ahead

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its the right time

I think the question is do you really need a car? Even with the increase in Grab prices, and assuming you take grab daily... the expenses might still be less than owning a car xD

I feel that owning a car in Singapore is usually more of an emotional purchase than a "worthy" purchase. However, with that being said we can observe some trends in past COE data. The peak supply usually comes in the second half of the decade therefore driving prices down (albeit a higher low). If it's a necessity to own one because you have young children, you could try owning a second-hand car which has a COE of less than 2 years left.

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Typically downpayment would be lower and you will have more resources to deploy elsewhere for better usage.