Anonymous
Is it a good time to buy a car or should I wait for the COE to premiums to fall?
After saving up for many years, my partner and I (with a baby on the way) are almost financially ready to get a car but we just saw the news with COE premiums reaching a six year high... Does it make sense to wait for the COE to fall? But not too sure how long we would have to wait. We have aged parents too, so we were really hoping a car would help increase convenience for all of us...
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You can always opt for economy cars first, then look for secondhand cars where the year of COE is cheap. Few years down the road maybe when you guys have more expendable cash can opt for your dream car when the COE price drops.
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COE prices will always go up and down. But whether or not it goes down to a point you are okay with ...
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As you did not mention the car you have saved for, will assume Cat A (up to 1,600cc and 130bhp) then. A COE of $48k is neither at the low nor high end. Would consider $68k for Cat B (above 1,600cc or 130bhp) high. However, for those who could splurge on Cat B cars, any time is a good time to make the purchase.
Suggest visiting the car showroom to have a sensing of the available promotions; and ask for opinions here again. If really need a car for your young and elderly, need not wait for the COE to fall then as this timeframe is unknown to all.