Friday, February 8, 2019

Calling the Bottom...

in COE prices.

Charts from here.


I've talked about COE before a few times, like in 2018 and way back in 2015.

Honestly? If you're one of those kind of "guys" that get a hard-on for cars (they actually look at the cars at the car show, not the car girls), now is a pretty decent time to pick up a car, with COEs this low.

Personally, I don't really get it.

I don't like the luxury and status of owning a car. Why attract gold diggers? There are girls who literally exclude dating guys who don't own cars. That sounds fantastic. It'll be great to never meet such people.

I don't like playing the status game AFTER that of comparing cars either. For me, cars is just a mode of transportation. An expensive mode of transportation. That I have to pilot myself. And maintain. Bleah.

I actually don't even like driving cars. I rather sit down, play my phone or take a nap, and just be chauffeured around. Does driving spark joy in me? No, it does not.

Funny enough, I had a friend a few years ago who was "forced" to buy a car "because of job". Obviously, it's a self-justified reason to own a car. Mid 20s driving a car is quite cool, right? Like I said, it's a good gold digger magnet. Current status? Sold the car, swore he will never own a car again. Why? Just too expensive. After deducting all the expenses for his car from his take home pay, he had almost nothing left. It only took him about a year to realize how ridiculously expensive cars were and he dumped the car after that.

Granted, now it is "cheaper" to own a car, considering the initial capital outlay and the "depreciation" expense over the 10 years of the car. But you know what doesn't change? Everything else, like insurance, maintenance, road tax, parking, ERP, etc etc.

I know A LOT of people like to self justify that they literally NEED a car if they have kids and what not, but I don't have kids so I can't say. But I know of people with children and no car and they manage fine, so maybe it's possible that a car is a WANT and not a NEED?

Who knows. It will forever be one of life's great mysteries.

Seriously though, if you really want to buy a car, now is a decent time to consider it.

Then again, with all the improvements to transport infrastructure (new MRT lines, ride-sharing, e-scooters, on-demand buses, EV renting, sheltered walkways, etc etc), you really should also consider the financial cost of car ownership and the added value that it brings to your life, and if that cost is worth it.

For me, at this point of time in my life, it is definitely not.

Perhaps in the future when my personal situation has changed and my financial position has improved, but that's a different problem for a different day.

9 comments:

  1. Interesting post. I completely agree to what you have said here - car is a WANT and not a NEED. And a person can definitely do without it.

    ReplyDelete
  2. well, i have 4 kids and i am doing just fine with buses and mrts

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  5. Yeah i also know some peoples whose complete life gone without a car but peoples wish to have luxury cars

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