Here’s How Much It’ll Cost You To Buy A Car in 2016, Now That COE Prices Have Dropped

car cost 2016 singapore

We Singaporeans are a unique group of people – you tell us to do something and we do the exact opposite. Last week we suggested waiting for COE prices to drop further, but instead, in this week’s COE bidding exercise we saw a significant jump in the number of bids for Category A – 3,437. We’ve not seen so many bids since 2007!

As a result, Category A COE prices rose to $51,301, or an increase of $6,299 since the first bidding exercise of the year. But let’s be honest here – that’s still lower than what the Category A COE price has been since 2012.

So 2016 is definitely going to be the best time to buy a car – but how much will it cost you this year? We break it down for you.

car cost 2016 singapore

 

All information obtained from One.Motoring and LTA.

Don’t forget, as announced at last year’s Budget, there will be a one-year road tax rebate for petrol vehicles from 1 August 2015 to 31 July 2016. This is to offset the higher petrol duties introduced last year. For most of us, we can enjoy a road tax rebate of 20% for private petrol cars.

 

Here’s how you can maximise your money when buying a car

Since it’s going to cost you so much to buy a car, here are three main ways to stretch your dollar.

1. Get a competitive car loan that is best for you so that you can reduce your monthly repayment amount. Just remember that it really doesn’t pay to try to find loopholes in the new car loan restrictions.

2. Find the best car insurance policy that gives you the most coverage for the lowest cost. Don’t forget that there are several ways to reduce your car insurance premium.

3. Apply for the best petrol credit card to maximise the savings you can get when pumping petrol. Remember that it might not be the same credit card, depending on whether you pump at Shell, Esso, Caltex or SPC.

 

What do you think of the high price of cars in Singapore? Is the lower COE going to make a difference? Let us know in the comments.

I am the poster boy for reinventing one's self. I've been a broadcast journalist, a technical writer, a banking customer service officer and a Catholic friar. My life experiences have made me the most cynical idealist you'll ever meet, which is why I'm also the co-founder of a local pop culture website. I believe ignorance is not bliss, and that money is the root of all evil only if you allow it to be.

  • Sushant

    nice graphics.. what software did u use to generate this visualisation?

    • Jun

      Thank you @disqus_L7gTq1Fbbv:disqus This was done on Adobe Illustrator 🙂

  • jac

    Good piece, i enjoyed the illustration too 🙂

    • Jun

      Thank you @disqus_3OXuNiyMwo:disqus I’m glad you did 🙂