If you are ordering your usual cuppa at your favourite high street cafe eg S***bucks or S****elli this November, you are actually paying more than the right to own a car in Singapore. Yes, the latest COE results, often seen as an indicator of the local market demand for automobiles, has just been released.. with shocking results!
The COE for the "small cars" category (ie. with engine size up to 1,600cc) has fallen to... $2 (cue: take a deep breath, wink the left eye, do the pinkie finger pose aka Mini Me)
You see, when you purchase a car in Singapore, you need to bid for a Certificate of Entitlement (or affectionally known as the "COE") in an open tender system. The COE gives the buyer the legal right to own a car in Singapore, and is the largest single contributing factor to the high cost of car ownership (well, other than the vehicle's exhorbitant price tag). By far, it has been fairly effective in controlling the car population in the Lion City.
The last time COE prices fell to shocking levels was in December 1997 (in the midst of the Asian Financial Crisis) when it was a mere $50. Looks like the tough times are back.
*yelps*
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