Certificate of Entitlement (COE) prices have surged to an all-time high since 2014, with Category A at S$71,000 and Category B at $99,000 at the last bidding in March22. Just this year alone, Cat A & B COE increased by around 25%. With this increase in COE, it may make more economic sense to consider alternatives such as ride-hailing or car-sharing.
1. Budgeting & Cashflow Ride-hailing & car sharing do not require hefty downpayments and on-going monthly instalments. The running cost of car ownership could be $1,500 – $2,000/mth, which now could be put aside for retirement funding or even travel plans 2. Environmentally friendly With less car ownership, we can work towards being a more environmental friendly nation With the current trend of working from home, most of the time a car is parked somewhere, depreciating year to year. So unless you have young children whom you need to ferry around, or your job requires you to visit many places in a day, you might want to consider ride-hailing or car-sharing on a pay-per-use basis for economic reasons. What are your thoughts on this? #environmental #climatechange #financialadviser #budgeting #cashflow #coe
Important: The information and opinions in this article are for general information purposes only. They should not be relied on as professional financial advice. Readers should seek independent financial advice that is customised to their specific financial objectives, situations & needs. This advertisement or publication has not been reviewed by the Monetary Authority of Singapore.
Winnie Chan is a distinguished Certified Financial Planner (CFP) with over a decade of expertise in financial advisory services. Her commitment to her clients has led many to achieve their financial aspirations while ensuring their families’ protection. Winnie‘s extensive experience in insurance claims has been instrumental in securing successful payouts, providing crucial financial relief during challenging times.
Her passion for community engagement is evident through her financial education initiatives. She has conducted insightful financial talks for esteemed organizations such as Carousell Group, Singapore National Eye Centre and Singtel, empowering their employees with valuable financial knowledge.
Outside of her professional commitments, Winnie balances her life with a passion for fitness and music. She enjoys rigorous workouts at the gym and is a pianist, recently awarded ABRSM Piano Performance Grade 6 (Merit).
