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, currently pursuing Grade 6 ABRSM.
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In compliance with the Personal Data Protection Act, Financial Alliance Pte Ltd (“FAPL”) seek your consent to collect and use your personal data (e.g. name, NRIC, contact numbers, mailing addresses, email addresses and photograph) for the purposes of and in accordance with FAPL’s Data Protection Policy, which can be found on FAPL’s website at https://fa.com.sg/data-protection-policy/.
根据《个人数据保护法》,鑫盟理财私人有限公司征求您的同意向您收集并使用您的个人信息。鑫盟理财将根据公司的个人数据保护政策所阐述的用途使用您的个人资料(例如姓名,证件号码,联系电话,邮寄地址,电邮地址和照片)。 该政策可在本公司网站上查寻,网址为 https://fa.com.sg/data-protection-policy/.
By submitting this form, you are deemed to have read and understood FAPL’s Personal Data Policy.
提交此表格,即表示您已阅读并理解鑫盟理财私人有限公司的个人数据政策