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.
2 ways in which ride-hailing or car-sharing can improve our lives:
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 is a Certified Financial Planner with more than 10 years experience in financial advisory services, helping many of her clients to achieve their financial dreams, while protecting their families.
With more than a decade of insurance claims experience, she has tangibly helped many clients receive their claims pay-outs successfully, relieving their financial burden.
As part of her community outreach program, she finds it very meaningful to conduct financial talks for companies where the staff can benefit from the talks. Some of the companies who have benefitted include National Kidney Foundation, Singapore National Eye Centre and Singtel.
Despite her busy schedule, she enjoys working out at the gym and playing the piano (currently pursuing Grade 5 ABRSM).
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