even further. So, it's like sort of bite the bullet and buy now rather than later when other costs could also escalate," she explained.Those who are still buying cars include people who want to avoid public transport amid the ongoing pandemic, Assistant Professor Terence Fan of the Singapore Management University said, although he suggested that COVID-19 concerns were"much less" now.
He also cited media reports on soaring rental prices in Singapore driven by foreigners with"money to spend" and have moved here to escape harsher COVID-19 restrictions elsewhere. The continuously high COE premiums also create a"vicious cycle", Ms Sng said, pointing out that people will be less inclined to scrap and deregister their cars in this climate due to the high cost of buying a new vehicle.
"I think it's unlikely the prices will moderate significantly until we reach the point in the cycle where we have large supply coming back online," Associate Professor Walter Theseira from the Singapore University of Social Sciences told CNA. "Given that COE supply is essentially fixed for cars by policy, and given that in a couple of years - assuming the economy does well, our plans work out - we will continue to see growth at the high end of Singapore consumers and residents," he added.
SMU's Asst Prof Fan does not think that LTA will relax the policy to continue"pushing" commuters to public transport, although he said authorities could be waiting for train and bus ridership to return to pre-pandemic levels before making a decision.
Another top spot for Singapore, most expensive car in the world
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