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There have been many calls to revamp the present COE bidding system. Previously, whereas Ex-PM Goh Chok Tong denied that the COE system is meant to lift the Authorities tax coffers, there’s little incentive to make the system fairer, extra clear and equitable as the present COE system is undoubtedly a golden financial tax goose.
Calls have been made to limit bidding to particular person automobile consumers however the reply is that the automobile sellers want to bundle their vehicles with COE.
The rationale for that is flawed provided that we bid for shares IPO through ATM ourselves and don’t want a dealer to do it for us on this digital age. We purchase quite a few worldwide objects on-line and even put money into cryptocurrency with a click on of the mouse and it doesn’t seem we’d like a dealer to try this for us.
In any occasion, the present outdated COE categorization ought to be revised. A Cat B+ for luxurious sports activities automobile mannequin sporting over say 250 bhp ought to be created as at the moment, the common care purchaser of a a number of function automobile who wants a mundane 2-litre automobile to ferry his prolonged household must compete for COE with the likes of the Bentley, MacLaren, Lamborghini, Porches, Rolls Royce, Ferrari, Aston Martin or Tesla wannabe homeowners.
For some lucky rich people, a automobile is way over a method of transport, it’s a standing image and one which shouts of their station in life, which is comprehensible and even perhaps aspire to. Within the distance previous Cat A considered the bread and butter vehicles as their class is outlined as vehicles under 1600cc, till some revolutionary automobile producers gamed the system by utilizing expertise to make their less-than-1600cc vehicles way more highly effective than many Automotive B COE vehicles. Therefore the system advanced.
It’s time to revamp the inequitable Cat B definition by splitting it into the traditional vehicles that require the engine torque to drag their weight out of a visitors mild vs the extremely, sports activities or luxurious vehicles that are standing image statements. Certainly, the Motorbike class ought to have a premier class as nicely, as it’s inequitable that the Harley Davidson purchaser pays the identical class as a plebian Yamaha workhorse.
While we might not get cheaper COE at the very least we should always get a extra equitable system that’s fairer to at least one’s wants and station in life.
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