High COE prices will drive more car buyers into shopping for used cars. This in turn drives up the value of second-hand vehicles.
With that in mind, should you even consider selling your used car now and capitalise on the inflated values of your vehicle? And if you did decide to sell your car, what alternate modes of transportation can you use now that you no longer have access to your own set of wheels?
A Look at COE Premiums So Far in 2023
As you can see from the graph above, COE prices have continued to rise. Stop-gap measures were introduced to try and stablise the prices, but there was no lasting decrease.
With that in mind, it is unlikely that you’d be buying a similar vehicle should you be selling your car. That’d negate any financial benefit for even wanting to sell your car in the first place.
So then, just what can you do?
Stop-Gap Cars
They are costlier now, but non-renewable cars with about one to two years left on their COEs can be had for not too much cash. If you aren’t overly fussy about what you drive, these vehicles can be a brilliant option as you wait for COE prices to stabilise.
Car Sharing
You’ll need to use multiple car-sharing services for this. Typically, most of us commute to and from our offices daily. You’d thus benefit from an A-to-B system. Errands can then be run on companies that provide A-to-A rental services. Just be careful when you drive, as these companies are notorious for high insurance excess costs!
Public Transport and Ride Sharing
If you work mostly from home, getting rid of a depreciating asset probably isn’t the worst idea too. Especially if your necessary commutes are within the city, as public transport can get you very far within those confines. When you need to get somewhere quickly, taxis and/or ride sharing apps can help you do so!
Sell Your Car and Capitalise on the Increases in COE Premiums
Want to capitalise on the COE hikes? Consider selling your car and quite literally make bank. We’ve teamed up with industry veterans to offer you a competitive quote for your used car, so you can maximise your returns!
Fill in the form below and a representative will get back in touch with you!
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