The Big Read: More people buying cars amid pandemic, even as those who own them are driving less – CNA

Knowledge from LTA confirmed that the automotive inhabitants had fallen from about 607,000 in 2013 to a low of 547,000 in 2017. Since then, that decide has been persistently on the rise Yearly.

Whilst a Outcome of the pandemic raged, the automotive inhabitants — which excludes taxis And private-lease automotives — grew from about 556,000 in January final yr to 577,000 as of September this yr.

Correspondingly, the Quantity Of private-lease automotives and taxis had gone dpersonal, with private-lease automotives falling from about 77,700 to 68,400 over The identical interval, and taxis falling from about 18,500 To fifteen,400. The decides halfly mirror the immense strain that the transport sector is dealing with after Greater than a yr of closed borders and group restrictions, which have meant fewer clients and earnings.

Regardless of the cap on car inhabitants progress, Assoc Prof Theseira said that there Might Even be yr-to-yr fluctuations Inside The complete car inhabitants As a Outcome of of method the COE system works.

Since consumers can maintain on to an problemd COE for six months earlier than registering for a car, There’s some lag between COE issuance and exact Motorcar registrations. There May even be some lag between car deregistrations and the COE being recycled again into the system, which takes place over three months.

In response to queries, an LTA spokesperson said that between 2013 and 2016, there was an general fall in complete car inhabitants As a Outcome of there was a rising enhancement of deregistration for Packages A and B, which comprise automotives As a lot as and above 1600cc or 97kW respectively.

After 2016, however, the deregistration enhancement reversed And commenced falling every quarter, Ensuing in An enhance in complete car inhabitants Regardless of The very Incontrovertible actuality that The complete car progress price for automotives was frozen.

“It is anticipated that the lag influence will even out over time,” the spokesperson said. “This will be seen from The fact that although the 2020 car inhabitants is extremeer than 2018, it Continues to be Decrease than the inhabitants in 2013.”

The spokesperson added that one other contributing problem to the rise Inside the private automotive inhabitants is that COEs for Class E (Open category) Are typically used to register automotives in Packages A and B.

Rather than Specializing in automotive numbers, Assoc Prof Theseira said that A greater indication of demand Can be To take a Take A look at people’s willingness to pay for COEs And up So far prices level out That there is “strong demand For private automotive possession”.

Since February final yr, COE prices for Packages A and B have enhancemented upwards and in current months, surged.

The COE worth for Class A automotives rose from S$30,010 in early February final yr to S$53,709 Inside The latest bidding practice on Wednesday (Nov 3). In the meantime, the COE worth for the greater Class B automotives Greater than doubled from S$30,890 to S$82,801 over The identical interval — The very biggest since 2014.

Transport engineering advisor Gopinath Menon leveled out that There’ll On A daily basis be a half of the inhabitants who Want to personal automotives and are ready to pay extreme prices for them.

“They’ve Pretty a Little bit of causes Similar to greater comfort, greater comfort particularly for social journeys and As quickly as they have a youthful household, public well being in occasions of pandemic and status,” he said.