One of the questions I get asked the most in my line of work is: “When is the best time to buy a car in Singapore?”
The other questions, of course, are “What’s the best car to buy?” and “What car should I buy?” But those are stories for another day.
So, after considering COE prices and events that may push them up or down (private-hire operators bidding aggressively, recent motorshows, etc.), when is the best time to buy a car in Singapore?
My answer would be the best time is when you need the car and when you’re ready and willing to buy one.
You could be a mathematical genius and perhaps a Nostradamus of sorts with a keen eye for the future. But even if you did have those gifts, is it really worth your time and effort trying to predict the best time to go to a showroom to book the car you need/want?
Nobody wants to pay for COE. Nobody wants to pay more for their COE than their neighbour, colleague, relative or friend.
Now think about this: COE prices, the VES scheme and private-hire companies bidding aggressively for COEs are all factors that you cannot control or influence.
So, why would you bother trying to predict/speculate or worry about the “right time” to buy a car?
It is the same with property. Buying a house is expensive, and ideally, you want to buy when the market is down and sell when it goes back up, so that you can enjoy a windfall.
But if you need a house, then you do your sums and buy a house. I don’t see any sense in waiting or hoping for prices to tank. That would mean that the economy is in deep trouble, which could ultimately affect your financial situation.
Nobody can accurately predict which way COE will go. Whatever your friends, colleagues or relatives have told you should be taken with a pinch of salt.
Remember, the best time to buy a car in Singapore is when you’re ready and willing to get one. That way, you can spend more time enjoying your ride, instead of worrying about the right time to get it.