The new financing framework requires private-hire car buyers to put down 30% to 40% in cash rather than securing full financing. Despite this requirement, upcoming tax changes that lower electric vehicle rebates by $10,000 and raise non-EV emission surcharges by $7,500 have sparked an ongoing registration rush. Additional demand generated by the recent Car Expo and longer gaps between tender exercises will further sustain bidding pressures. Over the long term, higher down payment hurdles may push certain buyers into the used vehicle market.
Key points
Certificate of entitlement prices are expected to remain elevated until the end of 2026 d…: Certificate of entitlement prices are expected to remain elevated until the end of 2026 despite the newly imposed financing rules.
Pre-emptive buying ahead of impending vehicle tax adjustments will sustain strong upward…: Pre-emptive buying ahead of impending vehicle tax adjustments will sustain strong upward pressure on upcoming tender exercises.
Higher cash requirements could eventually redirect priced-out prospective motorists towar…: Higher cash requirements could eventually redirect priced-out prospective motorists toward purchasing vehicles in the used car market.
Sources checked by our analysis pipeline: 1
- Loan curbs for private-hire car buyers started on Oct 30, but dealers say COE prices are unlikely to fall before end-2026 because demand is still strong.
- Buyers are rushing to register cars and EVs before Jan 1, 2027, when tax incentives change. Car Expo sales and a longer bidding gap may also lift COE demand.
- Dealers say the rules may help later by limiting over-borrowing and shifting some buyers to used cars. Authorities want more financial prudence and less misuse of private-hire status.
AI generated
SINGAPORE – Extending the financing curbs to individuals registering private-hire cars is not likely to bring down the price of certificates of entitlement (COE) before the end of 2026, said motor dealers.
This is because of the ongoing rush to register cars and electric vehicles before the expiry of current tax incentives from Jan 1, 2027.
From Oct 30, individuals taking a loan to buy private-hire cars are subjected to the same loan restrictions involving tenure and limit as those buying private cars.
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