As 2023 draws to a close in just a few days, it marks the conclusion of yet another year—a chapter that is about to end.
In this article, let’s delve into the top three topics of this year and contemplate their trajectory in the upcoming brand new year, 2024.
Highest COE Price Recorded, Ever
If COE was a stock in the stock market, it would have been the best performing stock of the year!
This year marked the highest recorded COE price, closing at a staggering S$152,000 in October for Open Category COE premium.
However, immediately following these record-breaking prices, the Land Transport Authority (LTA) announced the reallocation of an additional 1,614 Category A, B, and C COEs to the quota for the period from November 2023 to January 2024.
This was on top of the 1,895 reallocated COEs announced on 13 October.
As the saying goes, “What goes up must come down,” and this holds true for COE prices. With the increase in the quota, COE prices plummeted by S$40,000 for CAT B COE in November’s first bidding.
While falling COE prices are good, the crazy dip in prices that we witnessed also caused some level of uncertainties and potential car buyers and sellers.
As the new year begins, what can we expect from COE prices?
Experts suggest that prices will hover around 5-10% of the current rates, but only time will tell! Let’s await the results of the first bidding happening next week!
ERP 2.0 Finally Hits the Roads of Singapore
In October of this year, the Land Transport Authority announced the rollout of ERP 2.0.
ERP 2.0 unit installation began for company-registered vehicles in November, with all other vehicles progressively fitted with the On-Board Unit (OBU), starting with new vehicles from the first quarter of 2024.
Whether ERP will face delays, as it did during its initial introduction in 2014, before we witness the hardware and its functionality this year, remains uncertain.
However, we believe that with ERP 2.0 and its capabilities, there is no doubt about the potential to transform motorists’ experiences on our roads.
On the other hand, distance-based charging may not be implemented as soon.
Read why distance based charging may not be around the corner with ERP 2.0
More Electric Vehicle Adoption Incentives
The year 2023 also saw an increase in the number of EVs on the roads. A greater variety of electric vehicles from various car manufacturers meant drivers had more choices.
The EV Early Incentive Scheme was extended until the end of 2025.
Owners who register new fully electric cars and taxis will continue to receive rebates of up to 45%, reducing additional registration fees—the primary tax imposed upon registering a vehicle.
However, the maximum rebate will be capped at S$15,000, instead of the current S$20,000, from January to December 2024.
With incentives like these, EV adoption is expected to rise in 2024, especially for drivers looking to purchase a new car amidst the higher car prices.
A Better 2024, Happy New Year !
As we reflect on 2023, let’s welcome 2024—a brand new and better year!
The ROADS.sg team would also like to wish all our readers a happy new year!
See you in 2024!
Have a story to share?
Accidents occur frequently, but as responsible road users, we can collectively contribute to reducing their frequency.
If you or someone you know has a video or story to share, please do not hesitate to email us at writer@roads.sg
Together, we can all contribute to creating safer roads for everyone.
================
