To relook at motorcycle COE in Singapore
A) Some background stats:
If 10% of vehicles are replaced by motorcycles, travel time for ALL other vehicles reduces by 40%.
Car population has grown 51%.
Motorcycle population has only grown 7%
1 car space is equivalent to 3 motorcycles on the road. Known as PCU (Passenger Car Equivalent or Passenger Car Unit).
B) Price of motorcycle COE over the years
In 2005, motorcycle COEs cost $500 on average. Motorcycles made up 19.19% of vehicles on the road.
In 2015, motorcycle COEs cost upwards of $6500. Motorcycles make up 14.94% of vehicles on the road.
Motorcycle COEs has increased 1300.6% for the last 10 years (from $500 to $6503).
C) Lower income is hit hardest.
Many lower income people need motorcycles for commercial purposes, like dispatch and delivery riders. They earn about $8 an hour, or $1300 a month. A $500 motorcycle now cost $7000 thanks to this flawed system. Which puts them out of business.
D) Conversion to Open Cat
Motorcycle COEs are converted to open category COEs which are bidded by cars. Lesser supply of motorcycle COEs equals a higher price.
Does this make any sense?
E) Motorcycle traders start to benefit from high COE prices, as mojority of motorcycle buyers take a loan from the traders. What used to be a loan for a $2000 motorcycle is now a $8500 loan.
WHAT WE DEMAND
1. Stop senseless conversion of motorcycle COE to open category COE
2. Stop allowing motorcycle traders to buy and hold COEs, and allow only the buyer to bid for COE himself