Motorists take bigger loans as COE prices surge

[sgmystique]

Well, as they say Caveat emptor..."Let the buyer beware"

I personally prefer public transport and usage of taxis when required...just can't bring myself to pay such a huge amount as COE...

While many people may argue that when a consumer can't afford it, he should not buy a new car by borrowing a big proportion of the purchase price - which now includes a COE tax ranging from $56k to $76k, plus other incidental specific taxes like import duties, etc.

On the other hand, is our government being responsible or morally right, by having happily collected a few billion dollors so far this year from COE taxes alone, bearing in mind that a big portion of the COE taxes collected actually came from 43,119 consumers who have each borrowed a car loan with an average $72.8k loan quantum to be repaid over up to 7 years from his future income?