Wednesday, October 05, 2005

WOW!! $11,000 COE now available!!!

Frankly speaking only human beings who are called Singaporeans think $11,000 is 'cheap'.
I don't know if you heard this joke that illustrates how smart our leaders are.

Once LKY in 1996 went to Malaysia to visit Dr. Mahathir. Mahathir is the person who almost single handedly created the Malaysian car industry. So when LKY came to visit, Dr. M eagerly showed LKY his Proton Saga factory - "Here we invested $300M, paid Mitsubitshi $100M for technology transfers, and invested $50M for branding. Now we are ready to make money, we can sell each Proton Saga car for $30,000". LKY laughed and said, "Oh...too much trouble, we print this certificate called the COE that costs 5 cents a piece, and sell them to our citizens for $40,000".

Make your conclusion which govt is smarter! Of course it does not end there, the PAP govt has devised the most ingenious money making machine from car ownership. And to get Singaporeans to take the bait, the MAS has allowed zero down payment car loans.

Car Price = Registration fee + Cost Price + Road Tax + COE + additional registration fee (140% of OMV) and customs duty (31% of OMV).

Of course once you buy the car you pay petrol tax which is 35%+GST 5%. In Malaysia, there is no petrol tax instead the govt gives a petrol subsidy to make it more affordable for people to drive. Ah the Malaysia govt is so stupid to miss such money making opportunities!!!!

Anyway, the Singapore govt puts all the surplus funds collected to good use. For example, giving out scholarship to foreigners, investing overseas, and investing in R&D....see when these foreign scholars finish school, they will need R&D jobs we have to ensure they are fully employed.

See how smart our govt is? I feel so lucky to be a Singaporean!


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Anonymous said...

arf 110% not 140%, customs 20% not 31%

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