MOT explains why zero vehicle growth rate will not affect COE prices (significantly)
And it is a very simple reason actually. The current rate of growth allowed for motor vehicles is only 0.25 per cent. This applies to all private passenger cars (Categories A and B) and motorcycles (Category D).
The average number of new certificates available each month is not fixed (subject to vehicles being deregistered), but on average there are some 10,000 available. If this figure and MoT’s claims are correct, then there would be only some 25 new vehicles allowed on the road each month, or 300 vehicles a year.
Reduce that to zero, it wouldn’t cause for huge impact.
In moves towards a car-lite society, the Ministry added that Singapore has been and continues to invest heavily to build up its public transport system.
The rail network has been expanded by almost 30% to 230 kilometres over the last five years, this means that 8 in 10 households will be within a 10-minute walk to a train station by 2030. Fleet size of trains has also increased by close to 50%.
Through the Bus Service Enhancement Programme and the Bus Contracting Model, there will be an additional 80 new bus routes and 1,000 new buses by the end of this year.
“There will be less need to own a car”, said Senior Minister of State for Transport Lam Pin Min to Parliament today.