\n<\/p>\n
Mr Desmond Chan, editorial manager at car-listing platform SgCar Mart, said cars in Singapore are big-ticket purchases that are rarely made on impulse.<\/p>\n
\u201cNew or used, you are probably looking at minimum S$14,000 to S$17,000 a year just on the price of the car itself,\u201d he said. \u201cSo, fluctuations in fuel cost represent a much smaller percentage of cost relative to that \u2026 it may play a small part, but I certainly don’t think it’s the primary driver.\u201d<\/p>\n
The latest Certificate of Entitlement (COE) prices<\/a> \u2013 the premium buyers must pay for the right to own a vehicle \u2013 stand at S$111,890 for smaller cars and S$115,568 for larger cars.\u00a0<\/p>\n Depreciation has also become a sharper concern following revisions to PARF rebates in February, which reduced payouts for drivers who scrap their cars before their COE expires.<\/p>\n Mr Chan noted that in other countries, cars can cost less than S$20,000, making fuel prices a far more significant share of total ownership costs.<\/p>\n Traffic to EV listings on SgCarMart rose 15 to 20 per cent in March compared to February, Mr Chan said, but he attributed this to steady growth that has been building since the start of the year, not a sudden spike. He said the uptick is more likely linked to stricter emissions-based taxes<\/a> introduced on Jan 1.<\/p>\n Mr Chris Sim, director of EV dealership EV Direct, said enquiries have picked up, though this has yet to translate into a meaningful rise in sales. Of the buyers he has spoken to, only one cited rising fuel prices as the primary motivation for purchasing an EV.\u00a0<\/p>\n Still, he expects the early interest to eventually convert into stronger demand.<\/p>\n \u201cWe are seeing a start of this trend with people enquiring because of the rising fuel costs, but we are expecting that this will translate to more sales for EVs,\u201d he said.<\/p>\n<\/div>\n