In a poll conducted by the Land Transport Authority (LTA), almost 80 percent of the respondents would like the current Certificate of Entitlement (COE) system to be revised.
Many would like COE categories - now banded by engine capacity - to be instead categorised by a car's Open Market Value (OMV). The poll also revealed more than 75 percent of the respondents would like an additional tariff imposed on multiple car owners.
The poll was conducted over two months by the transport authority in a bid to understand how to make car ownership more justifiable and fair for all, reported The Straits Times.
A total of 3,900 were polled and LTA shared the findings last night to a group of academics, the public and the motor industry. The majority polled believe the OMV of a mass market car should not exceed $20,000 or have an engine capacity exceeding 1.6-litre.
Adopting an OMV based banding for COE's would allow luxury cars to be more isolated from mass market cars usually from Japanese or Korean manufacturers. Other suggestions included engine power, family friendliness and CO2 emissions.
Additionally many respondents felt an additional tariff should be imposed on multiple car owners - though the effectiveness of the additional surcharge is arguable.
A highly debated issue among academics and the motor industry last night was COE supply. The local paper reported that participants of the forum discussed if authorities should smoothen the peaks and troughs of COE supply to stabilise demand and prices.
Economist, Chu Singfat, from the National University of Singapore (NUS) suggested that transport authority to temporarily raise the COE supply to meet high demand and soften prices and as COE deregistration's pick up next year, the supply should be reduced, as not to hinder on the annual vehicle population growth of 0.5 percent.
Some car dealers suggested a pay as you bid system thought economists think otherwise. Chew Hock Yong, Chief Executive at LTA, cited the COE review is in the final stages, and guaranteed enough time would be given to the public and the motoring industry to adapt to the changes.
