Appeal to Review and Increase Cat D (Motorcycle) COE Forfeit Penalty

Appeal to Review and Increase Cat D (Motorcycle) COE Forfeit Penalty

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John Tan started this petition to Ministry for Transport Singapore and

We appeal to LTA and MOT to review the punitive measures to curb COE speculation in Category D (Motorcycles)

Fact: COE forms part of the total purchase price of a motorcycle; hence Traders make more money from higher loan quantums from higher COE premiums at the expense of the consumers

Fact: At current May 2021 2nd bid, Premium rose to record $8,701 despite that more COE was available.  (see para 6, 7 & 8 of article by Senior Transport Correspondent, Christopher Tan. https://www.straitstimes.com/singapore/transport/coe-for-motorbikes-hits-all-time-high-of-over-8700-while-others-slide

Quote para. 6 "..Unlike other categories, speculators in motorbike COEs face a lower risk because the deposit is low for these. If they are wrong, they just let the COEs lapse and forfeit the deposit. But if demand rises, they stand to gain a windfall."

Please review to increase the forfeitable deposit to $1,500 or $2,000.

Please note Cat D (Motorcycle) COE trend for last 24 months has not gone below $3,000 so proposed increased penalty would not affect non speculators. (see link for COE trend for last 24 months: https://www.motorist.sg/coe-result/2021-05-05 )

Thank you for  your kind consideration to our appeal

0 have signed. Let’s get to 7,500!
At 7,500 signatures, this petition is more likely to get a reaction from the decision maker!