Car COE premiums hit new highs, Open category rises to $144,640
The price of Certificate of entitlement (COE) for cars as well as in the Open category hit record highs in the latest tender exercise that closed on Wednesday.
The COE premium for cars with engines that are smaller than 1,600cc and less power than 130bhp, as well as electric vehicles (EVs) with not more than 110 kilowatts, was 3.96 per cent higher at $105,000, up from $101,000 set at the last tender exercise.
The previous high for smaller car COE was $103,721, set in the second tender exercise in April this year.
COE premiums for larger and more powerful cars and EVs as well as the Open category set records for the fourth consecutive tender, both breaching the $140,000 mark for the first time.
At $140,889, the large car COE was 4.45 per cent above the previous high of $134,889 set two weeks ago.
The premium for the Open category COE – which can be used for any vehicle type except motorcycles, but ends up mostly for bigger cars – also set an all-time high, at $144,640.
This was 5.58 per cent higher than the $137,000 record from the last tender exercise.
The commercial vehicle COE premium nudged up by 1.1 per cent to finish at $83,801, up from $82,889 before.
The COE premium for motorcycles was the only one that dipped. At $10,700, the price was 1.84 per cent lower than the $10,901 posted two weeks ago.
New highs have been set in all categories of COE in 2023, with the exception of motorcycles.