COE prices for cars rise slightly after Singapore Motorshow
Sales at the Singapore Motorshow two weekends ago helped to push up the certificate of entitlement (COE) prices for cars in the latest bidding exercise yesterday.
The premium for cars up to 1,600cc and 130bhp closed at $26,170, up from $25,920, while that for cars above 1,600cc or 130bhp finished at $33,989, up from $32,200.
The price for open COEs, which can be used for any vehicle type except motorcycles, but is used mostly for bigger cars, also rose slightly from $32,909 to $33,689.
For commercial vehicles, the price dipped from $27,002 to $26,230, as did motorcycles, which ended at $2,889, down from $3,610.
The Singapore Motorshow attracted about 56,000 visitors, up from the 55,000 a year ago.
Increased demand for private-hire cars with the arrival of Indonesia's Gojek also contributed to the COE price increase, industry players said.
The expected reduction in COE supply for the February-April period could have also led to some panic buying.