COE prices down except for Cat A; Cat C lowest in two years
Certificate of entitlement (COE) prices continued to drop in the latest tender, except for Cat A premiums which went up.
In the results released yesterday, the Cat A premium went up by $3,009 from the previous round, going past $30,000.
The premium for cars up to 1,600cc and 130bhp was $27,000 at the end of May, a significant dip from earlier exercises that saw prices above $36,000.
The increase follows a surge of customers at showrooms late last month after the previous dip.
The premium for Cat B, for cars above 1,600cc and 130bhp, fell to just under $40,000 from $42,564 in the previous round.
In Cat C, which is for goods vehicles and buses, it fell to $25,502 in the latest round, the lowest in two years.
The COE premium for motorcycles was at its second lowest so far this year, with the Cat D price dropping to $3,090.
The premiums for open COE under Cat E, which can be used for any vehicle type except motorcycles but is used mostly for bigger cars, also dropped significantly to $42,002 from $47,000 previously.
The decline for all categories except the smaller cars comes after a spike in the last two months.
The spike reportedly caused fresh car sales to slump, but the recent corrections have since brought some interest back at showrooms.
The car market is expected to remain subdued in the coming months.