COE prices end higher in latest tender before smaller quota kicks in
Certificate of entitlement (COE) prices ended higher across the board in the latest tender yesterday, as dealers sought to secure as many COEs as possible before a smaller quota kicks in next month.
The COE price for cars up to 1,600cc and 130bhp finished at $43,501, up from $40,609. The premium for cars above 1,600cc or 130bhp closed at $50,100, up from $49,001.
The price for Open COE, which can be used for any vehicle type except motorcycles but which ends up mostly for bigger cars, ended at $51,900, up from $49,489.
The commercial vehicle COE price posted the sharpest rise by finishing at $40,999, up from $35,900.
Motorcycle premiums ended at $7,589, up from $7,501.
For the February-April quota period, there will be 12.8 per cent fewer COEs for car buyers and sellers.
The quota for commercial vehicles will see the sharpest drop of 30.5 per cent.
Besides the sharp cut in quota, motor traders said a new emissions scheme for commercial vehicles starting in April will see most, if not all, diesel models attracting a $10,000 tax surcharge.
Hence, sellers are rushing to clear stock ahead of this.
Observers said car manufacturers are continuing to press their dealers for more sales to shore up sharp contractions in almost every other market. In Singapore, the number of cars sold is determined by the COE quota - not by economic circumstances. - THE STRAITS TIMES
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