COE prices for smaller cars fall despite dip in supply from next month
Despite an impending dip in the Certificate of Entitlement (COE) supply for smaller cars next month, prices for the category fell by almost 5 per cent at the end of yesterday's tender.
Premiums for Category A, for cars up to 1,600cc and 130bhp, fell by $1,692, from $34,001to $32,309.
The category saw fewer bids yesterday, with 1,467 bids received for a quota of 1,060 COEs available, compared with 1,659 bids for a quota of 1,057 in the Oct 9 exercise.
Overall, COE prices closed mixed as the premium for larger cars and the open category rose for the third straight tender.
Prices for open category COEs, which can be used for any vehicle type except motorcycles, closed at $42,020, up by $1,019.
For Category B cars above 1,600cc or 130bhp, which will also have fewer COEs per month for the November to January quota period, premiums rose by $444, ending at $41,805.
Motorcycle COE premiums ticked up by $89 from the previous $3,800 but COE prices for goods vehicles and buses slid from $26,509 to $26,001.
The Land Transport Authority announced earlier this month that there will be fewer COEs in the next three months.
In total, there will be 6,830 COEs available each month, 1.7 per cent less than the 6,947 available now.
Quotas for Categories A, B and D will be reduced, while Categories C and E will see quotas increase.
COE supplies are determined largely by the number of vehicles scrapped in the preceding months.