COEs for small cars register biggest drop in latest bidding, Latest Singapore News - The New Paper

COEs for small cars register biggest drop in latest bidding

This article is more than 12 months old

Certificate of entitlement (COE) premiums closed mostly lower yesterday, with the price for cars up to 1,600cc and 130bhp registering the largest drop of 11.3 per cent from $28,199 to $25,000.

Commercial vehicles had the next biggest fall of 6.8 per cent, from $29,501 to $27,509.

The premium for COEs for cars above 1,600cc or 130bhp fell 3.7 per cent from $32,302 to $31,101.

The price in the open category, which can be used for any vehicle type except motorcycles, but is mostly used for bigger cars, closed at $30,959 - a 3.3 per cent drop from the previous $32,000 .

Only the motorcycle premiums closed higher at $2,989, up from the previous $2,509, which reversed the downward trend in recent months.

Mr Neo Nam Heng, chairman of diversified motor group Prime, told The Straits Times the poor economic outlook and rising interest rates have dampened demand for cars. The new vehicular emissions scheme (VES) introduced in July has also affected demand for cars.

"Popular cars that got a $10,000 rebate under the previous scheme now have a $10,000 surcharge," Mr Neo added. - THE STRAITS TIMES