But bids for cars above 1,600 cc buck the trend, rising 9.4%
By
Christopher Tan, Senior Correspondent
COE for cars up to 1,600cc fell for the fourth consecutive time to end at $10,455, down 4.9 per cent. -- ST PHOTO: CHEW SENG KIM
CERTIFICATES of entitlement (COE) to own a motor vehicle stayed soft at the close of Wednesday's tender, and are likely to remain so for at least the rest of the year.
The latest bidding exercise ended with four out of five COE premiums finishing lower than two weeks ago.
The exception was COE for cars above 1,600cc, which recovered from its previoius slump to $8,301. Although 9.4 per cent higher, it is still at its lowest since February 2007.
COE for cars up to 1,600cc fell for the fourth consecutive time to end at $10,455, down 4.9 per cent.
The Open COE, which can be used for any vehicle type but ends up largely in the hands of car buyers, slid 12.6 per cent to close at $10,490, its lowest level since February 2006.
COE for commercial vehicles dived by 22.7 per cent to hit a 15-month low of $8,889, while the motorcycle premium was 6.2 per cent lower at $1,509.
Motor traders see no sign of a strong rebound as lower prices failed to whip up much buying interest. They said consumers are either holding back on buying a car or picking up a used one instead.
