Ageing cars may keep COE prices up
Enlarged cohort of cars reaching 10 years old fuels pent-up demand
Published on Mar 4, 2014 9:13 AM
Singapore's car population is older than it has been for more than a decade, fuelling a growing pent-up demand for new cars as thousands of certificates of entitlement (COEs) reach their 10-year lifespan.
Last year, the number of cars aged between eight and 10 years old trebled to 107,251, according to the latest Land Transport Authority data.
Of more than 621,000 cars on the Republic's roads, more than half were over six years old, up from less than a quarter in 2003. Those aged seven and eight made up 18 per cent of cars - up from 3 per cent in 2003.
COE premiums currently hover at just below the $80,000 mark, more than three times their value a decade ago.
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