A quiet Good Friday at car showrooms even after drop in COE
CAR shoppers were expected to flock to showrooms this weekend to take advantage of the recent drop in certificate of entitlement (COE) prices for small cars.
But Good Friday was noticeably quieter on the Leng Kee Road stretch when The Straits Times visited yesterday afternoon, compared to two weekends ago. Then, the Government's drastic car loan curbs and introduction of a tiered tax system saw big car COEs tumble and dealers report sales up to three times the average.
In the latest tender which closed on Wednesday, premiums for cars up to 1,600cc fell by 14 per cent to a six-month low of $64,209. Conversely, premiums for cars above 1,600cc soared by 27.2 per cent to $73,900.
An employee at BMW agent Performance Motors, who declined to be named, said it was "like a fish market the last couple of weeks", adding: "But as you can see it is not as busy today."