Certificate of entitlement (COEs) for cars up to 1,600cc - long the mainstay of budget car buyers - shot through the roof at the latest tender Wednesday to set yet another record price.The premium ended at $92,100, almost $10,000 more than its previous price.
COE for cars above 1,600c ended higher as well, but at a more modest rate to $96,210, from $93,501 previously. The Open category, which can be used for any type of vehicle but ends up mainly for bigger cars, inched upwards from $95,990 to $96,101.
Commercial vehicle COE premiums ended slightly lower at $60,000, from $62,201 three weeks ago. The motorbike premium rose to $1,933, from $1,701.
Motor traders attribute the day's results to panic bidding by car dealers bent on securing as many certificates as possible before an even smaller quota kicks in from next month. A three-week interval between the latest tender and the last one also created a bigger backlog of orders, fuelling a more aggressive bidding behaviour.