Car COEs rise ahead of quota expansion, bidders possibly spooked by taxi apps’ moves

COE prices finished mixed in the round of bidding on April 20, 2016.
COE prices finished mixed in the round of bidding on April 20, 2016.ST PHOTO: KUA CHEE SIONG

SINGAPORE -  Certificates of entitlement (COE) for cars ended higher in the latest tender on Wednesday (April 20) despite the prospect of a larger supply of certificates next month. 

COE for cars up to 1,600cc and 130bhp closed at $47,300, up from $46,009.

COE for cars above 1,600cc or 130bhp ended at $49,602, up from $47,000. 

Open COE, which can be used for any vehicle type but ends up mostly for bigger cars, finished at $49,501, up from $47,510.

Commercial vehicle COE slipped from $44,213 to close at $43,002.

Motorcycle premiums posted a $2 dip to end at $6,501.

Observers said bidders may have been spooked by news that third-party taxi apps such as Uber and Grab are aggressively expanding their fleets and, thus, competing for COEs. 

Latest COE results:

Category Current COE premium ($) Previous COE premium ($)
A - Car (1600cc & below) 47,300 46,009
B - Car (above 1600cc)  49,602 47,000
C - Goods vehicle & bus 43,002 44,213
D - Motorcycle 6,501 6,503 
E - Open 49,501 47,510

Source: Land Transport Authority