SINGAPORE - Certificate of entitlement (COE) prices for cars continued their slide at the latest tender on Wednesday despite aggressive sales promotions in the last two weekends.
COE for cars up to 1,600cc and 130bhp ended at $66,000, down from $66,590 two weeks ago. COE for cars above 1,600cc or 130bhp closed at $75,000, down slightly from $75,002.
Open COE, which can be used for any vehicle type but ends up mainly for bigger cars, plummeted from $78,001 to $75,801. This relatively big correction is indicative of market sentiment, and a sign that premiums will carry on sliding in the coming months.
Commercial vehicle COE closed at $50,900, down from $52,001. Motorcycle premium bucked the trend to finish slightly higher at $6,509, up from $6,501.
According to motor traders, the market was "very quiet" two weeks ago after the previous tender. But an aggressive promotion by Mercedes-Benz dealer Cycle & Carriage, which offered sizeable discounts across the range, stirred interest last weekend.