Car COEs head higher in latest bidding for May

Certificate of entitlement (COE) for cars ended higher at the latest tender Wednesday as the prospect of more changes that could lead to higher costs triggered a small buying frenzy.

COE for cars up to 1,600cc ended at $64,839, up from $62,999 two weeks ago. The premium of cars above 1,600cc shot up to $67,304, from $61,700.

Open COE, which can be used for any vehicle type but ends up mainly for cars - often bigger models - closed at $66,701, up from $62,301.

Last week, Transport Minister Lui Tuck Yew threw up new proposals to make the COE system fairer. Although exact measures have not been announced, observers expect taxes or levies to be used as "levellers". Meanwhile, commercial vehicle COE ended at $56,889, down from $57,051. Motorcycle premium closed at $1,663, down from $1,700 previously.

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