SINGAPORE - Certificate of entitlement (COE) prices ended lower across the board at the latest tender on Wednesday (March 21) as fleet owners continue to hold off new purchases on the back of an oversupply.
COE premiums for cars up to 1,600cc and 130bhp closed at $38,000, down from $38,830 two weeks ago. Those for cars above 1,600cc or 130bhp finished at $37,010, down from $39,001. Premiums for Open COEs, which can be used for any vehicle type except motorcycles, ended at $38,000, down from $39,000.
Commercial vehicle COE prices finished at $35,001, down from $36,003. Premiums for the speculative motorcycle category ended at $7,602, down from $8,009.
Motor traders said an oversupply of vehicles such as taxis and private-hire cars has caused a drought of fresh bookings from fleet operators. With the exception of private-hire player Grab ordering Toyota Priuses to replace old cars that driver-hirers do not want, demand has been relatively stagnant since January.
Others point to a slowdown in parallel import sales. Many of these importers are apparently finding it difficult to comply with rules pertaining to the new Vehicular Emissions Scheme.
Latest COE results:
|Category||Current COE premium ($)||Previous COE premium ($)|
|A - Car (1600cc & below)||38,000||38,830|
|B - Car (above 1600cc)||37,010||39,001|
|C - Goods vehicle & bus||35,001||36,003|
|D - Motorcycle||7,602||8,009|
|E - Open||38,000||39,000|