COE prices end mixed in latest bidding exercise

Certificate of entitlement (COE) prices finished mixed in the second round of bidding for the month, which closed yesterday at 4pm.

The premium for the open category - available for any vehicle type except motorcycles - saw the biggest jump. It went up from $49,000 to $52,000, an increase of 6.1 per cent.

The COE price for commercial vehicles showed a similar increase, reaching its highest value in more than two years. It rose by $2,988, from $48,902 to $51,890.

"The increase in premiums for commercial vehicles is driven by anticipation of a significantly smaller supply for the November-to-January quota," said Mr Ron Lim, general manager of Nissan agent Tan Chong Motors.

Supply is likely to be about 40 to 50 per cent smaller because of fewer deregistrations.

One reason for that could be the new Euro 6 emission standards for diesel vehicles that will begin in January, which also contributed to the rush for commercial vehicles now, said Yong Lee Seng Motor managing director Raymond Tang.

This demand could also have spilled over into the open category, which can also be used for these vehicles, he noted.

The price for cars above 1,600cc or 130bhp inched up slightly, closing at $49,996, up from $48,109 two weeks ago. That for cars up to 1,600cc and 130bhp went down slightly, from $41,761 to $41,617.

Mr Lim said there was not much change as buyers are anticipating the next tender in three weeks, as well as Singapore Press Holdings' retail bazaar Cars@Expo on Oct 28 and 29.

Motorcycle premiums also showed a slight decrease, from $5,010 to $4,903, a two-year low.

A version of this article appeared in the print edition of The Straits Times on October 20, 2017, with the headline 'COE prices end mixed in latest bidding exercise'. Print Edition | Subscribe