CERTIFICATE of entitlement (COE) premiums ended mostly lower in the latest tender yesterday, a reflection of weaker economic sentiment.
The exception was the COE premium for cars up to 1,600cc and 130bhp, which rose by 3 per cent to $51,507. The COE price for cars above 1,600cc or 130bhp fell by 4.5 per cent to close at a five-month low of $53,001.
The premium for the Open COE, which can be used for any vehicle type but ends up mostly for bigger cars, finished 1.8 per cent lower at $54,200 - also the lowest in five months. The COE price for commercial vehicles fell 2.4 per cent to $48,702, and the motorcycle premium slipped 2.3 per cent to $6,353.
Mr Ron Lim, general manager of Nissan agent Tan Chong Motors, said the fall in premiums reflected the weaker economy. He said: "The surprise was Category A (cars up to 1,600cc). Overall, the market wasn't strong." Mr Neo Nam Heng, chairman of diversified motor group Prime, said the increase in Category A was a rebound. "Bidding was very slow throughout, and it took a long time for the price to cross $48,000," he said.
The category - which accounts for more than half of all car COEs - drew 2,938 bids, 12.6 per cent more than two weeks ago.