COE prices mostly higher in latest bidding

Car buyers will soon have to go online to complete the sales transaction and vehicle transfer - a move that is expected to eradicate car scams.
Car buyers will soon have to go online to complete the sales transaction and vehicle transfer - a move that is expected to eradicate car scams. PHOTO: ST FILE

SINGAPORE - Certificate of entitlement (COE) premiums closed mostly higher in the latest round of bidding, which ended at 4pm on Wednesday (May 9), continuing the upward trend from the last tender two weeks ago.

The greatest increase was seen in the category for cars above 1,600cc or 130bhp which finished at $38,501, up about 3.14 per cent from $37,330 previously .

For cars up to 1,600cc and 130bhp, the COE price closed at $38,941, up about 1.1 per cent from $38,510.

The premium for motorcycles ended at $7,204, up from $7, 115 previously.

The open category - which can be used for any vehicle type except motorcycles, but is mostly used for bigger cars - also closed higher at $38,600, up from $38,389.

Traders noted, however, that prices had inched up only slightly from the previous round, and said this was a sign of COE premiums stabilising.

"The increase is not that significant, prices are quite stable now," said Mr Raymond Tang, managing director of Yong Lee Seng Motor.

This suggests firms are not rushing in with their bids, a move which would drive up prices significantly, he said.

Stable COE prices are good for the market, he added.

"Consumers might be frightened off if the prices keep going up and down like a rollercoaster," said Mr Tang.

However, he cautioned the gradual increase could mean a significant increase in prices over the next few rounds of bidding.

"If consumers have the budget, they should go in now," he said.

Only the premium for commercial vehicles closed lower at $33,190, dipping about 3 per cent from $34,202 in the previous round of bidding.

Latest COE results:

Category Current COE premium ($) Previous COE premium ($)
A - Car (1600cc & below) 38,941 38,510
B - Car (above 1600cc)  38,501 37,330
C - Goods vehicle & bus 33,190 34,202
D - Motorcycle 7,204 7,115
E - Open 38,600 38,389