SINGAPORE - With the exception of motorcycles, certificate of entitlement (COE) premiums for other vehicles all ended higher as a smaller quota and a longer bidding period amplified upward pressure.

At the end of the latest tender on Wednesday (Sept 9), the COE price for cars up to 1,600cc and 130bhp finished at $37,766, up from $35,710 three weeks ago. COE premium for cars above 1,600cc or 130bhp closed at $41,510, up from $38,802.

The premium for open COE, which can be used for any vehicle type except motorcycles but which end up mostly for bigger cars, ended at $40,790, up from $38,110.

This represents the third consecutive round of increases which sent car premiums across the $40,000-mark for the first time since November 2019.

Despite widespread news of businesses reeling from the Covid-19 pandemic, the commercial vehicle COE price finished at $26,644, up from $25,006 three weeks ago, and its highest since August 2019.

Motorcycle premium closed at $7,399, down from $7,432.

There was a three-week gap between the previous tender and the latest one, instead of the usual two weeks.

This gave motor dealers more time to build up their order bank.

Meanwhile, the COE quota for the August-October period is almost 30 per cent smaller than the previous three-month period.