SINGAPORE - Car buyers are in for a happy Chinese New Year as certificate of entitlement (COE) prices continued to tumble in the latest tender on Tuesday.
COE for cars up to 1,600cc and 130bhp fell from $62,002 a fortnight ago to end at $57,199 - almost a three-year low. COE for cars above 1,600cc or 130bhp dived from $70,890 to finish at a seven-month low of $66,751.
Open COE, which can be used for any vehicle type but ends up mainly for bigger cars, followed suit by sliding from $71,921 to close at $67,901.
Buyers of commercial vehicles and motorcyles did not share the festive joy with premiums for their categories rising.
Commercial vehicle premiums ended slightly higher at $53,202, up from $52,101 two weeks ago. Motorbike premiums set yet another record by climbing from $5,504 to finish at $5,800.
Motor traders expect the latest results to fuel a minor buying frenzy, but with most showrooms closed for an extended period for Chinese New Year, there will be a shorter than usual period to collect bookings.
Hence the next tender in March should result in subdued rises, if any.
Here are the latest Certificate Of Entitlement results from Tuesday's bidding exercise:
|Category||Current COE premium ($)||Previous COE premium ($)|
|A - Car (1600cc & below)||57,199||62,002|
|B - Car (above 1600cc)||66,751||70,890|
|C - Goods vehicle & bus||53,202||52,101|
|D - Motorcycle||5,800||5,504|
|E - Open||67,901||
Source: Land Transport Authority
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