Starting from May 2019, the Certificate of Entitlement (COE) prices will increase, as the market anticipates a smaller supply of COEs in the coming three-month period.
The premium for cars up to 1,600cc and 130bhp increased by 1.3% to $26,659 while the COE prices for cars above 1,600cc or 130bhp rise by 6.6% to $39,401 at the close of March’s second bidding exercise on 20 Mar.
Additionally, prices for open category COEs closed at $41,000 – a 9% increase from the previous bidding exercise.
Singapore Vehicle Traders Association president Michael Lim mentioned that the number of cars being scrapped has reduced in the past two months. This has caused the rise in COE prices as the COE quota is primarily determined by the number of vehicles deregistered in the last three months.
Yong Lee Seng Motor’s managing director Raymond Tang believes that more drivers are choosing to renew their COEs instead of deregistering their cars.
Meanwhile, COE prices for commercial vehicles inched by $11 to $27,0271 while the premiums for motorcycle fell by 3.7% to $3,469.
Wa seh so expensive. How to buy car like that…