Singapore’s Certificate of Entitlement (COE) premiums for larger vehicles have once again shattered previous records in the latest bidding exercise conducted on Wednesday, October 4th.
Record-breaking Premiums
The COE premiums for larger and more potent vehicles under Category B witnessed a significant surge, reaching S$146,002 (US$106,300), up from the previous S$140,889. The Open Category COEs, which can be applied to any vehicle type but are predominantly used for larger cars, marked a historic high by crossing the S$150,000 threshold, settling at S$152,000, a leap from the prior S$144,640.
It’s noteworthy that just a fortnight ago, on September 20th, COE prices for both Category B and the Open Category had surpassed the S$140,000 mark for the first time.
Other Categories
In contrast, the premiums for Category A cars, which are defined as those with 1,600cc or below and a horsepower not exceeding 130bhp, saw a slight dip. They closed at S$104,000, down from the record S$105,000 in the preceding exercise.
Commercial vehicles, encompassing goods vehicles and buses, experienced a rise in COE premiums, reaching S$85,900 from the earlier S$83,801. Motorcycle premiums also saw an uptick, closing at S$10,856, a slight increase from the previous S$10,700.
Bidding Overview
The recent bidding exercise witnessed a total of 2,795 bids, with a quota of 2,010 COEs available. This exercise is particularly significant as it’s the first since the Land Transport Authority (LTA) announced an additional allocation of 300 Category A COEs for October, marking a 24% increase in the Category A quota for the month. Consequently, both October bidding exercises will have an extra 150 COEs each.
The continuous rise in COE premiums, especially for larger cars, reflects the evolving dynamics of Singapore’s automotive market and the persistent demand for larger vehicles.
Also learn about Certificate of Entitlement (COE) Prices Soar to New Highs for Large Cars and Open Category.
