SINGAPORE — Certificate of Entitlement (COE) prices for both small and large cars have hit new record highs in Singapore’s latest bidding exercise, which closed on Wednesday (22 Mar).
Premiums for small cars, CAT A (up to 1600cc & 97kW) or fully electric cars with output of up to 110kW rose by 6.25 per cent to S$93,503. This marks the highest price seen in more than a decade, with the previous record high of S$92,100 being set in January 2013.
Meanwhile, large cars, CAT B (above 1600cc or 97kW) or fully electric cars with output over 110kW saw premiums increase from the previous record high of S$115,501 to S$116,201.
In contrast, goods vehicles and buses (CAT C) saw COE prices decrease by 6.27 per cent to S$85,389.
In the motorcycle category (CAT D), premiums fell to S$12,001 from S$12,390 in the previous bidding exercise.
The open category (CAT E), which can be used for any type of vehicle except motorcycles, saw prices rise 0.02 per cent to S$116,020.
These latest figures reflect a continuing trend of rising COE prices, as demand for cars in Singapore remains high.
The COE system, which was introduced in 1990 to regulate the number of vehicles on the roads, requires vehicle buyers to bid for a COE in addition to the price of the vehicle itself. The COE acts as a permit to own a car and is valid for 10 years.
The latest results have disappointed many potential car buyers, who are struggling to keep up with the increasing prices.
However, the decrease in COE prices for goods vehicles and buses may be good news for businesses that rely on these types of vehicles.