Tuesday, 26 September 2023

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COE Premiums for Cat B vehicles in Singapore reach record high of S$120,702

SINGAPORE – In the latest bidding exercise on Wednesday (21 Jun), Certificate of Entitlement (COE) premiums for Category B, encompassing larger and more powerful vehicles, surged to a new record high of S$121,000 (~US$90,000).

This marks a notable increase from the previous premium of S$120,702, and surpasses the earlier record of S$120,889 established on 19 April.

While prices soared for larger vehicles, premiums for Category A, typically for smaller cars, showed a slight decline.

The closing bid for this category settled at S$96,206, down from S$98,001 seen in the previous tender.

Open category COEs, applicable for any vehicle type but predominantly used for larger cars, witnessed a rise in prices as well. The premiums in this category escalated to S$123,000 from S$120,889.

The upward trend continued for commercial vehicles, which include goods vehicles and buses. COEs for these types of vehicles experienced an increase to S$83,140 from the previous bidding exercise’s S$81,801.

Conversely, motorcycle premiums saw a drop, closing at S$10,709, down from S$11,001.

The latest bidding exercise saw a total of 2,659 bids, with only a quota of 1,807 COEs available, showcasing the persisting high demand and competition for vehicle ownership in Singapore.

As COE prices continue to fluctuate, prospective buyers and industry stakeholders will be keeping a close eye on market trends in the upcoming bidding sessions.

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