COE prices up across the board, Category A nears S$125,000
Category A premiums rose for the sixth straight COE bidding exercise, closing at S$124,790.
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SINGAPORE: Certificate of Entitlement (COE) premiums closed higher across all categories in the latest bidding exercise on Wednesday (May 6).
For Category A cars, or those 1,600cc and below with horsepower not exceeding 130bhp, premiums closed at S$124,790 (US$98,150), up 1.45 per cent from S$123,010 in the last exercise - the sixth straight increase.
Premiums for larger and more powerful cars in Category B rose by 4.33 per cent to S$126,236 from S$121,001.
COEs for commercial vehicles, which include goods vehicles and buses, closed 4.76 per cent higher at S$87,479, compared to S$83,501 in the previous bidding exercise.
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This is the largest increase in percentage terms in this exercise and also the sixth consecutive increase in Category C premiums.
Motorcycle premiums closed at S$9,452, up 1.74 per cent from S$9,290 in the last exercise.
Open category COEs, which can be used for any vehicle type but end up being used mainly for large cars, rose by 2.16 per cent to S$127,700 from S$125,002.
A total of 5,042 bids were received, with a quota of 3,260 COEs available.
In a statement after the bidding exercise on Wednesday, the Land Transport Authority (LTA) said: "We note the upcoming Car Expo which from past experience is likely to lead to elevated COE prices that negate discounts for purchases during this period. We urge car buyers to bid prudently."
The Car Expo, a car show typically held twice a year, will take place on May 9 and 10 at Singapore Expo.
The latest bidding exercise is the first after LTA's latest quota announcement, in which the COE quota for the May to July period went up by 1.2 per cent to 19,052.
The increase was driven by a rise in Category B quotas, which rose around 7 per cent to 5,205.
In contrast, the Category A quotas fell by about 2 per cent to 7,434.
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