COE prices end higher
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SINGAPORE: Certificate of Entitlement (COE) premiums rose across the board at the close of bidding at 4pm on Wednesday, with prices for commercial vehicles hitting another new high.
The COE for commercial vehicles crossed the S$50,000 mark for the first time to close at S$52,004.
That's a rise of S$2,203 or 4.42 per cent from the previous high of S$49,801 in the bidding exercise on 8 February.
The COE for small cars closed at S$57,009, up by S$4,200 or 7.95 per cent.
The COE for big cars rose to S$78,189, an increase of S$4,299 or 5.81 per cent.
The premium for motorcycles ended at S$2,012, up S$210 or 11.6 per cent.
The COE for the open category went up to S$78,000, an increase of S$4,199 or 5.68 per cent.
Tan Chong Motor general manager of sales and marketing, Ron Lim, told Channel NewsAsia he was surprised COE prices continued to rise despite the market slowdown.
"There is speculation that some of the dealers perhaps didn't manage to get all their bids in the previous round, so... this round, they have to come in and secure the COE for their customers.... pushing the prices so much higher," Mr Lim said.
Asked about the new high in the commercial vehicles category, Mr Lim said it was due to the significant cuts in the COE quota for this category to more than 160 per tender.
But he said he felt the rise in prices is not sustainable given the economic outlook.
He added it may take another few rounds of bidding before prices go down again as there is still a backlog of unsuccessful bids.
"Whether these prices will be sustainable will be a big question mark," he said.
"If you look across the board, most of the COEs have risen 15 to 18 per cent within two short rounds. I feel that the market needs to take a breather. So we'll probably see some corrections soon."
Singapore Vehicle Traders Association honorary secretary Raymond Tang said: "There was overwhelming demand in the market that caused Category A and Category B to be up.
"There are a lot of orders and a lot of stock coming in, in March and April, so most of the motor firms take this time to bid instead of later on, when you might see even higher COEs.
"Commercial vehicles definitely will be staying high. I won't be surprised seeing commercial vehicles going as high as Category A."
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basically... what the f**k is going on???
i effing paid a little less than $50k for my car in 2005.. and it's now more than that just for the goddamned piece of paper???
who the hell are the ones bidding?
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NOOOO.
If COE so high, no one buy car, later everyone sit MRT, MRT break down again =(
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Damned...
I can sell my Commercial vehicles for a profit now..... (bought 1 Mercedes Benz Viano in September 2011). COE at $29k... now at record highs....
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Originally posted by Just_do_it_lah:
Damned...
I can sell my Commercial vehicles for a profit now..... (bought 1 Mercedes Benz Viano in September 2011). COE at $29k... now at record highs....
ya a lucky man.. my wish for one is like getting further and further haiz
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Now the coe so high now.. i wanted to buy a car but cant afford it..
I might consider buying a red plate car or maybe Rent A Car to drive first.. -
Unless you need to drive....
Singapore has a "good public transports system".
