COE premiums mostly higher
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SINGAPORE: Certificate of Entitlement (COE) premiums for vehicles closed mostly higher at the close of the latest round of bidding on Wednesday.
COE premiums for small cars closed at S$62,600, down from S$64,201 in the previous bidding exercise on April 18.
COE for big cars rose to S$92,050, compared with S$91,000 previously.
In the Open Category, which is mostly used for big cars, prices ended at S$88,990, compared with S$92,010.
Premiums for goods vehicles and buses closed at S$58,553, going up by S$964 from the previous bidding.
For motorcycles, the COE will cost S$2,021, compared with S$1,924 previously.
Transport Minister Lui Tuck Yew had signalled on May 4 that plans to cut the growth rate of vehicles may be delayed, amid concerns over surging COE premiums caused by a supply crunch.
The Land Transport Authority (LTA) is studying if it can be more flexible with two measures meant to manage vehicle population growth.
The first is a possible delay in implementing a vehicle growth rate cut to 0.5 per cent in August, from the current 1.5 per cent.
Secondly, it is examining if it can defer a claw-back of COEs to counter previous oversupply due to over projections in vehicle de-registrations between 2008 and 2009.
Vice-President of the Motor Traders Association, Michael Wong, felt that the announcement has not made an impact on the bidding results yet.
"This point in time, everything is just conjecture, until we know what are the actual changes that are going to take place. I think only then, you can see how much of an increase or decrease, what the quota is going to be like for the next six months. From then on, you'll probably know whether the price adjustments will go through," he said.
-CNA/ac -
62K COE for small cars.
Huat ah.
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62K can buy a lot of other things.