COE prices slide, but not expected to stay down
CERTIFICATE of entitlement (COE) prices ended lower across the board in the latest tender yesterday. But they are not expected to stay down.
Premiums for cars up to 1,600cc slid by 9.5 per cent to close at $76,889 - still one of the highest levels reached. For cars above 1,600cc, the premium fell by 6 per cent to $87,910.
The Open-category COE, which can be used for any vehicle type but ends up being used mostly for bigger cars, was relatively resilient. It dipped by 1.7 per cent to $92,289. Taxi COEs are taken from this category.
Commercial-vehicle COEs ended their record-breaking spree by tumbling 10.9 per cent to $68,002. The motorcycle premium settled 8 per cent lower at $1,804.
Motor traders said demand shrank after last fortnight's COE prices, the result of a six-month rally. In that time, a Toyota Corolla 1.6 went from $115,000 to around $140,000.
Observers also believe COE premiums will climb back up as dealers rush to clear old stock before new regulations kick in next year.
THE STRAITS TIMES