COE prices up, except for bigger cars'
CERTIFICATE of entitlement (COE) prices ended mostly higher in the latest tender yesterday, as the previous price plunge led to more buying.
COEs for cars up to 1,600cc and 130bhp ended 9.5 per cent higher at $65,689. COEs for cars above 1,600cc or 130bhp closed 2.7 per cent lower at $68,103.
Open COEs, which can be used for any vehicle type but end up being used almost exclusively for bigger cars, finished 2.7 per cent higher at $67,290.
Commercial vehicle COEs posted the sharpest rise, climbing 12.6 per cent to close at $40,889. Motorcycle premiums were flat at $4,003, from $4,001 in the previous tender two weeks ago.
Motor traders said the results were in line with expectations, because the sharp fall in prices in the previous exercise triggered a sales surge.
"The market was buoyant in the last two weeks," said Volkswagen Singapore's general manager of sales, Daniel Chong. "So we expected a rebound (in premiums)."
Like many of his counterparts, Mr Chong was surprised by the drop in premiums for bigger cars. "We expected it to remain at around the same level," he said.
Motor traders expect COE prices to fall gradually for the rest of the year, although Mr Chong said that is not likely to happen in the next tender, due to the sizeable volume of unsuccessful bids yesterday.