Mixed COE prices as reduced quota kicks in
CERTIFICATE of entitlement (COE) prices ended mixed in the latest tender yesterday against the backdrop of a smaller quota.
The premium for cars up to 1,600cc and 130bhp finished at $52,503, down 0.9 per cent from the previous exercise two weeks ago. That for cars above 1,600cc or 130bhp ended 0.7 per cent higher to hit an eight-month high of $57,903.
The premium for Open COE, which can be used for any vehicle type but ends up mostly for bigger cars, hit an eight-month high of $58,201, up 1.2 per cent.
That for commercial vehicles closed 3.2 per cent lower at $48,302. Motorcycle premium finished 1.5 per cent lower at $6,206.
The COE supply for August-October contracted as more motorists opted to extend their cars' lifespan instead of scrapping them. Fresh COE supplies are determined mainly by the number of vehicles scrapped.
In the first five months of the year, motorists extended the lifespan of over 14,000 old cars - more than double the figure in the first quarter, and some 40 per cent more than the whole of last year.