COE prices rise across the board

COE prices rise across the board
By Mustafa Shafawi, Channel NewsAsia

SINGAPORE: COE premiums increased across the board in the latest round of bidding.

The two most significant increases were in the Open category and commercial vehicles category.

The Open category saw an increase of S$1,828 to S$24,229.

The COE for commercial vehicles jumped to S$23,501, up S$2,111 from the previous round of bidding.

Edmund Gin, sales manager for Cycle and Carriage, said increases in premiums in these two categories are due to decreases in quota numbers for category C or commercial vehicles for the past half a year.

“It has been a consistent trend whereby the category E (Open category) has been utilized by many of category C distributors to substantiate the lack of category C COEs.”

Small cars COE saw a moderate increase of S$351 to S$20,340.

The premium for big cars continued its upward trend, climbing S$709 to S$23,889.

Motorcycle COE nudged S$149 higher to S$1,001.

Ron Lim, general manager of sales and marketing, Tan Chong Motors, expects the premiums to trend higher.

He said: “The existing round is actually a 3-week-long collection period because of Chinese New Year holiday period. Most of the distributors should end up collecting more than the previous round, which is only two weeks. Also, based on the recently-released Budget announcement, the government also forecast increased revenue from COE premiums, so that’s an indication that COE premiums could be moving up.”

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