Certificate of entitlement (COE) prices tumbled at the latest tender on Wednesday (Jan 17), despite buying interest whipped up by the Singapore Motorshow last week and the prospect of a smaller quota ahead.
COE premiums for cars up to 1600cc and 130bhp finished at $36,890, down from $41,400. COE prices for cars above 1600cc or 130bhp ended at $42,661, down from $45,289.
Open COE, which can be used for any vehicle type except motorcycles, closed at $44,000, down from $47,390.
Commercial vehicle COE premiums closed at $39,000, down from $40,101.
The motorcycle COE premium was the only exception. It ended at $8001, up from $7701.
The results came as a surprise to industry players. Usually, COE prices tend to rise immediately after a motorshow, which ended on Sunday.
The next COE quota – for February to April – is expected to be smaller for cars with fewer vehicles scrapped in the preceding three months.
Furthermore, zero vehicle growth will kick in from February.
This means COE supply from February will be determined solely by the number of vehicles scrapped, as the government caps vehicle population growth in its ambition to make Singapore car-lite.
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