SINGAPORE: COE prices hit $137,000 for ‘big cars’ and open category, setting a new record for the third time in a row.
In the most recent COE bidding session held on Wednesday, several noteworthy changes occurred in different categories, indicating the evolving landscape of vehicle ownership costs in Singapore.
Larger and more powerful cars, and EVs:
- COE prices for cars equipped with engines larger than 1,600cc or those boasting more than 130bhp in power, along with electric vehicles (EVs) generating power outputs exceeding 110kW, witnessed a substantial increase of 3.85%.
- These prices escalated from $129,890 to $134,889.
Open category premium:
- The premium for the Open category COE, applicable to various vehicle types excluding motorcycles but predominantly sought after for larger cars, surged significantly by 4.58%.
- This premium rose from $131,000 to an impressive $137,000.
Category A for smaller cars and EVs:
- Category A, primarily designated for smaller and less powerful cars, as well as EVs, concluded at $101,000.
- This marks a $1,000 increment compared to the price set just two weeks ago.
Commercial vehicle COE:
- Commercial vehicle COE prices experienced a minor increment of 0.11%, reaching $82,889.
- This is slightly above the previous price of $82,801.
Motorcycle COE premium:
- Surprisingly, the only category that saw a decrease was the COE premium for motorcycles, which witnessed a noticeable drop.
- It is now priced at $10,901, representing a 4.39% decrease from the previous figure of $11,402.
These recent changes in COE prices have caused higher costs for car buyers, especially those looking for larger vehicles.
The consistent rise in Open category COE premiums shows that there is strong demand for bigger cars in the market, while the decrease in motorcycle COE prices may be good news for motorcycle enthusiasts.
People are closely following the overall trend in COE prices in Singapore, as these fluctuations have a significant impact on the market.