SINGAPORE: On Friday, Nov 3, the Land Transport Authority (LTA) announced an increased COE quota for Category A, B, and C from November 2023 to January 2024. This update from their Oct 13 COE quota announcement involves the reallocation of an additional 1,614 COEs to Categories A, B, and C on top of the 1,895 COEs previously allocated on Oct 13, 2023. This decision aims to meet the rising demand for cars in these categories.
The revised COE quota by category stands as follows:
- Category A: 5,513 COEs
- Category B: 3,800 COEs
- Category C: 1,129 COEs
These changes represent substantial growth, with a 35% increase in Categories A and B and a remarkable 65% rise in Category C. It’s important to note that other COE categories will remain unchanged.
For the forthcoming period from November 2023 to January 2024, the COE quota, which was 12,774, will be set at 14,388, and bidding under this quota will commence on 6 Nov 2023.
LTA’s Oct 13 report says that the COE quota consists of several components, including:
- 25% of the replacement COEs derived from vehicles deregistered between October 2022 and September 2023.
- A provision for 0.25% per annum growth for Category C, which is based on the Category C vehicle population as of 31st December 2022.
- Adjustments accounting for changes in the taxi population expired COEs, the Early Turnover Scheme for commercial vehicles, and redistribution from guaranteed deregistrations for Category A and Category B.
Compared to the last quarter (August 2023 to October 2023), the COE quota for November 2023 to January 2024 represents a 13% increase. Notably, the quota for Category A, predominantly used for mass-market cars, stands 22% higher than the previous quarter and an impressive 81% higher than the same quarter in the previous year. This significant increase has been achieved by bringing forward 1,570 guaranteed deregistrations of vehicles on five-year renewals.
Additionally, the quota for Category C, catering to goods vehicles and buses, has witnessed a remarkable 35% surge from the previous quarter and an astonishing 124% increase compared to the same quarter in the previous year.
Looking ahead, the COE quota for Categories A, B, and C is expected to continue its upward trajectory in 2024. In contrast, the quota for Category D in 2024 is anticipated to remain at levels similar to those of 2023.
The LTA is set to announce the next COE quota for the bidding period of Feb 2024 to Apr 2024 will be in Jan 2024. The subsequent quota announcement in January 2024 will be closely monitored for additional insights into the LTA’s ongoing efforts to manage the vehicle market in Singapore.
/TISG
The post appeared first on The Independent News.
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