- POSTED: 04 Jun 2014 16:02
- UPDATED: 04 Jun 2014 23:59
COE premiums for small and big cars both fell in the latest bidding exercise, but the Open category rose.
SINGAPORE: Certificate of Entitlement (COE) prices ended mixed in the latest open bidding exercise on Wednesday (June 4), with premiums for cars dipping marginally.
COE prices for Category A cars, or those 1600cc and below with horsepower not exceeding 130bhp, fell S$2,499 to S$63,190.
Premiums for larger, more powerful cars ended lower at S$67,304 - a drop of S$799.
The COE premium for commercial vehicles went up by S$2,112 to S$43,001 while those for motorcycles also ended higher at S$4,089, a rise of S$86.
Open category premiums, which are mainly used for cars, inched up by S$44 to S$67,334.
COE premiums have not changed drastically over the last three bidding exercises.
Prices for both Cat A and B have hovered at around S$70,000 and below.
Observers believe that the market has stabilised as COE allocations have not changed much, and do not expect COE prices to drop drastically for the rest of the year.
Said Mr Raymond Tang, Honorary Secretary of the Singapore Vehicle Traders Association: "If there is a need for consumers to buy, there's no point holding on and waiting. If they want to hold on and wait, for this year, then they might as well go to the market and get a used, maybe one-, two- or three-year-old car, and then wait till next year. I think if you want to see a tremendous drop in COE prices, it might happen in the later part of next year".