- POSTED: 09 Oct 2013 16:30
- UPDATED: 10 Oct 2013 00:07
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Certificate of Entitlement (COE) premiums for the first round of bidding in October continued to see an increase across the board
SINGAPORE: Certificate of Entitlement (COE) premiums increased across the board in the October bidding exercise.
At the end of the tender on Wednesday, the COE price for small cars closed at S$85,000 which is an increase of S$1,249.
The premium for big cars (Category B) had the biggest increase of S$7,261, ending at S$93,500.
In the Open category, the COE price rose S$6,888 to close at S$93,889.
For commercial vehicles, the COE price went up by S$309 to close at S$76,310.
The COE premium for motorcycles ended at S$1,961 with an increase of S$258.
In September, the COE premiums also saw an across the board rise.
With the upward trend in the COE prices, the prevailing quota premium (PQP) that's paid to renew an older vehicle's COE, has also risen.
Meanwhile, experts said they had expected the rise in premiums.
More are buying cars now, before some Category A cars are moved to Category B next year.
Starting next February, changes include a new criteria for Category A - to limit engine power to not more than 130 brake horsepower.
Another reason for the rising premiums is car loan curbs that were rolled out in February.
Raymond Tang, honorary secretary of the Singapore Vehicle Traders Association, said: "New and old cars having the same type of loan curbs doesn't help. Many consumers who can afford (it) will rush to buy new cars. That will add pressure to the new car bidding of COE."