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SINGAPORE: Certificate of Entitlement (COE) prices for cars in the A and B categories have fallen over 50 percent for the month of February.
COEs for cars less than 1600 cc (Category A) dropped by S$6,289 to S$5,200, while those for cars more than 1600 cc (Category B) now cost S$6,002, down by S$6,150.
COEs for Open Category also dropped by S$917 to S$11,804.
Motorcycle COEs went down by S$100 to S$901.
The COE price for goods vehicles and buses (Category C) remained unchanged at S$1.
Some car dealers attributed the drop in COE prices to the upcoming Lunar New Year.
They said the new-year rush for new cars is over, and those who had planned on a new set of wheels have already secured them before the bidding exercise.
Another reason cited is the current fever on the property market, which might have taken the heat off the car market for now.
But car dealers expect COE prices to stabilise or even rise after the Lunar New Year.
They expect the car market to pick up soon, with more consumers collecting their bonuses during this period. - CNA/so
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