Singapore car buyers hit with second straight round of record-high COEs

SINGAPORE: Certificate of Entitlement (COE) premiums closed higher almost across the board in the latest bidding exercise on Wednesday (Apr 5), with Category A and B prices breaking records yet again.

For Category A cars, or those 1,600cc and below with horsepower not exceeding 130bhp, premiums closed at S$96,501, up from the previous high of S$93,503 in the last exercise. 

Premiums for larger and more powerful cars in Category B also rose to a new high of S$118,501 from the previous milestone of S$116,201 on Mar 22.

Open category COEs, which can be used for any vehicle type but end up being used mainly for large cars, also went up from S$116,020 to a new all-time high of S$118,990.

This trumped the previous record of S$118,001 set on Feb 22, 2023.

COEs for commercial vehicles, which include goods vehicles and buses, fell to S$76,801 from S$85,389 in the previous exercise.

Motorcycle premiums closed at S$12,001, unchanged from the last exercise. 

A total of 2,199 bids were received, with a quota of 1,592 COEs available.

In February, a new additional registration fee (ARF) structure and preferential ARF cap took effect, leading to owners of higher-end cars paying more for their vehicles.