Median OMV of Cat A cars falls 27% after COE tweak

SINGAPORE — The median Open Market Value (OMV) of cars registered in Category A has fallen 27 per cent after the recategorisation of Category A and B cars a year ago, the Land Transport Authority (LTA) said yesterday.

The median OMV of Category A cars has remained below S$20,000 in the one year since last February. In the six months after the recategorisation, the median OMV for cars with COEs obtained in that period fell to S$19,143, from S$26,147 in the six months before the recategorisation.

The OMV is the approximate cost of a car. The LTA had tweaked the classification of Category A and B cars to include a cap on engine power, to ensure Category A continued to cater to mass-market car buyers, in light of the growing proportion of higher-end cars in this category in recent years.

The proportion of cars with lower OMV in Category A also increased after the recategorisation. The percentage of cars with OMV of up to S$15,000 increased from 8 to 12 per cent of all Category A registrations, while those below S$20,000 rose from 26 to 70 per cent. The percentage of cars with OMV of up to S$25,000 increased from 43 to 80 per cent. CHANNEL NEWSASIA