Thursday, November 10, 2011

COE premiums up to $78k for cars

Certificate of entitlement (COE) prices for cars above 1,600 cc and the open category, usually used for cars, hit a 17-year high after the close of November's first bidding exercise.

Except in two categories, most premiums were on the up.

Prices for cars above 1,600c went up to $77,000, a 1.5 per cent movement. The open category, usually used for cars, saw the biggest hike for passenger cars. It rose 6 per cent to $78,001.

The last time these two categories saw higher price levels than these was back in September 1994.

COE prices for Category A (cars 1,600cc and below, including taxis) had scant relief as it dipped from $56,112 in October's second bidding to $55,997, a 0.2 per cent change.

Among all, commercial vehicle COE premiums had the biggest increase. It went up 10.2 per cent to $40,803.

Motorcycle premiums ended lower at $2,012.

According to The Straits Times, the rush to meet annual sales targets and the anticipation of fewer COEs next year had sent COE prices higher.

The Government has announced it will curb vehicle population with a revised vehicle growth rate that is lower than the current 1.5 per cent.

The growth rate will fall to 0.5 per cent from August 2012 to January 2013 and is expected to result in a smaller supply of COEs.

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