COE prices for cars hit $92,000

SINGAPORE - Premiums for certificates of entitlement soared to a stratospheric high of $92,010 at the end of April's 2nd bidding at 4pm today. Such prices have not been seen since the mid-1990s.

Premiums for Category A (1,600cc and below, plus taxis), jumped to $64,201 from $58,501 compared to the previous bidding earlier this April. This was an increase of 9.7 per cent, the biggest increase for this bidding.

Category B (cars above 1,600cc) premiums leapt 8.7 per cent to $91,000, up from $83,700.

Prices for the open category ended 8.7 per cent higher at $92,010 from $84,590. The category is usually used for cars and is transferable.

Premiums for commercial vehicles also rose 6.7 per cent to $57,589 from $53,989.

Only motorcycle premiums were spared. The category saw a 1.5 per cent increase to $1,924 from $1,896.

Recent news reports have cautioned of a likely increase in COE prices in the coming months due to an impending shrinkage in the supply of COEs. The supply is determined by the number of vehicles scrapped and is revised every six months.

April 2nd bidding
Category	April 18 prices	April 4 prices
Cars (1600CC & below) & taxis	$64,201	$58,501
Cars (above 1,600CC)	$91,000	$83,700
Commercial vehicles	$57,589	$53,989
Motorcycles	$1,924	$1,896
Open category	$92,010	$84,590

According to a Straits Times report, the average number of cars scrapped in the first three months of 2012 was lower than in the preceding six months, thus spelling a smaller supply.

In an April 14 ST report, Mr Karsono Kwee, executive chairman of Eurokars Group, estimated that COE prices for a luxury car could reach $100,00.