Singapore's car COE premiums soar to record highs; Open Category hits S$144,640

SINGAPORE: In the latest Certificate of Entitlement (COE) tender exercise that concluded on Wednesday (20 Sept), Singaporeans were greeted with record-breaking prices in various vehicle categories.

The soaring COE premiums have once again highlighted the challenges faced by aspiring car owners in the city-state.

The most significant surge was witnessed in the COE premium for smaller cars, defined as those with engines under 1,600cc and less than 130bhp, including electric vehicles (EVs) with a maximum power output of 110 kilowatts.

These COEs reached a staggering high of S$105,000, marking a 3.96 per cent increase from the previous tender exercise's S$101,000.

The previous record for COEs in this category stood at S$103,721.

Notably, the premium for larger and more powerful cars and EVs also surged to a record high for the fourth consecutive tender.

Clocking in at an eye-watering S$140,889, it reflected a 4.45 per cent increment from the previous record of S$134,889, set just two weeks ago.

Even the Open category COE, which can be utilized for any vehicle type except motorcycles but is predominantly sought after by owners of larger cars, hit an all-time high.

This category saw a substantial jump to S$144,640, marking a 5.58 per cent increase from the previous record of S$137,000 from the last tender exercise.

While the overall trend pointed upward, commercial vehicle COE premiums experienced a more modest increase, rising by 1.1 per cent to reach S$83,801, up from S$82,889 in the preceding tender.

The COE premium for motorcycles was the sole category that saw a dip in prices.

At S$10,700, the price was 1.84 per cent lower than the S$10,901 recorded just two weeks ago.