Singapore
COE prices for Category B and Open Category surge to new records in latest bidding exercise
COE premiums for Category B and Open Category reached record highs in the October 4, 2023 bidding exercise.
Category B premiums surged to S$146,002, up from S$140,889, while Open Category COEs spiked to an astonishing S$152,000 from S$144,640.
SINGAPORE: Certificate of Entitlement (COE) premiums for Category B and Open Category reached unprecedented heights once again during the latest bidding exercise held on Wednesday (4 Oct).
Premiums for Category B, which encompasses larger and more powerful automobiles, soared to an eye-watering S$146,002 (approximately US$106,355), climbing significantly from the previous S$140,889 in the last tender.
Simultaneously, COEs within the Open Category, known for their versatility across vehicle types but predominantly utilized for large cars, escalated to an astounding S$152,000, surging from S$144,640 in the preceding round.
The surge in COE prices is a continuation of a worrisome trend, as just two weeks prior, on September 20, COE prices for larger vehicles in Category B and the Open Category had already broken the S$140,000 barrier for the first time in history.
In contrast, Category A cars, which are defined as vehicles with engine capacities not exceeding 1,600cc and horsepower ratings below 130bhp, experienced a slight dip in premiums.
The COE prices for these vehicles closed at S$104,000, marginally lower than the record-setting S$105,000 observed in the prior exercise.
Furthermore, COEs designated for commercial vehicles, encompassing goods vehicles and buses, also underwent an uptick, with prices reaching S$85,900 from the previous S$83,801 in the preceding bidding exercise.
Meanwhile, motorcycle premiums displayed a moderate increase, closing at S$10,856, up from S$10,700 in the last exercise.
In total, the Land Transport Authority (LTA) received 2,795 bids for the available quota of 2,010 COEs, highlighting the persistent demand for vehicle ownership in Singapore.
This latest bidding exercise takes place in the wake of the LTA’s announcement regarding the reallocation of an additional 300 Category A COEs for the month of October.
This allocation marks a substantial 24 per cent increase in the Category A quota available for the month.
Additionally, it was revealed that the subsequent October bidding exercises will each introduce an extra 150 COEs into the market.
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The demand for grab, gojek, tada is not coming down soon. The demand for rental cars like Get Go, Tribe is not coming down soon. The government stand is to have zero car population growth and car lite towns.
It’s no wonder they rather say nothing at all despite all the unhappiness.
There is a huge price to pay and when this price hit Singapore, the country, then all hell breaks loose.
Any problem? 86% leh
Y’all Know It. It’s A KELONG.
YET, Y’all R “Blinded” By The False Narratives.
CB (cuckoo bird) tells me: What solutions have they offered over the decades but price increase?
Have you seen price reductions, savings? lower costs in our daily lives? lower food prices? lower rentals for food operators? lower utilities bills? cost cutting measures? Did we see all these? Or just educating the public to save water ,electricity but yet they increase prices? What happens to car pools? What happens to UBER?
What do you think?
Thank you CB !!!!
Pappies ensures it will keep rising …
There is little incentive for PAP to fix a broken system that is breaking many ordinary Singaporeans but raking in billions of dollars for them every fortnight.
Even those with no intention of buying a car will eventually be affected down the road with higher prices of goods (due to higher transport costs) and transport.
PAP has been doing everything they can to push up inflation and is relentless in driving the knife in our backs.
Not really surprised as money launderers have descended upon SG in droves – you know, on account of the Swiss standard of – not living – but banking. SG is not a financial hub for nothing – dirty money flows in & banks/MAS looks the other way. It only springs to action if a complaint is raised, ala the current sting & 1MDB. If you are a smart launderer, this place is indeed heaven for them.
Heep Heep Heep… Horay !
I jump for joy. I just love it.
I’m sure you will all join me in rejoicing and aiming for higher COE prices.
The higher the better with the shattering record prices.
I can howlien going around driving my LADA SAMARA.
Yeah!
Still want this G? You kept them in power and they’ve done it before and they’ll do it all over again.
Well done 69.9%
The wealth divide is spectacular..!
On one side, any price, I will pay.
On the other side, I cannot pay.
The one that cannot pay is straight forward.
The one that can pay at any price… that is truly amazing.
With that amount of money, that person could live in Vancouver, Melbourne.
But has chosen to spend it here… on a car..??
Amazing … truly amazing.