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COE premiums smash records: Open Category soars to staggering S$158,004

Amidst an impending quota increase, COE premiums in Singapore shattered previous records, with the Open Category reaching a historic S$158,004.

This unexpected surge, particularly stark despite anticipated market adjustments, underscores the intense competition and escalating costs plaguing prospective vehicle buyers.

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SINGAPORE: Defying market predictions, Singapore’s Certificate of Entitlement (COE) premiums soared to unprecedented heights in the recent bidding, despite announcements of increased COE allocations.

The Open Category bore witness to the most dramatic escalation, topping out at a staggering S$158,004, intensifying apprehensions regarding vehicle affordability within the nation.

This figure marks a 3.95 per cent ascent from prior records, indicative of the relentless scramble for COEs, notwithstanding the impending 12.9 per cent augmentation in quota provisions over the next quarter. The Open Category, serving a broad spectrum of vehicles, has emerged as the definitive benchmark for the fervent bidding environment.

This trend was mirrored in other sectors, with COE premiums for larger vehicles and robust electric models climbing to S$150,001, a 2.74 per cent increase. In the same vein, their smaller counterparts registered a 1.92 per cent surge, pushing premiums to S$106,000. Events such as the Car Expo, spotlighting more economical vehicle models, significantly contributed to this upsurge.

Conversely, commercial vehicle COE premiums bucked the trend, recording a modest 1.29 per cent contraction to S$84,790, providing some solace in a market characterized by relentless hikes.

The spike in premiums comes on the heels of the Land Transport Authority’s (LTA) revelation of a bolstered COE pool for the November 2023 to January 2024 period, a robust 13 per cent climb from the preceding quarter, translating to 12,774 new COEs. This expansion, slated to commence from 6 November, encompasses all categories, with Categories A and C witnessing the most substantial growth.

Specifically, Category A experienced a surge of 22 per cent, bringing the total to 4,967 COEs, facilitated in part by the advanced deregistration of certain vehicles. In a similar vein, Category C saw a 35 per cent increase, with the new quota set at 924. Even the quotas for Category B and motorcycles (Category D) received a boost, with rises to 2,937 and 3,105, respectively.

These developments, particularly the considerable quota augmentations for Categories A and C, underscore the government’s responsive measures to balance supply with the escalating demand.

However, with the relentless climb of COE premiums, the efficacy and impact of these interventions on overall vehicle affordability continue to be hotly debated among industry observers and the general public.

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This PAP Government had multiple opportunities to make adjustments to the scheme. Multiple chances. But they chose to do very little, when a major overhaul was needed almost 20 years ago. The trajectory is predictable. I see no purpose in trying to offer this Government solutions, ideas etc. They have the resources, the data, to make decisions about COE. Let us no forget that there are beneficiaries when there are no changes to the COE. 1. Motor Traders association 2. Motor Worshop Association 3. Motot Tyre Dealers Association 4. Motor insurance 5. Banks 6. Credit companies How many people are… Read more »

Fly Robin fly. Fly Robin fly. Fly Robin Fkg, hop hop to the sky.

COE’s and HDB resales leads the way, … forward !!!

The future generations of SillyPoreans have so so much to look forward to !!!

Until their emergence, … the current lot will just have to suck it up, and reap all that they have “sown and shared” with the pap !!!

The latest bidding results were despite the increase in COEs starting Nov 2023. So, the sop did not work or are bidders not confident the COEs will be cheaper next month? However, I still believe a dual bidding process will ease the frustration of ordinary Singaporeans who may genuinely need a car due to their own circumstances. Split each group into a (1) ballot-type lottery and (2) the existing procedure remains where you can bid up to your eye balls. For example, if there are 700 COEs in category A, have 350 put aside for those willing to depend on… Read more »

I am quite certain they have manipulated the COE and HDB prices to make sure the small minority of Singaporean children understand they can forget about owning homes or driving in Singapore.
Of course they will all be driving looking down on us fools that let it happen.
How i dream one day these people that keep telling us how to be happy lose it all and are forced to earn 8k for a family of 4 and pay 4k rent Per month.

Using this COE social issue – has the PAP Administration killed valuable money’s opportunity costs available for more tech and innovative ventures advances? In econs parlance, money gone to COE IS HIGHLY UNPRODUCTIVE in any sense of development and society benefits.

Two what’s the point of 10 million peasants living for PAP?

Only 1party is laughing all the way to the bank. The pap party died laughing at us peasants.

Amazing… The theory of supply versus demand equals price demonstrated. For every category of vehicle, bids were 2 o3 times more than quotas available. For the princely sum of $106,000 ( just the certificate alone, no car yet ) One can fly business class from SIN to LON on SQ at $10,000 round trip 5 times with the remaining amount of $50,000 on hotels, transport, food and shopping. But people prefer to have a car here in hot, humid Singapore, fight over parking space, wait in traffic and be a driver of sorts. Wash the car, buy petrol, pay insurance,… Read more »

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