COE premiums surge across categories except motorcycles in latest tender
COE premiums in Singapore rose in most categories on 17 April 2024, with notable increases for cars, but a slight dip in motorcycle prices. Premiums for larger cars (Category B) rose to S$102,001, while Open category COEs increased to S$103,249.
Certificate of Entitlement (COE) premiums in Singapore witnessed a significant rise in most categories, except for motorcycles, at the tender closing on 17 April 2024. This trend underscores a continued demand for vehicle ownership despite varying economic conditions.
In the latest bidding session, the premium for Category A COEs, which cover smaller and less powerful cars, escalated to S$94,010, marking a 5.6% increase from the S$89,000 recorded two weeks prior.
This hike reflects a growing appetite among potential car buyers aiming for more economically-sized vehicles.
For Category B, which includes larger and more powerful vehicles, the COE price saw a modest rise of 0.7%, concluding the session at S$102,001, up from S$101,334. The slight increment indicates a steady but cautious interest in this vehicle segment.
The open category COEs, which are adaptable and can be used to register any vehicle type excluding motorcycles, typically find their use predominantly for more substantial cars. These premiums rose by 2.2%, ending at S$103,249 compared to S$101,002 from the previous session.
Commercial vehicle COEs also experienced an increase, closing at S$68,502, which is 1.5% higher than the previous S$67,501. This increase might reflect a robust demand in the commercial sector, perhaps influenced by growing business activities or logistics needs.
In contrast, motorcycle COEs saw a minor decrease, with premiums dropping to S$9,990 from S$10,000, a marginal reduction of 0.1%. This slight dip could suggest a stabilization in the demand for motorcycles, or perhaps a momentary market adjustment.
This session marked the final tender under the current three-month quota period. The Land Transport Authority has not yet announced the number of COEs that will be available for the next quarter, leaving potential buyers and the automotive industry in anticipation of how upcoming allocations might influence market dynamics.
LTA had earlier noted that the next quota announcement for the bidding period of May 2024 to July 2024 will be made in April 2024.
