COE prices tumble despite prospect of smaller quota

[SINGAPORE] Certificates of entitlement (COE) tumbled at the latest tender on Wednesday (Jan 17), despite buying interest whipped up by the Singapore Motorshow last week and the prospect of a smaller quota ahead.

COE for cars up to 1,600cc and 130bhp finished at $36,890, down from $41,400. COE for cars above 1,600cc or 130bhp ended at $42,661, down from $45,289.

Open COE, which can be used for any vehicle type except motorcycles, closed at $44,000, down from $47,390.

Commercial vehicle COE closed at $39,000, down from $40,101.

Motorcycle premium was the only exception. It ended at $8,001, up from $7,701.

The results came as a surprise to industry players.

Usually, COEs tend to rise immediately after a motorshow, which ended on Sunday (Jan14).

The next COE quota - for February to April - is expected to be smaller for cars with fewer vehicles scrapped in the preceding three months.

Furthermore, zero vehicle growth will kick in from February.

This means COE supply from February will be determined solely by the number of vehicles scrapped, as the government caps vehicle population growth in its ambition to make Singapore "car-lite".

THE STRAITS TIMES