COE prices tumble following coronavirus outbreak

[SINGAPORE] Certificate of entitlement (COE) premiums for cars and motorcycles ended lower at the latest tender Wednesday (Feb 5) as consumer sentiment weakened in light of the developing coronavirus crisis.

The COE price for cars up to 1,600cc and 130bhp finished at S$30,010, down from S$35,010 two weeks ago. COE for cars above 1,600cc or 130bhp closed at S$30,890, down from S$37,705.

The premium for the open COE category, which can be used for any vehicle type except motorcycles but which ends up almost exclusively for bigger cars, finished at S$34,900, down from S$37,500.

All three declines were the sharpest in recent memory.

The motorcycle premium ended at S$4,401, down from S$4,610.

The commercial vehicle COE price was the only exception, closing at S$25,013, up slightly from S$25,001.

Motor industry watchers reckoned prices will remain dampened for the near term as the viral outbreak continues its course. Some, however, see a bright spark, as more people might turn to cars as fears of contamination elsewhere increase.

THE STRAITS TIMES

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