Cat A premium rises to S$132,004 in first tender after COE review announced; Cat B climbs to S$131,901
The proposed changes include merging the passenger car categories into one
[SINGAPORE] Certificate of Entitlement (COE) prices edged upwards in the tender exercise on Wednesday (Oct 21), with the price of Category A, meant for smaller, less powerful cars and electric vehicles, rising 1.5 per cent from S$130,001 to S$132,004.
Category B – used to register larger, more powerful cars and EVs – went up 1.4 per cent, from S$130,100 to S$131,901.
The rise in premiums for the two categories in the latest bidding exercise – the first one after the authorities announced a review of the COE system – comes after a price dip in the last two rounds.
On Oct 8, the Land Transport Authority said it was seeking public feedback on its proposal to revise the COE system for cars.
The proposed changes will include a move to merge categories A and B into a single passenger car category.
The price that successful bidders pay for a certificate will be based on the cost of the car; a higher-value car will incur a surcharge on the COE value while a lower-value one will get a rebate.
At Wednesday’s bidding exercise, the premium for the Open category, E, was down 0.9 per cent from S$137,000 at S$135,790.
Open category certificates are transferrable and can be used to register any vehicle type except motorcycles. Motor traders often secure them for the flexibility to register car without waiting for the next tender exercise.
Category C, for commercial vehicles, inched up 0.3 per cent from S$91,889 to S$92,200.
Motorcycle COEs in Category D closed at S$10,778 – 2.1 per cent lower than the S$11,012 at the previous tender exercise.
Earlier in the day, motor dealers The Straits Times spoke to said sales have slowed down in the past two weeks.
The exceptions were the Chinese EV brand dealers, who said buyers are still rushing to commit before the EV incentives expire on Dec 31. In 2027, the tax rebate for new EVs will be reduced by S$10,000.
After the latest tender exercise closed, an LTA spokesperson said: “COE prices remain elevated across most categories in the latest bidding exercise.
“We note that there is an upcoming car exhibition which may lead to elevated demand and COE prices during this period. We urge car buyers and dealers to be prudent in bidding for COEs.”
The Car Expo, organised by SPH Media, which publishes The Straits Times and The Business Times, will be held at the Singapore Expo from Saturday to Sunday.
LTA also touched on the COE review exercise, and said it will “carefully consider the feedback received before deciding on any changes to the COE categorisation framework”.
The consultation closes on Nov 2, 11.59 pm. Those who would like to contribute can do so at https://go.gov.sg/coe-pcd-feedback. THE STRAITS TIMES
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