Big car COE tops S$80,000; aggressive bidding by Tesla cited

[SINGAPORE] Certificates of entitlement (COE) ended higher all round in the latest tender on Wednesday (Oct 20), as news of a smaller quota for November-January emerged.

COE for cars up to 1,600cc and 130bhp crossed the S$50,000-mark to end at S$52,709, up from S$47,001 two weeks ago.

COE for cars above 1,600cc or 130bhp crossed the S$80,000-mark to close at S$80,210, up from S$70,200. Its proxy, the Open category, finished at S$85,000, up from S$72,756.

Market watchers attribute aggressive bidding by Tesla to secure COEs as its supply of cars surges after a slow start. The American car brand has overtaken MG as the bestselling electric vehicle make here, with more than 500 units registered as at the end of last month.

Unlike other brands, Tesla does not package its cars with COE. Instead it prices its cars without COE, and then gets customers' approval to bid for a certain price - with an allowance for another 15 per cent.

Motor traders said this method almost ensures a steady rise in premiums as the company bears no risk even if premiums soar.

Elsewhere, commercial vehicle COE ended at S$40,501, up from S$38,890. The motorcycle premium finished at S$9,310, up from S$9,052.

THE STRAITS TIMES

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