Car COEs continue to surge

[SINGAPORE] Certificates of entitlement (COE) continued to surge at the latest tender on Wednesday (April 17), with all categories ending noticeably higher except for motorcycles.

COE for cars up to 1,600cc and 130bhp finished at $33,199, up from $29,159 two weeks ago. COE for cars above 1,600cc or 130bhp closed at $48,000, up from $43,102.

Open COE, which can be used for any vehicle type except motorcycles but ends up mostly for bigger cars, finished at $52,410, up from $48,209.

Commercial vehicle COE closed at $32,001, up from $27,589. Motorcycle premium bucked the uptrend by ending at $3,452, down from $3,501.

The surge followed an unexpected rise in COEs for bigger cars in the previous tender, which was attributed to new demand from private-hire players.

"The market is actually quite weak," said one major motor trader. "The showrooms have been very quiet in recent months."

THE STRAITS TIMES

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