COE for smaller cars dives as buying stalls

[SINGAPORE] Certificates of entitlement (COE) prices ended lower across the board at the tender on Thursday (May 23), with the premium for smaller cars taking the biggest tumble.

COE for cars up to 1,600cc and 130bhp ended at $27,000, down sharply from $36,704 two weeks ago. COE for cars above 1,600cc or 130bhp came in at $42,564, down from $48,010.

Open COE, which can be used for any vehicle type except motorcycles but which ends up mostly for bigger cars, closed at $47,000, down from $52,502.

Commercial vehicle COE dipped from $28,559 to $27,400 while motorcycle premium settled at $3,202, down from $3,352.

Industry players attribute the correction to fresh sales having practically ground to a halt following price increases in recent tenders. They expect the latest prices to re-ignite buying interest, but consumers may still hold out for bigger price drops before returning to showrooms.

THE STRAITS TIMES