COE prices soar above 100k for the second time in a row
The Certificate of Entitlement (COE) premiums rose in all categories during the 22 June latest tender exercise. This is the first tender exercise since COE premiums went above the S$100,000 mark in the last exercise on 8 June.
The Open Category which is used to register larger cars went from S$100,697 to S$104,400.
Meanwhile, the price for cars with engines bigger than 1,600cc or 130bhp, as well as fully electric vehicles with a power output of up to 110 kilowatts went up from S$100,684 to S$106,001.
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For smaller cars and less powerful EVs, the price went up from S$73,801 to S$74,989.
The commercial vehicles category only saw a S$9 increase and is now at S$53,011. The price of the motorcycle category COE increased by S$302 and is now at S$10,302.
The bids are only entered when a buyer is waiting to register a car. According to authorised dealers and parallel importers, the number of unsuccessful bids in the last two tender exercises proves how the supply of COEs falls behind people’s demand for cars.
For the larger car category, 822 bids were vying for 531 COEs. Of these bidders, 291 failed to secure a COE. In the previous exercises, a similar number of failed bids can also be observed.
These failed bidders are expected to bid again in the next tenders so dealers can finally put their cars on the road.