In the most recent bidding exercise on February 7, Singapore witnessed a notable shift in the Certificate of Entitlement (COE) premiums across various vehicle categories, with a significant dip observed in all categories except for commercial vehicles.
Widespread Decline in COE Premiums
The COE premiums for Category A cars, which include vehicles 1,600cc and below with horsepower not exceeding 130bhp, saw a decrease, settling at S$79,000 from the previous S$81,589. This downward trend was mirrored in Category B, where premiums for larger and more powerful cars plummeted to S$102,338 from S$112,000, marking a nearly S$10,000 drop. Similarly, motorcycle premiums experienced a slight reduction, closing at S$9,290 from S$9,309 in the preceding bidding session. The open category COEs, applicable to any vehicle type but predominantly used for large cars, also witnessed a decrease, falling to S$100,101 from S$109,004.
An Exception in Commercial Vehicles
Contrary to the general trend, COE premiums for commercial vehicles, encompassing goods vehicles and buses, experienced an uptick, rising to S$72,001. This deviation underscores a distinct market dynamic affecting commercial vehicle premiums, setting them apart from the broader downward movement in COE prices.
This recent bidding exercise reflects the fluctuating nature of COE premiums in Singapore, influenced by various market factors and demand for different vehicle categories. The significant decrease in Category B premiums, in particular, highlights a noteworthy adjustment in the market, potentially impacting buyer decisions and the automotive industry’s landscape.
Also learn about Singapore’s COE Quota Rises: A Glimpse into the February-April 2024 Allocation.
