COE prices skyrocket ahead of supply contraction, Singapore News & Top Stories

SINGAPORE – Certificate of Entitlement (COE) prices ended on the rise in the last tender on Wednesday, October 20, as news of a smaller quota for November-January emerged.

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

COE prices for cars over 1600cc or 130hp broke the $ 80,000 mark to close at $ 80,210 from $ 70,200. The premium for its proxy, the Open category, ended at $ 85,000, up from $ 72,756.

Market watchers credit Tesla’s aggressive bidding for securing COEs as its car supply grows after a slow start. The American car brand overtook MG as the best-selling electric vehicle brand here, with more than 500 units registered at the end of last month.

Unlike other brands, Tesla does not pack its cars with COE. Instead, it sets the price for its non-COE cars, then obtains customer approval to bid for a certain COE price – with an additional 15 percent allowance.

Auto traders have said that this method almost ensures a constant increase in premiums because the company does not bear any risk even if premiums skyrocket.

Elsewhere, COE prices for commercial vehicles ended at $ 40,501, up from $ 38,890. The motorcycle premium ended up at $ 9,310, up from $ 9,052.

Latest WCC results:

Category Current COE premium ($) Previous COE premium ($)
A – Car (1600cc and less) 52,709 47,001
B – Car (above 1600cc) 80 210 70,200
C – Utility vehicle & bus 40,501 38,890
D – Motorcycle 9 310 9,052
E – Open 85,000 72,756

About Frances R. Smith

Check Also

New Kia Sportage 2022 SUV: UK pricing and specs revealed

The all-new fifth-generation Kia Sportage is expected to go on sale mid-month, and the company …