Bids For Small Cars Nearly Double After COE Prices Tumble
A few weeks ago, COE prices for small cars hit an 8-year low in Singapore, tumbling to just $25,000.
Buoyed by this news, car-hungry Singaporeans flocked to car showrooms, eager to get their hands on a new vehicle. Footfall was high at showrooms across Singapore this past two weeks, suggesting that the car ownership dream is far from dead.
But the increased demand for cars has reversed recent trends and once again pushed up COE prices.
In the latest round of bidding on Wednesday (18 Jul), COE prices for Category A cars shot up to $32,699, an increase of nearly 30%.
Category A cars are smaller, with an engine capacity of up to 1,600cc and engine power not exceeding 97kW.
Meanwhile, premiums for Category B cars also rose, albeit at a slower rate.
In this week’s round of bidding, prices in this category climbed to $32,551, up from $31,000.
Category B caters to cars that have an engine capacity greater than 1,600cc and engine power greater than 97kW.
Waiting for this moment
An earlier report by TODAY accurately conveyed the sentiment of those looking for a new car.
“I waited quite a while, and I will be getting a Hyundai Elantra Elite this Saturday,” one 32-year-old consultant told the newspaper, after COE prices hit a record low earlier this month.
Experts that the newspaper spoke to also predicted a sharp increase in interest in cars following the drop in COE prices.
But COE prices in two other categories – C and D – continued to fall.
Those for Cat C, which caters to goods vehicles and buses, fell to $30,889, down from $31,092.
Similarly, rates for Cat D (motorcycles), dropped to $6,189, down from $6,514.
Prices for Cat E (open category) rose from $31,001 to $32,809.
Featured image from YouTube.