Owning a vehicle in Singapore has apparently gotten way more expensive if the results of the first Certificate of Entitlement (COE) Open Bidding exercise in October are anything to go by.
Most notably, the open category saw the quota premium (QP) hit a new high of S$152,000.
Premiums seem to have been on a steady increase recently, with record numbers in the September exercise too.
We take a closer look at the latest results.
Announcing the results today (4 Oct), OneMotoring listed the respective quotas for the different vehicle categories.
Except for Category A cars, the QP across all other categories notably increased in the latest exercise.
The most significant rise was in the open category or Category E, which stands at S$152,000, up from S$144,640 in the last exercise.
According to Channel NewsAsia (CNA), Category E is applicable for all vehicle types. However, the COE ends up being used mainly for large cars.
They also reported that this is the first time the QP has exceeded S$150,000.
Despite the increase in quota, the only category that saw a fall was Category A cars, whose QP closed at S$104,000, down from S$105,000.
The Land Transport Authority (LTA) announced in September that they would reallocate 300 COE quota to the October exercise.
In total, the authority received 2,795 bids across all categories, of which 1,997 were successful.
The next bidding exercise will likely fall on 16 Oct.
Also read: Why Is COE So Expensive & Does S’pore Really Need It?
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Featured image by MS News.
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