SINGAPORE — Certificate of Entitlement (COE) premiums for commercial vehicles hit a record high of S$85,119 in the first round of bidding for February 2023, which ended on Wednesday (8 February).
Commercial vehicles, which fall under Category C, include goods vehicles and buses. Premiums for Category C reached a previous high of S$81,802 in November 2022.
Premiums for motorcycles were also up at S$11,602 – S$11,101 in the previous bidding exercise – while premiums for Category A vehicles — cars with engines up to 1,600cc or maximum power output of up to 97kW (130bhp), as well as fully electric cars with maximum power output of up to 110kW (147bhp) — remain unchanged at S$86,000.
The COE price for Category B, which includes cars with engines above 1,600cc or maximum power output above 97kW (130bhp) and fully electric cars with maximum power output above 110kW (147bhp), saw a slight increase to S$105,524, from S$105,459 previously.
For the Open Category, which can be used for any vehicle type except for motorcycles, the COE price fell to S$105,002, from S$107,000 in the previous bidding exercise.
The latest bidding exercise is the first to be conducted under a new calculation method that was announced by the Land Transport Authority (LTA) on 20 January. The new quota system, which is aimed at reducing supply volatility, uses a revised method for calculating available COEs for bidding.
Available COEs for bidding in each quarter are now computed based on the rolling average of the number of deregistered vehicles in the previous four quarters instead of two. As a result, bidding for the February to April period saw an increase in the overall COE supply from 9,128 in the previous quarter to 9,437.
However, the available monthly quota for Category C in February 2023 fell to 44, from 78 in the last bidding exercise.