SINGAPORE — Certificate of Entitlement (COE) prices for Category A and B cars hit new highs in the latest bidding exercise that closed on Wednesday (22 March).
Category A, which includes cars up to 1,600cc and 130bhp or electric vehicles (EV) up to 110kW, saw prices closed at S$93,503 — up from S88,000 in the previous bidding exercise on 8 March, and broke the previous record of S$92,100 set in January 2013.
For Category B, or cars above 1,600cc and 130bhp as well as EVs higher than 110kW, prices also rose to a new record of S$116,201. It was only two weeks ago in the prior exercise when premiums for this category attained a then-new record of S$115,501.
Open category COEs, which although suitable for any vehicle type end up being used mostly by large cars, rose slightly to S$116,020 from S$116,000 in the previous exercise.
Also read: 5 types of taxes we need to pay in Singapore
COE premiums for Category C, which include commercial vehicles such as goods vehicles and buses, fell by S$5,712 to S$85,389 from S$91,101 previously.
Meanwhile, motorcycle premiums decreased to S$12,001 from S$12,390 in the previous exercise.
In total, 2,426 bids were made for the 1,648 COEs available in this latest tender exercise.
A new calculation method announced by the Land Transport Authority (LTA) on 20 January was implemented during the February 2023 COE bidding exercise. The new quota system aims to reduce supply volatility and 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. It resulted in an increase in the overall COE supply from 9,128 in the previous quarter to 9,437 for the February to April 2023 period.