SINGAPORE, Aug 3 — Certificate of Entitlement (COE) prices for big cars closed lower at the end of the latest bidding exercise today, the first exercise after a new counting method for COE quotas took effect.
Premiums for vehicles in the open category, which is used mostly for bigger cars, dropped by 0.88 per cent to S$113,000 (RM364,002) — down from the record S$114,001 seen in the previous bidding exercise.
Large cars (above 1,600cc or 97kW) or fully electric cars with output over 110kW saw premiums go down from S$110,003 in the previous bidding exercise to S$107,001.
Premiums for small cars (up to 1,600cc & 97kW) or fully electric cars with output of up to 110kW went up by 1.4 per cent to S$80,000.
Goods vehicles and buses saw COE prices go up by 2.19 per cent to S$56,089.
In the motorcycle category, premiums went up to S$11,000, compared to S$10,910 in the previous bidding exercise.
Premiums for two categories — for large cars as well as in the open category — have been in the six-digit range since the tender exercises in June.
Last month, the Land Transport Authority announced a new counting method for COE quotas which was aimed at reducing supply fluctuations.
Under the new method, the number of COEs available for bidding will be based on a rolling average of deregistrations over the last two quarters. Previously, the number of COEs available for bidding in each quarter was based on the number of vehicles deregistered in the previous quarter and a month’s lag time for processing and computation.
Under the new method, the COE quota for August to October is 10,581.
The LTA said that under the previous counting method, the COE quota for this period would have been 9,394, or 11.2 per cent lower.
Numbers at a glance: Cat A (Cars up to 1,600cc & 97kW or fully electric cars with output of up to 110kW): S$80,000 (up from S$78899) Cat B (Cars above 1,600cc or 97kW or fully electric cars with output over 110kW): S$107,001 (down from S$110,003) Cat C (Goods vehicles and buses): S$56,089 (up from S$54,889) Cat D (Motorcycles): S$11,000 (up from S$10,910) Cat E (Open category): S$113,000 (down from S$114,001)