**Car Ownership Expenditure Premiums Dip Across All Categories in Singapore**
SINGAPORE: In the latest bidding exercise on Wednesday, Certificate of Entitlement (COE) premiums have seen a decrease across all categories. For Category A cars, which include vehicles 1,600cc and below with horsepower not exceeding 130bhp, premiums closed at S$93,601 (US$69,069), down from S$93,699 in the previous exercise. Premiums for Category B cars, which are larger and more powerful, dropped to S$116,625 from S$121,501. Commercial vehicles, including goods vehicles and buses, now have COE premiums at S$65,476, down from S$67,891. Motorcycle premiums also saw a decline, closing at S$7,709 compared to S$9,001 in the previous exercise. Open category COEs, which are versatile but mainly used for large cars, witnessed premiums falling to S$115,112 from S$123,000.
**Increased COE Supply and Bidding Quotas**
Earlier this month, the Land Transport Authority announced an 8% increase in the overall supply of COEs for the upcoming February to April period compared to the previous quarter. The total number of COEs available will be 17,133, up from 15,834 in the previous quarter. The quota for Category A, B, C, and E will see a roughly 10% increase, while Category D will remain unchanged. Bidding under the new quota is set to commence on February 3. This increase in COE supply is in line with the government’s strategy to gradually introduce up to 20,000 additional COEs across all vehicle categories starting from February over the next few years. This initiative is in preparation for the implementation of the ERP 2.0 system for traffic congestion management.
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As a young driver trying to navigate the complexities of car ownership in Singapore, I vividly remember the stress of bidding for a COE. The constant fluctuations in premiums, the uncertainty of securing a COE within budget, and the ever-evolving regulations made the process daunting. Hearing about the recent decrease in COE premiums across all categories brought a sense of relief to many like me. It’s a small win in the larger scheme of car ownership expenditure, making the prospect of owning a vehicle in Singapore a tad more achievable for individuals like myself. The increase in COE supply and bidding quotas also signals a positive shift in accessibility and affordability for potential car owners. With these developments, the road ahead seems a bit smoother for those dreaming of owning a car in the Lion City.