Alright, so COE prices in Singapore took a bit of a tumble in the latest bidding exercise. Most categories saw a decrease, except for commercial vehicles because they always have to be the odd one out, I guess. Category A cars, the smaller ones with less horsepower, saw premiums drop to S$102,501 from S$103,009. On the other hand, Category B cars, the bigger and fancier ones, also experienced a decrease in premiums to S$116,988 from S$119,890. It’s like a sale, but not really.
However, commercial vehicles decided to march to the beat of their own drum and increased their COE prices to S$63,189 from S$62,590. Motorcycles also saw a slight decrease in premiums to S$8,707. Open category COEs, which are pretty much used for large cars, dropped to S$118,010 from S$118,889. A total of 4,432 bids were received, with only 3,060 COEs available. It’s like trying to get concert tickets, but for cars. Last month, the Land Transport Authority announced that the COE quota for the upcoming months will increase by more than 6 percent compared to the previous quarter. More COEs mean more opportunities to drive around in Singapore, I guess.
I’m not really sure why this matters, but the total number of COEs is set to rise to 18,232, which is up from 17,133 in the last quarter. That’s an 8 percent increase, in case anyone’s counting. Compared to the same period last year, there will be a whopping 21 percent increase in the total quota. So, more COEs for everyone, right? Sounds like a win-win situation for car enthusiasts in Singapore.
