COE premiums up across most categories; Cat A price climbs 3.7% to $128,501
The motorcycle COE premium recorded a 7.6 per cent increase to $11,301.
Category A COE prices climbed to $128,501 at the Aug 19 tender, marking a 3.7% increase from the previous tender. This price rise is significant as Category A COEs are designated for smaller, less powerful cars and electric vehicles. The Category B premium for larger, more powerful cars and EVs also saw a modest rise to $131,001, an increase of 0.8%.
On the other hand, the motorcycle (Category D) COE premium jumped by 7.6%, from $10,503 to $11,301, becoming the fourth consecutive year it crossed the five-digit mark. Open category COEs (Category E), transferable and used for any vehicle type except motorcycles, rose 3.1%, reaching $135,000. Commercial vehicle (Category C) COE prices, however, fell by 1.7% to $90,002.
Despite the overall price increases, commercial vehicle COE prices saw a decline. Bidders struggled to secure COEs in the Aug 19 tender, with 1,600 bids for 1,197 COEs, leading to 403 unsuccessful bids. Commercial director Ng Choon Wee of Komoco Motors anticipates Category A COE prices to continue rising due to high demand. He also expects Category B COE prices to surge in the upcoming tender if their premiums don't remain close to Category A's.
Motorcycle COE premiums are expected to keep climbing, too, as they've normalized after reaching record highs in the past two years.
Written by urgent.news from Straits Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
