SINGAPORE: The Certificate of Entitlement (COE) for small cars hit another all—time high to close at S$92,100 at the end of the latest bidding exercise on Wednesday.
The premium for cars 1,600cc and below (or Category A) rose S$10,211 to surge past the previous high of S$81,889 recorded in the previous bidding exercise on December 19, 2012.
The premium for big cars (Category B, 1,601cc and above) also increased S$2,709 to S$96,210.
COE in the Open category climbed S$111 to S$96,101.
Motorcycles’ COE (Category D) rose to S$1,933, up S$232.
For goods vehicles and buses (Category C), a COE will cost S$60,000, lower than the S$62,201 in the previous bidding exercise.
Car dealers said the expected further cuts in COE quotas is prompting many to bid now rather than later.
Raymond Tang, honorary secretary of Singapore Vehicle Traders Association, said: "Consumer can also consider going into the used car market and buy these cars because there is enough supply for the demand. That is why in the used car market, even when the COE goes up rocket—high, the price is still very stable."
Mr Tang added that the relatively stable economy means people still have spending power, another factor adding to the demand for cars.
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