Updated: 02/06/2014 02:50

COEs were mixed in the first open bidding exercise for this month



COEs were mixed in the first open bidding exercise for this month

COE premiums were mixed in the first open bidding exercise this month. 

Premiums for big cars saw the biggest decrease, down by $3,700 to $75,300.

For the Open Category, it was down by $1,800 to about $77,000. 

Premiums for small cars had the smallest fall, down by $730 to some $71,600.

Today's exercise is the first since COE quotas were cut by almost 13 per cent compared to the last bidding exercise in January. 

From this month, cars with engine power output exceeding 97 kilowatts will also come under Category B for big cars.

Mr Raymond Tang, secretary of the Singapore Vehicle Traders Association explains the drop observed in this round's exercise. 

"That's not considered a drop because when COE premium is seventy over thousand, that drop is not significant. I think, when there's some policy changes, like this round, a lot of people will definitely be staying on the side lines, taking a look at what's coming up. Next round, we'll definitely be seeing COEs going up again, for example, backlog for Cat A is still a lot, at 700 over pieces of orders against only 300 over pieces of COEs given." 

Commercial vehicles and motorcycles on the other hand, saw a rise in premiums. 

The biggest rise in dollar terms was seen in the commercial vehicles category. 

It rose by about $1,000 to $51,000 - 

While premiums for motorcycles continued to climb this month - by $347 to about $3,051.

Latest Photo Galleries on xinmsn

NEWS VIDEOS