Higher Proportion of Less Expensive Cars in Category A with New Categorisation Criterion
The Land Transport Authority, LTA, says there has been a significant drop in the median Open Market Value or OMV of cars registered in Category A since engine power was made a criterion in February.
A larger number of cars with lower OMVs was also registered under the category.
The median OMV of cars registered in February, using Cat A COEs obtained after re-categorisation, dropped by 28 per cent to $18,845.
The percentage of cars with OMV at or below $15,000 has increased to 25 per cent of all Category A registrations from eight per cent; those with OMV at or below $20,000 has doubled to 58%; and those with OMV at or below $25,000 has increased to 74 per cent.
The objective of the re-categorisation was to ensure that Category A better achieves its original social equity purpose of serving mass-market car buyers, given the rising proportion of higher-end cars appearing in the category in recent years.
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