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.
MORE 938LIVE SINGAPORE NEWS
Latest Photo Galleries on xinmsn
Dutch police heading up the international probe into the downing of Malaysia Airlines flight MH17 said Thursday that the situation around th... More Dutch police heading up the international probe into the downing of Malaysia Airlines flight MH17 said Thursday that the situation around the crash site remains perilous despite a small team managing to access the scene. Duration: 00:59
Date 27 mins ago, Duration 0:58, Views 0