Singapore COE Prices Plummet Across All Vehicle Categories
Car buyers in Singapore have received a boost with the latest Certificate of Entitlement (COE) tender exercise seeing significant price drops across all vehicle categories. The Land Transport Authority (LTA) oversaw the auctions where COE certificates for vehicle registration expire.
Category B COEs, intended for larger cars and electric vehicles (EVs), experienced a substantial 12.8% decrease, settling at $115,001. Similarly, Category A COEs for smaller cars and EVs dropped by 9.8% to $110,002. This marks the second consecutive tender exercise where COE premiums for cars have fallen.
The Open category (Category E) COE premium also saw a decrease of 11% to $121,010. Commercial vehicle (Category C) COE rates fell to $76,000, while motorcycle (Category D) COE premiums decreased by 8.4% to $8,600. Notably, COE premiums for smaller cars in Singapore dropped to $110,002.
Despite these decreases, car dealers reported that showroom traffic did not significantly increase, suggesting that other factors may be influencing consumer behaviour.
The recent COE tender exercise has brought relief to car buyers in Singapore with substantial price drops across all vehicle categories. However, the lack of significant increase in showroom traffic indicates that other factors may be at play in consumer decisions. The LTA continues to monitor and manage the COE system to balance demand and supply in the local vehicle market.
