COE premium for motorcycles drops after change in bidding process; other COE prices are higher
SINGAPORE – Certificate of Eligibility (COE) prices increased in all categories except motorcycles on Wednesday, March 23.
The premium for this category fell after the introduction of new measures on March 14 to moderate premiums.
The COE premium for motorcycles, which has seen sustained highs in recent months, ended slightly lower at $10,501 – down 7.9% from the $11,400 seen on the call. previous offers.
For cars up to 1,600cc and 130hp, the COE premium increased by 4.5%, from $68,501 to $71,556.
The COE price for cars with larger engines or more horsepower increased 4.2% from $94,889 to $98,889.
The utility vehicles and buses category saw the premium increase by 5.3%, from $48,889 to $51,504.
The bounty for Open COE, which can be used for any type of vehicle except motorcycles but mostly ends up in larger cars, was slightly higher at $99,010, compared to the previous bid of $98,890. $.
Wednesday’s bidding exercise was the first since changes were introduced for motorcycle centers of excellence.
Earlier this month, the Land Transport Authority (LTA) announced that the application deposit would be reduced from $200 to $800 and that the validity period of COEs would be cut in half from six months to three months.
The amount will be forfeited if the COEs are not used within three months and returned to the pool for auction.
These changes were reportedly made to “encourage prudent bidding behavior”.
Mr. Rex Tan, Chairman of the Singapore Motor Cycle Trade Association, said bids submitted in the motorcycle category might have been influenced by the shortened validity period of a secured COE.
He expects the premium to hover around this level or even show a slight reduction in the coming months.