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Monday, June 24, 2024
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COE CAT A UP AGAIN, NOW S$89,000

Certificate of entitlement (COE) premiums have increased in the latest tender exercise on April 3, 2024, except for commercial vehicles. The COE premium for Category A, which includes smaller, less powerful cars up to 1,600cc and 130bhp, as well as electric vehicles (EVs) with up to 110 kilowatts of power, has risen to S$89,000, a 4.1% increase from the previous tender exercise.

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Category B, which covers bigger, more powerful cars above 1,600cc or 130bhp, and EVs with more than 110 kilowatts of power, has seen a 5.5% increase in COE premium to S$101,334. The open category COE price has also increased by 5.4% to S$101,002. Open category certificates can be used to register any vehicle type except motorcycles, but they are almost exclusively used for larger, more powerful cars.

The motorcycle COE premium rose by 3.2% to S$10,000, while the commercial vehicle COE premium fell by 3.7% to S$67,501.

The increase in COE premiums is due to the higher demand for cars and the limited supply of COEs. The latest tender exercise saw a total of 3,794 bids received for the various categories, with the highest number of bids received in Category A (1,644 bids) and Category B (1,372 bids).

The rise in COE prices may affect car buyers’ decision to purchase a new car, as the higher prices could deter some buyers. However, those who have already budgeted for a new car may still go ahead with their plans. It is advisable for potential car buyers to monitor the COE prices and wait for a dip before making a purchase.

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The next tender exercise will be held on April 17, 2024, and the results will be announced on April 20, 2024.

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