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The Land Transport Authority (LTA) has completed its mid-quota year review of the Certificate of Entitlement (COE) quota for quota year 2008 (from May 2008 to April 2009).
For the remaining bidding exercises for this quota year, from October 2008 to March 2009, the monthly quota of COEs for Category A (Cars with engine capacity 1,600cc and below and taxis), Category C (Goods Vehicles and Buses), Category D (Motorcycles and Scooters) and Category E (Open Category) will be reduced by 9.6%, 30%, 8.1% and 13.9% respectively. No revision has been made for Category B (Cars with engine capacity 1,601cc and above).
The industry expects this change to push the COE prices of small cars to around S$18,000, which could make more car owners want to switch to public transport instead.
At the moment, prices for Category A certificates cost S$14,100, an increment of S$4,599. Prices for large cars dipped slightly to S$13,301 - down by S$88. The prices for commercial vehicles and motorcycles also rose by S$1,001 to S$14,890 and by S$102 to S$1,554, respectively.
The 30 per cent reduction for the Goods Vehicles and Buses category has also worried many dealers, who said the rise could affect their businesses.
LTA reported that in the first eight months of 2008, the actual de-registrations of small cars, goods vehicles, buses and motorcycles were lower than projected, resulting in the quota being reduced. Category B figures were not adjusted as they were close to LTA's estimates.
The revised monthly quotas for the affected vehicle categories will be effective from the October 2008 first COE bidding exercise which begins on 6 October 2008.