First COE bidding for the year sees premiums climbing high

The first COE bidding exercise for the year sees prices in all categories rising.

Premiums for Category A, for cars up to 1,600cc, have experienced a sharp hike of 11 percent, from $81,889 late last year to $92,100.

Category B premiums, for cars bigger than 1,600cc, were valued at $93,501 last December, and have now reached a new high of $96,210 - a 2.8 percent increase.

Premiums for the open category increased by a modest $111 to $96,101, from $95,990 last year.

According to The Straits Times, the longer three weeks break and a rush for more premiums before the reduction of COE quotas, are likely to be the reasons for the high demand.