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21 Aug 2013 | Local News : Singapore
At the end of the 2nd bidding exercise in August, small cars are still proving to be popular - probably driven by new model launches with downsized engines.
Category A COE premiums for cars with engine displacement up to 1,600cc is still on the path of gradual progression. Cat A premiums have increased from $75,556 two weeks ago to $76,223 - a difference of 0.8 percent.
Compared to the 1st bidding exercise in April, Cat A COE premiums have increased by over 19.9 percent today.
Category B COE premiums - for cars with engine capacities above 1,600cc - experienced a slight drop again after a gradual increase two weeks ago. Premiums under this category ended at $76,607 - a difference of $993 or a percentage difference of 1.2 percent.
The Open Category COE premiums or Category E as commonly known, ended a tad shy of the $80,000 mark. The bidding process closed at $79,223 - a 1.5 percent increase from the amount recorded during the 1st August exercise at $77,989.
Despite LTA's announcement of increased COE quotas across all categories for the rest of the year, demand for premiums in all categories are still strong - especially for cars with smaller engines - as evident by the continual climb of COE premiums in Category A.
We presume the launch of premium marques with small 1.6-litre engines like the BMW 316i, Kia Forte K3, Mercedes-Benz A200 and the Volkswagen Mk7 Golf could be driving the demand among customers. Moreover the fluctuating nature of Category B and E premiums between $75,000 and $80,000 probably indicates a gradual decline of interest for cars with bigger engines.
Apparently it seems motorists here are following the downsizing trend currently practiced in the motoring industry - but without compromising on style.
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