It remains to be seen if COE premiums will continue scaling new heights, but with a projected quota shrinkage for May to Aug, don't expect a sudden cooling off.
COE supply is projected to increase slightly, but that is unlikely to reverse the continued upward climb in COE prices.
Fewer projected car deregistrations will lead to significant COE quota shrinkage in the upcoming quarter, which will continue to drive COE prices upward.
With lower car deregistration, the average monthly COE supply for February to April 2021 is projected to decrease by 11%.
COE supply is set to increase for the upcoming quarter due to increased vehicle deregistrations in August and the return of quota of the suspended COE bidding.
With higher vehicle deregistrations for July and the return of quota of the suspended COE bidding, COE supply is set to increase for Nov-2020 to Jan-2021.
A guide to scrapping or exporting your car, calculating your scrap & deregistration value and how to get a higher selling price when your COE expires
Deregistering your car and paying the vehicle transfer fee is just a few clicks (and a Singpass) away through the One Motoring website.
Owners of older, more pollutive motorcycles will receive incentives of up to $3,500 if they de-register their vehicles over the next five years.
Is your COE expiring? Here's a guide when deregistering your car if you need to check its deregistration value, enquire on PARF/COE rebates, or you're looking to scrap it.
Slowdown in deregistrations of old cars as taxi app firms, such as Uber and GrabTaxi, snap up near-COE-expiry cars for their fleets.
Motorists holding onto their cars suppresses deregistration and restricts new COEs, thereby keeping COE premiums at their current high.
The Business Times expects an increase in COE quotas for the next six months, starting August 2013, as more vehicles will be deregistered.