Car COE premiums dip in first round of June bidding exercise

In the first COE bidding exercise for June, COE premiums for Cat A, B and E all decreased by over $1,000 each.

Premiums for Cat A, for cars up to 1,600cc in engine capacity and with an output of no more than 130bhp, decreased by $1,575 (4.1 percent) and ended at $36,426.

Premiums for Cat B, larger cars with more than 130bhp or engine displacements larger than 1,600cc, went down by $1,989 (5.2 percent) and ended at $36,000.

In Cat E, the open category, premiums went down by $1,700 (4.4 percent), with premiums closing at $37,000.

The drop in COE premiums since the last tender is not surprising, considering the fact that hundreds of Uber's unhired cars have hit the used car market since the app shut down, many of which consist of Mazda3 sedans and Honda Vezels.

Their relatively low prices ($70,000-plus for a Mazda3, compared with around $90,000 for a brand new one) are seemingly still impacting the sales of new cars.