COE prices for small cars at five-month low
05 Feb 2015|9,801 views
According to The Straits Times, prices of car and commercial vehicle Certificates of Entitlement (COE) ended lower in the latest tender yesterday on the back of a larger supply of certificates.
The COE premium for cars up to 1,600cc and 130bhp slid 4.6 percent to a five-month low of $62,002. The COE price for cars above 1,600cc or 130bhp fell by 7.8 percent to a three-month low of $70,890. In absolute terms, this category posted the biggest drop of nearly $6,000.
There are 11,298 COEs available to car buyers from this month to April - 23 percent more than in the previous three months, and more than double the supply for the corresponding period last year.
The premium for Open COEs, which can be used for any vehicle type but end up mainly for bigger cars, dropped 6.3 percent to $71,921 - also a three-month low.
Commercial vehicle COE price dipped 5.3 percent to $52,101 as demand tapered ahead of an expected economic slowdown.
But the motorbike COE premium bucked the trend by climbing 12.6 percent to hit a new record of $5,504 as marginal car buyers edged out by the car loans curb moved over to two-wheelers. There is no restriction on motorbike loans.
Motor industry sources expect COE premiums to continue to trend downwards for the rest of the year, with sharper falls in store for next year.
Mr Nicholas Wong, General Manager of authorised Honda agent Kah Motor, said yesterday's results were 'within expectations'. "It's good that there wasn't a collapse," he said. "But clearly, we see there is weakness in Category B (cars above 1,600cc or 130bhp)." He described the drop in COE prices as an 'early ang pow' that will drive more people to showrooms. Looking ahead, he expects the market to 'soften further on economic fears' this year.
According to The Straits Times, prices of car and commercial vehicle Certificates of Entitlement (COE) ended lower in the latest tender yesterday on the back of a larger supply of certificates.
The COE premium for cars up to 1,600cc and 130bhp slid 4.6 percent to a five-month low of $62,002. The COE price for cars above 1,600cc or 130bhp fell by 7.8 percent to a three-month low of $70,890. In absolute terms, this category posted the biggest drop of nearly $6,000.
There are 11,298 COEs available to car buyers from this month to April - 23 percent more than in the previous three months, and more than double the supply for the corresponding period last year.
The premium for Open COEs, which can be used for any vehicle type but end up mainly for bigger cars, dropped 6.3 percent to $71,921 - also a three-month low.
Commercial vehicle COE price dipped 5.3 percent to $52,101 as demand tapered ahead of an expected economic slowdown.
But the motorbike COE premium bucked the trend by climbing 12.6 percent to hit a new record of $5,504 as marginal car buyers edged out by the car loans curb moved over to two-wheelers. There is no restriction on motorbike loans.
Motor industry sources expect COE premiums to continue to trend downwards for the rest of the year, with sharper falls in store for next year.
Mr Nicholas Wong, General Manager of authorised Honda agent Kah Motor, said yesterday's results were 'within expectations'. "It's good that there wasn't a collapse," he said. "But clearly, we see there is weakness in Category B (cars above 1,600cc or 130bhp)." He described the drop in COE prices as an 'early ang pow' that will drive more people to showrooms. Looking ahead, he expects the market to 'soften further on economic fears' this year.
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