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Motorists see the latest COE prices rise to a 10 year high across the board
09 Dec 2010 | Local News : Singapore
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Latest COE prices have hit their highest since 2000 following a sharp increase in the latest bidding exercise which ended on Wednesday.
Yesterday's results saw cars in the Cat B (above 1,600cc) rise by $14,612 to a stratospheric amount of $62,502. This means that the list price for a Volkswagen Golf GTI has risen from $173,800 to a staggering $189,300.
In Cat A (below 1,600cc), prices rose by $8,604 to an equally staggering amount of $47,604. This sees the price for a Toyota Vios rise from $76,662 to $86,662.
While the increases were expected following LTA's announcement to decrease the COE quotas, dealers were not prepared for the sharp increases. Though the jump in the Cat B segment was sharp, sources quoted said that buyers in the luxury car segment will not be affected much.
First time car buyers however might have to consider buying a second-hand set of wheels instead.
Industry sources quoted said that they expect the COE prices to approach the $100,000 mark when LTA implements further cuts to the quota by February. This will see COE prices rise to the same heartstopping levels of the mid-1990s where even a Toyota Corolla cost as much as $120,000.
