With just three weeks to Christmas, the season of joy has descended early to all motorists in our little red dot as COE premiums across all categories fell, including Category A, which saw a small hike at the end of the last session in late November.
Category A COEs, for cars of engine displacement up to 1,600cc, went down by $ 1,831 - a modest 2.44 percent drop - to end the tender at $73,160.
Category B COEs, for cars of engine displacement exceeding 1,600cc, dived by $6,290 - a wide 7.93 percent drop - to end the tender at $73,010. The reduction marks the fourth straight drop in premiums for this Category after spiking to as high as $93,500 back in early October.
The reduction can be credited to the tweaks that were announced to the COE system, where more cars will fall under Category B early next year. With just three more biddings to go, it seems most buyers are playing the waiting game before deciding on changing their vehicles.
Besides, with the Government's keen interest in reducing car growth and encouragement of utilising public transportation in years to come, the drop in COE premiums across several sessions could also signify a shift in purchasing habits.
COEs for Category E, or the Open Category, went down by a small margin, decreasing by $6,099 to end the day at $76,901 - down from $83,000 at the end of the last exercise - accounting to a percentage difference of 7.34.
