June 2018 COE Results 2nd Bidding: Premiums Drop Even Further, Lowest in 8 Years
COE premiums for cars, including those in the Open category, fell to their lowest in 8 years in the latest bidding exercise for June 2018.
COE premiums for cars, including those in the Open category, fell to their lowest in 8 years in the latest bidding exercise for June 2018.The latest bidding exercise, which closed on Wednesday afternoon, saw COE premiums for Cat A (Cars up to 1600CC & 97KW) drop from S$36,426 to $34,110 – a 6.4% decrease, and its lowest since November 2010.
For Cat B (Cars above 1600CC or 97KW), premiums saw a drop of $2,100, from $36,000 to $33,900. Falling by 5.8%, this amount is also at it lowest since March 2010.
Cat C (Goods vehicles & buses) is the only category that saw an increase in this latest bidding. Prices jumped by $2,099—from $29,902 to $32,200, a 7.7% increase.
As for Cat D (Motorcycles), COE prices dipped marginally, from $7,001 to $6,889 – a 1.7% decrease.
Lastly, COE premiums are also at an 8-year low for Cat E (Open category). Falling by 7%, prices closed at $34,400 from $37,000. This amount is at its lowest since March 2010.
According to industry experts, the plummeting COE prices for vehicles are mainly due to changes to the Vehicle Emissions Scheme (VES).
Taking effect from 1 July 2018, particulate matter will be included into the lists of pollutants under the VES. This will likely result in several car models becoming more expensive due to heftier tax surcharges.
To offset these charges, it seems dealerships are placing lower bids to sell off vehicles that affected by the new VES changes.
Here’s a summary of the latest bidding exercise for June 2018.
|
Category |
Current COE premium |
Previous COE premium |
Difference |
|
A – Car up to 1600CC & 97KW |
$34,110 |
$36,426 |
$2,316 (-6.4%) |
|
B – Car above 1600CC or 97KW |
$33,900 |
$36,000 |
$2,100 (-5.8%) |
|
C – Goods Vehicle & Bus |
$32,001 |
$29,902 |
$2,099 (+7.7%) |
|
D - Motorcycle |
$6,889 |
$7,001 |
$112 (-1.6%) |
|
E - Open |
$34,400 |
$37,000 |
$2,600 (-7%) |
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Read more: June 2018 COE Results: Premiums at their Lowest for 2018
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