Prices of cars are set to rise after the certificate of entitlement (COE) tender exercise on Sept 3 saw the premium for smaller and less powerful cars hitting a record of $107,889.
The latest price of Category A COEs, used to register smaller and less powerful cars and electric vehicles (EVs), was 3.2 per cent higher than the $104,524 in the previous tender on Aug 20.
It also broke the record of $106,000 set at the second exercise in October 2023.
For Category B, which is meant for larger and more powerful cars and EVs, the premium was $127,501, an increase of 2.5 per cent from $124,400 recorded at the last exercise.
This is the third consecutive tender exercise that saw the price of this COE category rising, and the price is the highest since December 2023 when it was $130,100.
The price of an Open category (Category E) COE was $127,901 – 2.3 per cent more than the $125,001 in the previous tender.
Open category COEs can be used to register any vehicle type other than motorcycles, but are almost always used for bigger and more powerful cars.
The price of COEs for commercial vehicles (Category C) was the only one to post a dip, ending at $71,556 – 0.9 per cent down from $72,190 previously.
At $9,101, the motorcycle (Category D) COE price was 3.3 per cent above the $8,809 registered two weeks ago.
The next tender exercise closes on Sept 17.
Lee Nian Tjoe for The Straits Times
Cat A COE price hits new high of $107,889
