Certificate of Entitlement (COE) prices for cars (Cat A, B and E) surged 12.1% in the first tender exercise of April as supply of COEs remains limited.
Premiums for cars below 1,600cc or 130bhp (Cat A) rose 9.4% to $29,159.
Premiums for cars above 1,600cc or 130bhp (Cat B) rose 9.4% to $43,102.
For the “Open” Category (Cat E), which is typically used for bigger cars, premiums rose 17.6% to $48,209.
Higher COEs to Come
The Quota for COEs this exercise was 4,386, 13% lower than the Nov-Jan period.
COEs for cars (Cat A, B and E) have already risen by 40% since its December low.
However, with the limited availability of quotas expected to continue until the end of April, Steer expects further rises in COE prices and encourages potential car owners to make their purchase soon.
Cars are a large ticket item while maintenance can be expensive and confusing. Steer’s 5% cashback and exclusive discounts allow customers to save money while our simple-to-use platform allows car owners to find reliable car workshops.