Small car COEs rise
Certificate of Entitlement (COE) prices for cars (Cat A, B and E) rose a more moderated 3.6% in the first tender exercise of May, lower than a significant 11.3% increase in the last exercise.
Premiums for cars below 1,600cc or 130bhp (Cat A) rose 10.6% to $36,704.
Premiums for cars above 1,600cc or 130bhp (Cat B) was largely unchanged at $48,010.
For the “Open” Category (Cat E), which is typically used for bigger cars, premiums were also largely unchanged at $52,502.
Higher COEs to Come
The Quota for COEs this exercise was 4,271, 3% lower than the Feb-Apr period.
COEs for cars (Cat A, B and E) have already risen by 60% since its December low and Steer believes this exercise is temporary relief for potential car buyers.
However, with the limited availability of quotas expected to continue until the end of July, Steer expects further rises in COE prices and encourages potential car owners to make their purchase soon.
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