COE for goods vehicles up again
A month after hitting a six-year low, the certificate of entitlement (COE) premium for commercial vehicles jumped by around 25 per cent yesterday.
While the COE price for other categories of vehicles ended mostly lower, the premium for commercial vehicles closed at $38,501, up from the previous price of $30,600.
Mr Neo Nam Heng, chairman of diversified motor group Prime, said this was a spillover effect from early May, when the COE for goods vehicles dropped to $26,029, driving up demand.
The COE for good vehicles hit nearly $50,000 in February.
Last month's low was due to a six-fold increase in the monthly quota for goods vehicles, Singapore Vehicle Traders Association president Michael Lim said.
The quota increase was due to a large number of vans, trucks and lorries reaching their 20-year statutory lifespan.
Mr Lim expects the COE to drop in the next rounds as owners of commercial vehicles replace their older diesel vehicles with newer Euro 6 compliant ones under the early turnover scheme.
In other vehicle categories, the downward COE price trend continued for both big and smaller cars.
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