COE prices lower across the board
Certificates of entitlement (COEs) ended lower across the board at the latest tender yesterday as fleet owners continued to hold off new purchases on the back of an oversupply.
COE for cars up to 1,600cc and 130bhp closed 2.1 per cent lower at $38,000.
COE for cars above 1,600cc or 130bhp fell by 5.1 per cent to finish at $37,010 - its lowest in nearly eight years.
Open COE, which can be used for any vehicle type except motorcycles, ended 2.6 per cent lower at $38,000 - its lowest in more than eight years.
Commercial vehicle COE slid 2.8 per cent lower to close at a 24-month low of $35,001. Premiums for the speculative motorcycle category ended 5.1 per cent lower at $7,602.
Motor traders said an oversupply of vehicles such as private-hire cars has caused a drought of fresh bookings from fleet operators.
Mr Ron Lim, general manager of Nissan agent Tan Chong Motors, added that the new Vehicular Emissions Scheme continued to depress premiums.
Many new cars now do not qualify for rebates, with some attracting surcharges. - CHRISTOPHER TAN