SINGAPORE : COE
prices for cars hit their highest since 2000, after sharp increases
in the latest bidding exercise which ended on Wednesday.
COE premiums for big cars
of more than 1,600cc rose a hefty S$14,612 to S$62,502.
The COE price for the
Open Category, where the certificates are usually used to buy cars,
was up S$15,010 to S$64,900.
For cars of 1,600cc and
below, COE rose S$8,604 to S$47,604.
Car dealers said they
expected COE premiums to increase as some customers want new cars
for the Lunar New Year.
"We expect the uptrend to
be around S$3,000 to S$5,000, but this time round, it went by about
S$15,000. Still, it does not affect us that much because our client
base is on the luxury cars market. To them, the S$10,000 to
S$15,000 is not that much," said Geraldine Lim, sales manager of
Hybrid Motors.
Still, it's not clear if
that will be the case in future as further cuts in COE quotas are
expected in February next year.
Industry players said
they expect COE prices to move up even more next year - possibly
hitting the S$100,000 mark.
They said they are
already seeing fewer first-time buyers who most probably would now
have to settle for a second-hand car instead.
Ms Lim added that the
price of cars would go up with COE being on the uptrend
Dealers said those want
to get a new ride have to decide now.
"I think they would
probably need to buy it within this month, because Lunar New Year
is quite early - which is in early February - we don't have a lot
of time for COE bidding. So those who hope to get their cars by
Lunar New Year would probably have to make a commitment now," said
Chin Kee Min, senior manager of Kia Motors.
The higher COE premiums
would also hit those who have not had their car prices guaranteed
by dealers harder.
"I just bought my car a
few weeks ago, the price was guaranteed so ... for me the purchase
price was fixed. But those who did not buy a guaranteed COE
package, they may have to top up for the COE," said one car
buyer.
Some dealers are making
the effort to attract those who are less
price-sensitive.
The COE premiums for
goods vehicles and buses increased S$799 to S$32,001, while those
for motorcycles was up S$200 to S$1,701.
- CNA /ls
Gosh, there goes my dream car.... 