COE Prices Increase by Over 10 Percent after Government’s Zero Vehicle Growth Declaration

COE prices rose by more than 10 percent across all categories at the end of the latest bidding exercise today.

This comes after the government announced last month that it will cut the growth rate of vehicles in Singapore to zero from Feb 18.

This is the result of the latest COE bidding exercise:

Cat A (Cars up to 1600CC & 97KW): S$47,112 (up from S$41,617) 13%
Cat B (Cars above 1600CC OR 97KW): S$57,414 (up from S$49,996) 15%
Cat C (Goods vehicles and buses): S$58,036 (up from S$51,890) 11%
Cat D (Motorcycles): S$5,502 (up from S$4,903) 11%
Cat E (Open category): S$57,000 (up from S$52,000) 10%

On Monday (6 Nov), Senior Minister of State for Transport, Dr Lam Pin Min said in Parliament on that a zero growth rate for cars and motorcycles from February is not expected to affect the quota and COE premiums.

But some analysts have raised concern that panic bidding might spur prices of COEs.

The government had announced that it will cut vehicle growth from the current 0.25 percent to zero, with the aim of moving towards a car-lite society.

The growth rate for goods vehicles and buses in Category C will remain unchanged at 0.25 per cent until the first quarter of 2021.

LTA said this is to provide businesses more time to improve the efficiency of their logistics operations and reduce the number of commercial vehicles they require.



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