Oh Yes!! COE prices hit fresh highs

Some car dealer calls it a tsunami, another describes it as the point of no return. Not sure if this is a good news, but for now, I think it is.

These best sum up sentiments, after COE prices hit fresh highs on last Wednesday in the first bidding tender since a reduction in COE supply kicked in. The biggest increase was in the big-car category, where the premium jumped S$9,412 to S$45,501. The COE for small cars meanwhile rose S$5,612 to S$34,001. The premiums for both categories hit fresh highs that were last seen some 8 to 10 years ago.

To put the figures in perspective, the COE for small cars was about S$5,000 about one year ago. Now, it is 7 times more. For big cars, the COE is now 9 times more than what it was a year ago. In the Open Category, where the COEs can be used for any vehicle type but end up usually for cars, the premium climbed S$6,999 to S$49,000 on Wednesday. Meanwhile, the COEs for commercial vehicles rose S$3,621 to S$36,511. For motorcycles, the new premium was S$21 higher at S$1,221.

Though dealers and buyers were braced for the prices to head north, they were still shocked and concerned. Now the world knows that a virtual paper is more expensive than a car in Singapore.