Owning a car in Singapore isn’t easy nor is it cheap, On top of the price of the car itself, those residing in Singapore will have to purchase something called a Certificate of Entitlement which is issued by the Department of Transport and they are usually open for tender every month.
This time when the bid opened, premiums closed mostly higher in the latest bidding exercise on Wednesday (Sep 6), as prices for Category B and Open Category certificates hit new highs again.
For Category A cars, or those 1,600cc and below with horsepower not exceeding 130bhp, premiums closed at S$101,000 (US$74,150), up from S$100,000 in the last exercise.
Premiums for larger and more powerful cars in Category B rose to S$134,889, setting another new high, following the record S$129,890 in the last tender.
COEs for commercial vehicles, which include goods vehicles and buses, rose to S$82,889 from S$82,801 in the previous bidding exercise.
Motorcycle premiums closed at S$10,901, down from S$11,402 in the last exercise.
Open category COEs, which can be used for any vehicle type but end up being used mainly for large cars, rose for the fourth consecutive time to S$137,000 – another new record – from S$131,000 in the previous bidding exercise.
A total of 2,722 bids were received, with a quota of 1,933 COEs available.
