CERTIFICATE of entitlement (COE) premiums for cars shot up in the latest tender yesterday, 8th December 2010.
The bidding frenzy was sparked by fears that quotas would be slashed in February to a 20-year low.
The premiums chalked up their single-biggest increases in more than a decade, with rates for bigger cars rising by more than 30 per cent.
The COE premium for cars of up to 1,600cc ended at $47,604 - $8,604 or 22.1 per cent higher than its rate at the last tender three weeks ago. The premium for cars above 1,600cc soared by 30.5 per cent to $62,502, from $47,890 previously.
For Open COEs, which can be used for any vehicle type but end up being used mainly for bigger cars, the premium was 30.1 per cent or $15,010 higher at $64,900.
The prices are among the highest since the vehicle quota system started in 1990. The last time premiums were this high was back in the 1990s.
Very soon, cars will only be a luxurious item in Singapore roads. COEs are now more expensive than the car itself. Pay the price of two cars to drive one, will this lower the car population? I have my doubts.
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