The gap in prices narrowed between big and small car Certificates of Entitlement (COEs) on Wednesday in the latest bidding exercise, as premiums rose across the board.
Wednesday's bidding is the first since an 8-per cent increase in COE quotas for the coming six months kicked in.
Premium for small cars went up by S$1,567 to S$75,556.
The COE price for big cars rose by S$1,211 to close at S$77,600.
The open category premium also increased S$1,187 to hit S$77,989.
The COE price for commercial vehicles saw the biggest jump of S$3,215 to reach S$68,251.
Motorcycle COE price went up by S$80 to end at S$1,792.
Car dealers Channel NewsAsia spoke with were not surprised by the price increases, and expect premiums to hover around this level in the months ahead.
Raymond Tang, honorary secretary of Singapore Vehicle Traders Association, said: "It's expected that (the prices in) all categories should be up, because the thing is that 8 per cent increase for the next six months is not enough to supply. COE of all categories have been suddenly moving up tremendously because of the demand for the new cars and that's why I think that it will still be going up."
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The demand for new cars is not letting down. It makes one wonder where did all these people come from huh? Having to afford a 40% downpayment in cash at least and financing the loan within 5 years.
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