Following staggering COE premium hikes two weeks ago, COE prices have again skyrocketed to their highest levels in 13 years at the end of the latest bidding exercise on Wednesday.
COE premiums for the Open Category jumped $11,202 to $76,102, while the price for cars over 1,600 cc rose $9,499 to $72,001.
For cars 1,600 cc and below, the COE price dipped from S$47,604 to $46,129, while premiums for motorcycles fell by $150 to $1,551. Premiums for goods vehicles and buses increased by $1,500 to $33,501,
According to Channel NewsAsia, industry players expect prices to increase next year, possibly hitting the $100,000 mark.
The surge in COE prices may be attributed to the current high demand for vehicles before the upcoming COE quota cut, which will commence from February 2011.
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