THE single most precise, irrefutable and unmassageable indicator of the economy is COE price. More relevantly, Category B certificate of entitlement, which is used for big cars.

For the last few years, prices for this group of COEs have been averaging lower than those for smaller and less expensive cars.

Then almost suddenly, in March, the trend reversed. Big-car COE prices moved to the fast lane, and has stayed higher than small-car COEs since.

The last time big-car COE took its rightful place was in the bull run of the mid-1990s.

But you don't need to pore over historical COE charts to know that people are splurging on cars again.

Just saunter down to Orchard Road, Holland Village, Dempsey Hill and the Havelock nightclub stretch and you will find vivid proof.

Sports cars in brilliant hues of red, yellow and orange dot the entertainment landscape. And sometimes, the evidence is more than visual.

"Quite often, we hear supercars roaring down Orchard Road late at night. There must be many of them because the sound is loud enough to wake us up," quips German expat Reinhold Carl, 52, who lives near the shopping belt.

Sales of sports cars and other high-end cars have been creeping up since last year. But they are accelerating dramatically this year.

In the first six months of this year, buyers here snapped up 166 Porsches, compared with 168 units for the whole of last year. Prices start at around $240,000.

Ferrari sold 28 cars in the first half - two more than what it delivered for the whole of last year - with the entry-level model going for just under $800,000. Lamborghini sold 25 cars, close to its 2006's volume of 29 units, and averaging $870,000 each.

Bentley moved 22 cars up to June (36 for full-year 2006), Maserati 20 (30 last year) and Aston Martin sold 10 cars in the six months (11 for whole of last year). Bentleys and Astons start at around $700,000, while Maseratis start at
$340,000 or so.

And Rolls-Royce has garnered half a dozen orders for its $1.75-million Drophead Coupe, due to arrive later this year.

If the momentum continues - which it undoubtedly will - most, if not all, of these superlative brands will post record sales by the end of the year. Fuelling the auto boom is a new breed of buyers.

Entrepreneur Karsono Kwee, 59, who sells Porsches, observes that "most of the buyers now are first-time customers".

The Porsche fever has helped his Trans Eurokars group post a turnover of over $150 million to date this year. Turnover for full-year 2006 was $200 million. Other makes are also experiencing brisk sales at the high end. Mercedes-Benz dealer Cycle & Carriage for instance, delivered 16 SL roadsters, each starting from $387,888, in the first half. It sold 12 for the whole of last year.

The bonanza has spilled over to Toyota parallel importer Richburg Motors, which focuses on upscale models like the Harrier SUV and luxury MPVs like the Estima and Alphard.

Richburg sales manager Eddie Lo, 30, says it delivered 401 cars in the first half - which is close to three-quarters of what it sold for the whole of last year.

"Business this year is much, much better," Mr Lo says.

What is driving the sales of bigger, faster, flashier cars, though?

Car enthusiast Kevin Kwee puts it down to a new "wealth factor".

"It is all the money people are making from property deals," the 37-year-old businessman notes.

Observers reckon the boom will continue for some time to come. The two integrated resorts coming onstream by the new decade are expected to draw a number of high rollers to town.

Chances are they won't be arriving at the casinos in a family sedan.