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In the second round of bidding for October, Certificate of Entitlement (COE) prices rose across all categories.
Car buyers could have been more eager to make their purchases this week due the extensive 10.10 deals offered by the various dealers earlier this month, as well as the anticipated decrease in COE supply for the upcoming quarter announced by the LTA last week.
Get data on past COE bidding exercises at our COE bidding results page.
Cat A COE - Breaking the $50,000 barrier
Premiums for Cat A, for cars up to 1,600cc in engine capacity and with an output of no more than 130bhp, increased by $5,708 (12.1 per cent) and ended at $52,709 this bidding round.
This new jump for Cat A sees premiums for the category currently standing at 20.1 per cent higher than the 12-month trailing average.
The number of unsuccessful bids this round exceeded the available quota by 61 per cent. This far surpasses the 12-month average of 39 per cent for the category.
Cat B COE - Five-digit climb this session
Premiums for Cat B, for larger cars with more than 130bhp or engine displacements larger than 1,600cc, continued to climb for this fifth consecutive time this bidding round.
The premium for Cat B rose by $10,010 (14.3 per cent) this session to reach $80,210.
This lastest climb has brought premiums for the category up to 50.3 per cent above the 12-month trailing average.
The total number of unsuccessful bids this round exceeded the quota available by 60 per cent, higher than the 12-month average of 40 per cent.
Cat C COE - Jumping back upwards
Premiums for Cat C, for goods vehicles and buses, rose by $1,611 (4.1 per cent), closing at $40,501.
The number of unsuccessful bids this round exceeded the available quota by 100 per cent, higher than the 12-month trailing average of 81 per cent.
Cat E COE - A $12,244 leap this session
In Cat E, the open category, premiums rose by an impressive $12,244 (16.8 per cent) this session, closing at $85,000.
The premium for this bidding round now stands at 54.8 per cent above the 12-month trailing average.
The number of unsuccessful bids this round exceeded the available quota by 86 per cent. The 12-month trailing average for this figure is 65 per cent.
Prevailing Quota Premium
The Prevailing Quota Premium is the amount to be paid for COE renewal and is computed from the moving average of the previous three-months of COE prices. Those looking to renew the COE on their cars will thus have to pay the following prices for the respective months.
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This article was first published in sgCarMart.