COE premiums go up for all except commercial vehicles in Category C.
SINGAPORE: Owning a car in the most expensive city in the world just got more expensive—again. The price of the Certificate of Entitlement , the permit needed to own and operate a vehicle for 10 years, has now risen to S$150,001 for Category B vehicles that are larger and more powerful than others.
Oct 18 marked the first time that premiums for Category B vehicles breached the S$150,000 mark. Premiums for all but one of the categories went up in the second bidding exercise for this month. COEs for light cars, Category A, went from S$104,000 to S$106,000. For motorcycles , premiums went up from S$10,856 to S$11,201. For the Open Category , which covers all vehicles except motorcycles, premiums rose from S$152,000 to S$158,004.Only for Category C commercial vehicles have premiums gone down.
This means that there is a 24 per cent increase in the quota for light vehicles for October, with an additional 150 COEs made available in each of the two biddings. In November, the quota for COE will rise by 13 per cent for a three-month period ending in January 2024. Categories A and C will see the biggest increases. LTA said on Oct 13 that there will be a total of 12,774 COEs available during this period..
“The skyrocketing price puts cars firmly out of reach of most middle-class Singaporeans, putting a dent in what sociologist Tan Ern Ser said was the ‘Singapore Dream’ of upward social mobility – having cash, a condominium and a car,” noted Reuters’ Xinghui Kok on Oct 4, pointing out that the median yearly household salary is S$121,188.
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