When the news broke that COE premiums were at its lowest in eight years, everyone went crazy. But as we expected, COE premiums were going to rise in the latest bidding exercise (18 July 2018). And truth be told, it did.
COE Premiums rose
As expected, COE premiums across various categories rose in the latest bidding exercise after falling significantly 2 weeks ago.
Apart from premiums of Category C and D, premiums from Category A, B and E experienced an increase.
Closing at $7,699 higher, Category A premiums for car up to 1600cc & 97kW closed at $32,699, while category B premiums for cars above 1600cc or 97kW closed at $32,551, an increase of $1,699.
Also closing higher than the previous round of $31,001, Category E premiums for open vehicle closed at $32,809 this time round.
Premiums in Category C and D continued to fall.
Category C premiums for commercial vehicles such as goods vehicles and buses closed at $30,889, a decrease of $203. Also, Category D premiums for motorcycle fell by $325 and closed at $6,189.
For this round of bidding, 7,411 bids were placed, vying for 4,143 COEs.
What Can We Expect Next?
With the premiums going back to normal numbers, experts believe that the next exercise will see an increase. Also, we can expect the COE prices to steadily increase over the next few exercises.