COE

COE Prices Soar: Cats on the Run, Singapore's Roads Stare in Awe!

It's raining cars! COE prices skyrocket across all categories with Cat B leading the charge. Find out the staggering details!

SINGAPORE - It seems like the roads in Singapore are about to get a lot more crowded with the latest news on Certificate of Entitlement (COE) prices! In the latest tender held on August 7, we had something to celebrate (or lament) as premiums shot up across all vehicle categories. Drivers bracing for the inevitable hike were met with a true plot twist: Category B vehicles, which boast larger capacities and horsepower, saw the largest increase of a whopping 6.1%! That means the dream of cruising in a slick, shiny big car just got a little pricier!

At the end of bidding for this quarter, the prices were nothing short of jaw-dropping. Category A, designed for smaller engines, closed at an astounding S$94,289, while the hefty Cat B reached a sky-high S$106,101! This might lead some to question: do you keep your current ride or take the plunge and pay the premium for something new? Many people could probably buy a small luxury car using just the difference in price, and some may even consider using their savings on a holiday instead.

The COE landscape in Singapore has certainly become a rollercoaster ride, and it's showing no signs of slowing down. As if Singaporean drivers required any more drama, the bidding exercise turned the usual hustle-and-bustle into a frenzy, with COE values inching ever closer to dizzying heights. While Category C for commercial vehicles edged higher, it still has some catching up to do to compete with the larger car enthusiasts!

Interestingly, the whole COE bidding system has its roots in curbing congestion and promoting cleaner air in the city. The government originally introduced it back in 1990, and despite its fluctuating prices and angst among consumers, it's a necessary evil for many. Want a juicy tidbit? Did you know that in 2022, the COE price for Category B hit S$114,000? Now that’s enough to make you hesitate at the thought of breakfast and whether to splurge on your everyday kopi or stick to the instant options! Keep an eye on those bids, it’s going to be an exhilarating ride!