Singapore car ownership costs spike as CoE premiums climb past S$100,000
SINGAPORE, May 8 — Certificate of Entitlement (CoE) premiums for Category A and B cars reportedly rose in yesterday's bidding exercise.
According to a report in Channel News Asia (CNA), Category A premiums increased to S$103,009, crossing S$100,000 for the first time since October.
Category B premiums reportedly went up to S$119,890, while Open category premiums rose to S$118,889, the highest since January.
Premiums for commercial vehicles dropped to S$62,590, and motorcycle premiums fell to S$8,709, according to the report.
A total of 4,896 bids were said to be submitted for 3,094 available CoEs.
According to CNA, the Land Transport Authority said the May to July quota increased by more than 6 per cent from the previous quarter and 21 per cent year-on-year.
In Singapore, the Certificate of Entitlement (CoE) is a permit that allows a person to own and use a vehicle for 10 years.
It was introduced to control the number of vehicles and manage traffic congestion, with prices determined through a competitive bidding process.
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