It seems the Great Singapore Sale (GSS) season and recent introductions of a cocktail of new models like the Audi A3 Sportback, Mercedes-Benz E-Class, Toyota Vios and Auris or even a S$5.3 million hypercar has encouraged a shopping spree among local car buyers.
With the Government announcing that new rules will set in to make car ownership a more equitable privilege, the future for the system seems clouded and bleak. However, even with intervention such as a lower loan quota and higher ARF kicking in, demand for COE has stayed strong.
The conclusion of the second round of June's COE bidding exercise - COE premiums for cars with engine displacement below 1,600cc under Category A continued its upward spiral to end at $69,903 - a gentle increment of $2,602 - from $67,301 two weeks ago.
Category B returned to the $80,000 mark once again after mid-October last year and concluded at $81,751 - an increase of $6,751 from $75,000 two weeks ago.
Category E or Open Category trailed along Category B, with the highest increment of $7,001 or 9.21 percent, to end the bidding process at $83,001 - from $76,000 two weeks ago.
With premiums ending higher across all categories for the past several cycles of COE biddings - it is evident the recent financing restrictions may not suffice to keep COE prices from going sky high.
While we are still awaiting for the COE prices to obey the laws of physics, the future of COE prices can be like our current weather - hazy and unpredictable.
