COE prices end mostly lower as coronavirus outbreak dampens demand

[SINGAPORE] Certificate of entitlement (COE) premiums ended mostly lower at the latest tender Wednesday (March 18) as the coronavirus crisis dampened but did not extinguish demand for cars.

The COE price for cars up to 1,600cc and 130bhp finished at S$31,210, down from S$32,699 at the previous tender two weeks ago. The COE premium for cars above 1,600cc or 130bhp closed at S$30,012, down from S$32,801.

The premium for the open COE category, which can be used for any vehicle type except motorcycles but which ends up mostly for bigger cars, finished unchanged at S$32,500.

The commercial vehicle COE price ended at a new low of S$22,002, down from S$24,202, reflecting worsening business sentiment.

The premium for motorcycles, however, bucked the trend to end at S$4,489, up from S$4,310.

Trade observers expect premiums to remain soft in the coming tenders as Singapore and the world expect more uncertainty. Several car plants have also ceased or pared down production as the pandemic sweeps across Europe and North America.

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