Certificate of Entitlement (COE) premiums for the small car category (1,600cc and below) have hit rock bottom in the midst of softening demand. It crashed to an unprecedented $2 - an almost 100 per cent decrease from the previous price of $10,455.
According to The Straits Times, motor traders were shocked. Nobody foresaw the crash even though the market was soft.
The category received a total of 1,852 bids - one more than the quota of 1,851.
Likewise, premiums for all other categories suffered at least a 30 per cent fall as well.
The premium for Category B (cars above 1,600cc) fell from $8,301 to $4,889, a 41.1 per cent drop.
The premium for commercial vehicles closed at $6,189 from $8,889 - a decrease of 30.4 per cent.
The premium for motorcycles followed the downward trend. It dropped to $1,012 from $1,509.
For the open category, the COE premium tendered at $6,889 from $10,490, a 34.3 per cent decrease.
