Owning a new car in Singapore just got more expensive. The Certificate of Entitlement (or better known as ‘COE’) premiums for compact cars closed at a record high in the latest bidding exercise on Wednesday this week (September 3), with premiums for all cars rising by about SG3,000 (which is about RM9,840).
Here is a clear understanding on how much more Singapore new car buyers will be paying to the government to own a shiny new car.
The COE prices for Category A cars, or those 1600cc and below (imagine a Perodua Myvi or a Proton Saga) with horsepower not exceeding 130bhp, closed at SG107,889 (which is about RM353,900) to surpass the previous peak of SG106,000 in October 2023.
Take note. A ‘COE’ is just the document from the Singapore government allowing the Singapore car buyer to go out and buy a new car. You need to add on the price of the new car after that. Aldo, this COE document allows a person to own a vehicle for just a 10-year period.
So what about cars with larger engines? For larger and more powerful cars in Category B the asking price rose to SG127,501 from SG124,400.
Open category COEs, which can be used for any vehicle type but end up being used mainly for large cars, increased to SG127,901 from SG125,001.
