COE (certificate of entitlement) prices for new vehicles ended mostly higher at the latest tender on January 9, 2019 – the eve of the 2019 Singapore Motorshow.
COE prices for cars up to 1600cc and 130bhp finished 1.6 percent higher at $25,920.
Those for cars above 1600cc or 130bhp closed up 3.9 percent at $32,200.
Premiums for Open COEs, which can be used for any vehicle type except motorcycles but end up mostly for cars, ended at $32,909 or 3.5 percent higher than three weeks ago.
Commercial vehicle COE prices hardly changed, ending just $1 higher at $27,002.
The premium for motorcycles bucked the trend by ending 4.7 percent lower at $3610.
But it jumped by more than $1500 in the last minute of bidding on bulk bids – a sign that speculation among big players is back.
Motor dealers expect the Singapore Motorshow, which starts today, to drum up buying interest.
Several new models – including a number of electric cars – will be launched at the event.
Mr Nicholas Wong, general manager of Honda agent Kah Motor, said: “Companies want to set the prices before the show. After the show, it’d be a new ball game.”
Mr Wong said the three-week gap between the latest tender and the previous one had also contributed to more aggressive bidding.
Usually, the gap is two weeks, but it became three because certain months are longer than four weeks.
Market players also point to the continuous interest in hybrid cars among taxi and private-hire companies as another reason the COE prices for Category B (for bigger cars) is rising.
The new hybrid models tend to have engines which are bigger than 1600cc.
Adding to the pressure will be the all-electric cars, most of which will fall in the Category B segment.