Prices for both new and used cars have gone up, following the surge in COE premiums to 10-year high recently.Prices of new cars rose 10 percent while second-hand cars are S$3,000-S$8,000 more expensive than before the results of the latest round of COE bidding were announced on 8 December.
COE premiums skyrocketed in the latest round of bidding, with a staggering jump of S$14,612 for cars over 1,600cc. This brings the total premium for that category to S$62,502.Prices for the Open Category was up S$15,010 to S$64,900. For smaller cars 1,600cc and below, the COE price rose S$8,604 to S$47,604.
These latest COE prices are the highest since 2000.Following the COE price surge, dealers of new cars see less business over the last few days.They say the price of big cars is now up by about S$15,000, while small cars are costing some S$9,000 more.
Dealers say the sudden surge in prices has had a huge impact on customers but they believe business will bounce back.Meanwhile, business at second-hand car showrooms is looking good. Motorists may save S$20,000 to S$30,000 if they opt for a used car.
In my opinon , anybody looking to buy a car would be detered by the high prices . However that is the whole aim of the COE isn't it as government seek to reduce the number of cars on the road to prevent more traffic jams and possible pollutions . Neverthless , the sudden high prices is quite alarming . Let say you are looking for a new Renault Megane which cost $65,000 last year and now it is nearly $100,000 ! You are looking at forking out an extra $35000 , and it all goes to the government ! I don't know about you , but it sure scares the hell out of me and if i were in control as a consumer , i would just wait for the prices to drop again.
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