Singapore Autos Report Q2 2014

Singapore Autos Report Q2 2014

Published: March 2014
Publisher: Business Monitor International (BMI)
Product ref: 198026
Pages: 63
Format: PDF
Delivery: Immediate download

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The Certificate of Entitlement (COE) bidding exercise on February 5 2014 was the first COE auction since the formal adoption of the revised COE category criteria (see 'New COE Regulation Could Reverse Sales Trends', September 17 2013). The outcome of the bidding, however, elicited surprise among some motor traders.

As the accompanying table shows, prices of Category A COEs dipped only slightly from the previous bidding round, to SGD71,564. This was unexpected as 30 models previously in Category A have migrated over to Category B, which would logically mean fewer bidders in Category A. Indeed, car dealers had expected the premium for small cars to drop to between SGD60,000-65,000.

This latest bidding round demonstrates that the tweaks in the COE system are not having the desired effect intended by policymakers. The new regulation, which now includes brake horsepower (bhp) as an additional criterion in the COE category, was introduced to level the playing field for mass market cars in Category A by removing premium brands from that category. Ultimately, the revisions were made to make cars more affordable for middle-class families.

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