Certificate of Entitlement (COE) premiums for small cars closed lower in the latest bidding exercise on Wednesday, while that of big cars shot up.
This brings price levels back to normal in a way after the previous round two weeks ago saw the COE price for a Toyota became more expensive than that of a luxury car like a BMW 5.
COE prices for cars 1,600cc and below fell in the latest exercise Wednesday by 14 per cent to $64,209 from $74,689.
COE premiums for big cars corrected, going up by 27 per cent to $73,900 from $58,090. The increase was the biggest among the categories where prices rose.
COE prices for goods vehicles and buses and motorcycles rose marginally.
Premiums for goods vehicles and buses rose by $211 to $53,900 from $54,111.
Premiums for motorcycles also went up slightly by $14 to $1,909, from $1,895.
For the open category, prices were up by 13 per cent to $73,301 from $65,001 in the previous bidding exercise.
This is the first bidding exercise since Transport Minister Lui Tuck Yew said during Channel NewsAsia’s Ask Minister programme, which was broadcast on Tuesday, that there will be more COEs available next year.