Premiums for larger cars in Category B rose from S$118,501 to S$120,889., the recent surge in COE premiums is caused by a 10-year low in the supply of COEs, with a further decline in the quota of new cars expected in the next quarter.
Rising COE prices are driving some prospective buyers and owners to reconsider having a car, including Kho.However, Kho admitted that he is currently unable to give up his ride – a Toyota Crown – because he uses it to send his children to school. Although, it is not from a lack of trying. Aside from convenience and comfort, Kho believes that demand comes from car ownership being viewed as a “status symbol”.
Source: Car News Wire (carnewswire.net)
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