The cost for the right to buy a car in Singapore has reached a record high for large vehicles and risen across the board for all categories.
In Singapore, such rights are acquired by buying certificates of entitlement, or COEs, issued by the government and they represent costs incurred before purchasing the actual vehicle.
Premiums on open category permits, which may be bought for any vehicle but end up being used mainly for large cars, increased to a record S$114,001 (roughly $81,897 or R1,398,495) in July’s second round of bidding, according to the latest data.
The bids in the open group, called Category E, set a new record for the second consecutive time. COE bids for large and powerful cars in Category B also reached their highest level at S$110,003 (roughly R1,349,138).