This represents its weakest showing in eight years.
The certificate of entitlement (COE) for cars up to 1600 cc and 130 bhp fell to an eight year low from $34,110 to $25,000 in its latest tender this July amidst fewer bidders following the new vehicle emission scheme (VES) from the Land Transport Authority (LTA).
Cars above 1600 cc or 130 bhp also fell from $33,900 to $31,000 amidst fewer bidders,
Open COE, which can be used for any vehicle type except motorcycles also fell from $34,400 to , $31,001.
Similarly, goods vehicles and buses COE dropped from $32,001 to $31,092, down. Motorcycle premiums also eased from $6,889 to $6,514.
The new VES replace the current Carbon Emissions-Based Vehicle Scheme (CEVS) of the LTA. Compared to CEVS, the VES will be stricter as it adds additional pollutants including hydrocarbons, carbon monoxide, nitrogen oxides, and particulate matter.
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