(Oct 18): Singapore’s cost of car ownership broke another record as right-to-own premiums rose to S$158,004 (US$115,000 or RM547,379) in October’s second round of bidding.

Certificate of entitlement (COE) bids hit new highs across all major auto categories, according to data released from the Land Transport Authority. COEs for large cars, covered in Categories B and E, have now established records in six straight rounds of bidding dating back to August.

COEs, which are needed to put a car on the road on the land-strapped island, are designed to fairly allocate car rights in the city state for a period of 10 years, but post-pandemic demand has sent prices skyrocketing, along with the unique market dynamics of the system.

The total COE quota for November to January 2024 will increase 12.9%, which may temporarily ease the shortage, but prices are expected to remain elevated.