New car registrations drop sharply in February as showrooms see declining sales amid rising COE prices

Car salesmen whom TODAY spoke to said that they have seen sales decline steadily over the past few months. When TODAY visited various car showrooms at Leng Kee Road on Sunday afternoon, they were mostly empty.A cleaner at a luxury car brand told TODAY that crowds have almost completely disappeared since the pandemic hit. She has worked at the showroom for almost a decade.Other showrooms are seeing similar trends.

There were 2,300 new registrations for small cars in the first two months of this year, fewer than in the whole of January 2021 . For Categories A and B combined, there were 477 fewer deregistrations in February compared to a year before, a drop of 19 per cent. He said:"We've been badly affected since early last year. More than half of our sales have dropped. The prices are the main issue, on top of others, like stock availability. Some people cannot wait for their car and might end up with a used car instead."

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Letter to the Editor: Inequitable COE system - The Independent Singapore News“ Calls have been made to restrict bidding to individual car buyers but the reply is that the car dealers wish to package their cars with COE”, the letter writer said.
Source: IndependentSG - 🏆 9. / 63 Read more »

Industry watchers expect COE prices to keep rising, possibly till 2023, after open category premiums hit S$99,999SINGAPORE — Certificate of Entitlement (COE) premiums for cars are expected to keep climbing, possibly until next year, industry observers and players said, after open category premiums almost hit six figures in the latest bid this week.
Source: TODAYonline - 🏆 1. / 99 Read more »

Letter to the Editor: Inequitable COE system - The Independent Singapore News“ Calls have been made to restrict bidding to individual car buyers but the reply is that the car dealers wish to package their cars with COE”, the letter writer said.
Source: IndependentSG - 🏆 9. / 63 Read more »

Industry watchers expect COE prices to keep rising, possibly till 2023, after open category premiums hit S$99,999SINGAPORE — Certificate of Entitlement (COE) premiums for cars are expected to keep climbing, possibly until next year, industry observers and players said, after open category premiums almost hit six figures in the latest bid this week.
Source: TODAYonline - 🏆 1. / 99 Read more »