More Car Owners Renewing COEs; June Premiums Fall

6 Jun, 2019 • 2 min read
More Car Owners Renewing COEs; June Premiums Fall

COE Premiums Fell in June

Certificate of Entitlement (COE) premiums for cars (Cat A, B and E) fell 2.1% in the first tender exercise of June.

Cat A premiums surged while Cat B and E fell.

Premiums for cars below 1,600cc or 130bhp (Cat A) rose 11.1% to $30,009.

Premiums for cars above 1,600cc or 130bhp (Cat B) fell 6.7% to $39,728.

For the “Open” Category (Cat E), which is typically used for bigger cars, premiums fell 10.6% to $42,002.

Renewing over buying new cars

The Quota for COEs this exercise was 4,257, 2% lower than the last bidding exercise.

This is the second time COEs have fallen this year, and we think this could be car owners choosing to extend their COEs instead of buying a new car.

This results in less demand (Bids Received) for COEs, even though supply (Quota) is falling.

Cat A premiums rose, unlike the other categories, and this could be due to the already significant fall of 26% last tender exercise.

Aging cars = Higher maintenance costs

As cars age (especially due to COE renewals), maintenance becomes more important and more expensive.

Steer’s 5% cashback and exclusive discounts allows customers to save money while our simple-to-use platform which allows car owners to find reliable car workshops.

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