There were reasons to cheer for those looking to buy a 1,600cc car or a motorcycle, as the Certificates of Entitlement (COE) supply for the August to January period was released yesterday.
The monthly quota of COEs in these categories will be increased for the six-month period: There will be 1,096 COEs each month in the small car category, or 76 more per month compared with the previous six-month period. For motorcycles, there will be 775 COEs each month, or 124 more COEs each month.
However, buyers of larger cars, goods vehicles and buses are likely to face stiffer competition over the next six months, due to a fall in the COE supply. There will be 706 COEs for cars larger than 1,600cc, 141 fewer than the previous allocated quota. The goods vehicle and buses category will see 68 fewer COEs over the next six months.
Overall, COE supply for the next six months remained relatively stable with 3,721 COEs available each month.
The COE quota comprises three components: Provision for 1.5 per cent vehicle growth based on the vehicle population as at end December last year; replacement COEs for vehicles deregistered between January and June this year, and adjustment for over-projections of vehicle de-registrations between 2008 and 2009.
The next COE quota announcement - for the COE bidding period from February to July next year - will be made in January. The Land Transport Authority said the 1.5 per cent vehicle growth rate, which is valid for three years from 2009 to this year, is under review. It will announce the growth rate from next year once the review is completed.