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22-11-2012, 07:19 AM
Wonder who are the people still able to afford such exorbitant cars? 
The Straits Times
www.straitstimes.com
Published on Nov 22, 2012
Two COE prices hit record high
Motor firms rush to meet year-end sales targets, beat shrinking supply
CERTIFICATE of entitlement (COE) prices hit not one but two records yesterday as motor companies rushed to deliver cars to meet year-end sales targets and ahead of yet another foreseeable shrinkage in quota supply.
The COE for cars up to 1,600cc inched upwards by 0.1 per cent to reach a record of $77,291.
The COE for cars above 1,600cc was 0.7 per cent higher, at $93,004.
An open COE, which can be used for any vehicle type but ends up mainly for bigger cars, finished 2.1 per cent higher at $93,990.
The commercial vehicle premium climbed 1.9 per cent higher to hit an all-time high of $60,235.
The motorcycle COE bucked the trend by ending 13.8 per cent lower at $1,689. This premium remained at $1 (undersubscribed) right up to the last minute before bidding ended at 4pm.
Industry watchers said the traditional year-end rush to meet sales targets fuelled bidding.
"The number of bids was actually lower. But bidding was definitely more aggressive," observed Mr Ron Lim, general manager of Nissan agent Tan Chong Motor.
As usual, the premium brands were deemed responsible for the most aggressive bids as they have the fattest profit margins. Buyers of such cars are also more able to absorb price increases.
Thus, luxury brands BMW and Mercedes-Benz are the No. 1 and No. 2 top sellers, respectively.
Mr Lim attributed the rise in the commercial vehicle premium to demand for heavy trucks - fuelled by a slew of infrastructural projects here.
The end of the Green Vehicle Rebate scheme on Dec 31 has also driven sellers to clear their stocks of powerful petrol-electric hybrids. Cars such as the Porsche Panamera Hybrid and Lexus LS600h qualify for a 40 per cent tax cut under the scheme, but will no longer have any breaks under a new carbon-based tax system that comes into effect in January.
CHRISTOPHER TAN
The Straits Times
www.straitstimes.com
Published on Nov 22, 2012
Two COE prices hit record high
Motor firms rush to meet year-end sales targets, beat shrinking supply
CERTIFICATE of entitlement (COE) prices hit not one but two records yesterday as motor companies rushed to deliver cars to meet year-end sales targets and ahead of yet another foreseeable shrinkage in quota supply.
The COE for cars up to 1,600cc inched upwards by 0.1 per cent to reach a record of $77,291.
The COE for cars above 1,600cc was 0.7 per cent higher, at $93,004.
An open COE, which can be used for any vehicle type but ends up mainly for bigger cars, finished 2.1 per cent higher at $93,990.
The commercial vehicle premium climbed 1.9 per cent higher to hit an all-time high of $60,235.
The motorcycle COE bucked the trend by ending 13.8 per cent lower at $1,689. This premium remained at $1 (undersubscribed) right up to the last minute before bidding ended at 4pm.
Industry watchers said the traditional year-end rush to meet sales targets fuelled bidding.
"The number of bids was actually lower. But bidding was definitely more aggressive," observed Mr Ron Lim, general manager of Nissan agent Tan Chong Motor.
As usual, the premium brands were deemed responsible for the most aggressive bids as they have the fattest profit margins. Buyers of such cars are also more able to absorb price increases.
Thus, luxury brands BMW and Mercedes-Benz are the No. 1 and No. 2 top sellers, respectively.
Mr Lim attributed the rise in the commercial vehicle premium to demand for heavy trucks - fuelled by a slew of infrastructural projects here.
The end of the Green Vehicle Rebate scheme on Dec 31 has also driven sellers to clear their stocks of powerful petrol-electric hybrids. Cars such as the Porsche Panamera Hybrid and Lexus LS600h qualify for a 40 per cent tax cut under the scheme, but will no longer have any breaks under a new carbon-based tax system that comes into effect in January.
CHRISTOPHER TAN
My Value Investing Blog: http://sgmusicwhiz.blogspot.com/