Latest Press & Media Coverage
SVTA Will Discuss Long-Term Measures Regarding COE Quotas & Prices
8World, 19 July 2023
Car dealers said that the price of Certificate of Entitlement (COE) for small and medium-sized vehicles has dropped the most, which is believed to be related to the increase in quotas by the Land Transport Authority in the next three months.
Jesse Tan, the second Vice President of Singapore Vehicle Traders Association (SVTA) and Managing Director of Cars & Stars, said: “Due to the quota increment over the next 3 months, there is a possibility that some people will enter the market for car purchases during this period thus elevating sales numbers. It is forecasted that the COE prices shall remain as high as the current range. COE prices could drop a little however not drastically. Even though COE quota has increased, it will only be for a quarter. In comparison to the peak-supply period, this increment for merely a quarter is still considered very little. It is insufficient to cater for everyone’s sale of cars. The COE fluctuating range should hover between $3,000 to $5,000.”
Car Dealers Report Uptick in Interest After Drop in COE Prices
CNA, 21 May 2023
April Koh, Cars & Stars’ General Manager, said: “We received a good number of enquiries pertaining to new car packages, even before we launched the new car pricing, that makes about 20-30% increment from the usual round of COE exercise.
We are running several campaigns concurrently. With these campaigns in place, we are also hoping and looking forward to receiving at least about 50% increment in overall sales compared to last quarter.”
The Price of COE Has Fallen. Dealers: Sales Inquiries Increased by About 20%
8World, 21 May 2023
April Koh, Cars & Stars’ General Manager, said: “We received a good number of enquiries pertaining to new car packages, even before we launched the new car pricing, that makes about 20-30% increment from the usual round of COE exercise.
We are running several campaigns concurrently. With these campaigns in place, we are also hoping and looking forward to receiving at least about 50% increment in overall sales compared to last quarter.”
Singapore’s Growing Electric Vehicle Market Continues To Face Challenges
CNA, 8 April 2023
Although car buyers in Singapore may soon have more electric vehicles to choose from, demand and supply challenges continue to hamper EV adoption.
April Koh, Cars & Stars’ General Manager, said: “EV options are quite limited for parallel importers like us and we do hope for better support in terms of clarity on importing rules.”
The Effect of the Luxury Car Tax on Vehicle Prices
CNA, 4 April 2023
A tax designed to target luxury car buyers has pushed up car prices. Car dealers say that is why Certificate of Entitlement prices for small and large passenger cars have hit record highs.
April Koh, Cars & Stars’ General Manager, said: “Since the last round of tax adjustment, we noticed a significant dip in enquiry volume on luxury vehicles that were directly impacted by this tax adjustment exercise, and I would say it resulted on more conversions on Cat A vehicles all the way to the very last bid.”
COE Prices Across Both Categories Dipped Significantly During the First Coe Bidding Exercise of the Year 2023 Due to Low Purchase Demands
Lianhe Zaobao, 6 January 2023
“April Koh, General Manager of Cars & Stars Pte Ltd, a parallel import company, also said that the number of visitors to the showroom dropped by approximately 40% – 50% last month, making it one of the quietest months throughout the year. This displays a sign of weak buying momentum within the automotive market.
April Koh believes that, in addition to factors such as rising car ownership certificate prices, uncertain economic outlook and soaring loan interest rates also contributed to the drop in patronage numbers as potential buyers put on hold their purchase plans.”