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New car sales expected to pick up after increased COE quota – Channel News Asia

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New car sales expected to pick up after increased COE quota – Channel News Asia

SINGAPORE: Sales of new cars are expected to pick up in the coming months.

This comes after the Land Transport Authority raised by 42 per cent the quota of Certificates of Entitlement (COE) for cars during the May-July period.

Several businesses that Channel NewsAsia spoke to said they plan to introduce discounts of as much as S$ 5,000 to attract buyers, and expect sales to go up by at least 10 per cent from May.

But some showrooms Channel NewsAsia visited on Saturday remained quiet, with would-be customers saying they were adopting a wait-and-see approach.

This is because they do not expect COE prices to fall dramatically despite the increase in quota. Observers agreed with the prospective customers.

Neo Tiam Ting, president of Singapore Vehicle Traders Association, said: “If too many people (enter the market) to buy new cars, and demand goes up, for COE (prices) to come down, I think will be quite difficult. But if this group of people differentiate into new and used cars, it will be easier for new car COE (prices) to come down.”

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