CERTIFICATES of entitlement (COE) prices for cars, motorbikes and commercial vehicles ended lower in the latest tender, which closed at 4pm on Wednesday.
Motor traders cited the start of the year-end school holidays, higher oil prices, higher electronic road-pricing charges, and a lack of new models for the across-the-board drop.
COE for cars up to 1,600cc fell by around $2,400 to end at $14,404, while COE for cars above 1,600cc fell by $1,600 to $16,401. Open COE, used mainly to buy cars, dipped by $800 to finish at $17,001.
COE for vans, trucks, lorries and buses corrected by about $600 to close at $14,389. And motorcycle COE finished $250 lower at $1,052.
Motor traders are expected to lower prices in line with the drop in COE premiums. For starters, Toyota distributor Borneo Motors, has slashed prices for models like the Corolla and Vios by $2,400 each. Prices for its bigger cars, like the Camry and Picnic, have come down by $1,500.
Borneo Motors managing director Mark Choong said he expects prices to remain soft, but 'people will start buying when they get their year-end bonuses, in time for the Chinese New Year'.
