Singapore's car fleet continued to shrink in September, with deregistrations significantly outpacing new registrations. Electric vehicles (BEVs) remained dominant among new cars, securing 65% of registrations, while COE premiums saw a softening trend across both categories.
- Net fleet change
- -2,718
- Registrations minus deregistrations
- BEV share
- 65%
- Of total registrations
- Total registrations
- 4,340
- New cars registered
- Cat A COE
- S$131,890
- Final September premium
- Cat B COE
- S$133,000
- Final September premium
- Cat A PQP
- S$126,208
- Renewal price this month
- Cat B PQP
- S$128,697
- Renewal price this month
Singapore's car fleet continued its recent contraction in September, with significantly more vehicles leaving the roads than new ones arriving. Despite this overall reduction, electric vehicles maintained their strong momentum, accounting for nearly two-thirds of all new registrations.
Fleet contracts as BEVs continue to dominate registrations
The net car fleet in Singapore saw a decrease of 2,718 vehicles in September, as 7,058 vehicles were deregistered while 4,340 new cars were registered. Electric vehicles (BEVs) were a major driver of new registrations, making up 65% of the total with 2,827 units. This marks a slight increase from August's 63% share, though it is down from 70% in June. Hybrid models accounted for 30% of new cars, while petrol-only vehicles represented a small 5%. BYD led BEV registrations with 960 units, followed by Tesla with 406.
COE premiums soften, but PQP continues to rise
COE premiums saw a dip in September's second bidding exercise across both categories. Category A premium fell by S$1,119 to S$131,890, after opening the month at S$133,009. Category B experienced a larger drop, decreasing by S$2,001 to S$133,000, from its initial S$135,001. Meanwhile, the PQP for Category A climbed to S$126,208, up S$562 from the prior month, and Category B's PQP rose by S$862 to S$128,697. Both PQPs remained considerably lower than the month's final COE premiums, with Category A PQP S$5,682 less than its COE and Category B PQP S$4,303 less than its COE.