TE STRAITS TIMES FRIDAY, MARCH 26 2010 PAGE C4 ~ Prices of cars rise by up to $22,000 Motor firms expecting COE premiums to increase further; used car sales likely to soar { By Canisrorrse Taw # SENIOR CORRESPONDENT ‘MOTOR firms have increased car prices by as much 45 $22,000, in anticipation of certificate of enttle- ment (COE) premiums going up further. “The price rises eame just a day after car premi- tums soared by $8,000 to $14,000, which many players see as sigh of things to come “Poyota agent Borneo Motors, the biggest player in Singnpore, has raised sticker prices by between $10,000 and. $15,500. Toyota. Corolla costs 1851000, up $11,000 from its previous rate before Wednesday; and 2 Camry $s. $116,000 ~ up $13,000, ‘The Vios, a popular budget model, is now about. $70,000 ~ ‘up $10,000. It cost ‘around $4,000 just a year ago. Honea agent Kak Motor has raised prices by $8,000 fo $1,000, and Nissan agent ‘Tan Chong Motor has increased prices by up to $14,000. “Car prices of the Korean brands have gone up, too, Hyundai agent Komoco Motors, which raised the price of Its 50 by $8,000 after the COE supply tut was annoueed Ewo weeks ago, has increased it gain by $5,000. The hatchback now costs around 375,400, Rival Kia i keeping its Cerato Forte sedan ‘below $70,000, but delivery is not guaranteed at that price. ‘Tis means buyers may eventually have {o fork out more if they want to secure a COE with- cys « antiage Kia so ett reeling, 02 1h le ts eling re ete th so {-and-see approach.” teen woe oer ‘ull do 30 only. after a meeting today. “Between, ee te eosin 2 Snare [eve Mere sleemen lt OS , MOY agen Pearman Motors wes pore das five, Ithas raised prices by zoughly $20,000 across the boar is pce o th ety eve Sse for instance is now $150,800 ~ up Irom $128,800. Performance Motors. managing director Say Koree Neng said the company eld the previous rates up to 3pm yesterday, and may customers ete ihing othe showroom to beat the dealing “Wolvehad aflond of orders.” = SUPPES: ‘With the spike in prices, industry observers reck- gn many so-called marginal buyers who used to go {for Chinese and Malaysian brands might drop oat ofthe market. Others ght switch to sed eas. Mr Kevin Kwee, exceutive director of Group ‘its dette going to boa chalenges "definitely going to bea a Geely prices have gone up to mare than $50,000 now ~ stil among the lowest rates in town ~ rom. 2 th COs pow exoected to soar tat last the $40,000 mart, second-hand cars are looking more attractive, Us ea dealer Caries as seen i reused al ‘couple of weeks. Managing Girector Eadie Loo sid: “1 tink it will go back to the time when we used to sll seven used cats for oe end yom sales outpaced used recent years, new car sed ear sales four to one. With resale values improving, the ‘supply of used vehicles has inereased too, as tad= ‘15 no longer find it necessary to re-export cas. ‘Car exporter Ng Cheng Swee suid “only older ‘ars are shipped out now, and those which are not ‘Popular here". ‘Motor traders said current prices are now tho now reality. And buyers lke Ms Joyce Lee, who ‘managed 10 secures ear jst before the price spike, ate breathing a sigh of reli. “The 24-year-old schoolteacher bought a Cheveo- Jet Gruze 16 for about $60,000 two Saturdays a0 ‘Chevy prices have gone up twice since, and the ‘same ear is now about $70,000, "I think tim quite Icky,” Ms Lee said "td be quite hard to secure © ‘ear oee the COE quota cut sets in.” "The Consumers Association of Singapore said ‘those who missed out on pre-hike prices should not rush in. its executive director Seah Seng Choon. ‘aid thatthe ‘thing now is “not to follow the herd” but to take stock of how much one ean a= ford to pay. "Consumers should put off = purchase if buying # ear now will result in overstretching Themselves financially. They might end up losing {he ear if they fall to Service the loan" in a realistic timeframe. a a -| On the up and up Current prices of some cars after pric hikes ‘@ Toyota Corolla: $85,000 - up $11,000 He ‘Camry: $116,000 - up $13,000 Vios: about $70,000 — up $10,000 Honda: up by $8,000 to $11,000 ‘Nissan: increased by up to $14,000 ‘im Hyundai 130: around $75,400 - up $5,000 site an eter $9,000 intease ‘= BMW: up about $20,000 across the board ‘1 BMW 3-series: $150,800 — up $22,000 S Chevoet Cruze L6 about $70,000 ~ up from about $60,000 to Saturdays ago