CERTIFICATE of entitlement (COE) prices for cars up to 1,600cc and taxis are at an all-time high.

They posted the strongest gain of 9.7 per cent to hit a record $64,201 in the latest tender which saw prices continuing their rise across the board yesterday.

Taxi companies, however, were not deterred by the stratospheric level. SMRT placed 125 bids and received 65 COEs at the peak price.

COE for cars above 1,600cc ended 8.7 per cent higher at $91,000 - the fourth-highest level in history and not far from the record $110,500 witnessed in December 1994.

Open COE, which can be used to register any vehicle type but ends up mainly for bigger cars, climbed 8.8 per cent to finish at $92,010, also the fourth-highest point. The all-time high was $105,000 in November 1994.

Commercial vehicle buyers have to pay $57,589 for a COE before they can own a bus, van, truck or lorry. This is 6.7 per cent higher than the tender price two weeks ago.

Motorcycle premium chalked up a relatively modest 1.5 per cent gain to $1,924.

Motor traders said anxiety over yet another supply shrinkage in the latter half of the year contributed to aggressive bidding. COE supply, already at its lowest, is set to fall further in the next six-monthly quota, starting July. The biggest fall is expected to be for cars up to 1,600cc.

Still, Singapore Vehicle Traders Association secretary Raymond Tang was surprised. 'We expected prices to go up, but we didn't expect the increase to be so drastic.'

Traders said buyers had grown accustomed to the high prices. But Motor Traders Association vice-president Michael Wong warned that many will be hit 'when the music stops'.

'I don't know when the music will stop and prices tumble,' he said. 'But I think the commercial vehicle COE will breach $60,000 and we are looking at $100,000 for big-car premiums.'

Click here to view COE history.