新加坡：对准入证书（COE）制度的拟议修改可能重塑二手车市场，行业人士表示，一些大众市场车型可能失去转售价值，而二手豪华车可能对买家更具吸引力。
SINGAPORE: Proposed changes to the Certificate of Entitlement (COE) system could reshape the used car market, with industry players saying that some mass market vehicles may lose resale value while pre-owned luxury cars could become more attractive to buyers.
陆路交通管理局（LTA）提出将按发动机排量和功率划分的A类和B类合并为一个COE类别，并根据车辆的公开市场价值（OMV）对不同车型征收费用和提供回扣。
The Land Transport Authority (LTA) has proposed merging categories A and B which classify cars by engine size and power, into a single COE category, and introducing fees and rebates for different car models based on their open market value (OMV).
在拟议的费用和回扣制度下，高端车型与大众市场车型之间的最高价差将为3万新元（约2.3万美元）。
Under the proposed fee-and-rebate system, the maximum price difference between a higher-end car and a mass-market car would be S$30,000 (US$23,000).
汽车经销商向《今日早报》（CNA）表示，这可能改变新车与二手车之间的价格差距。
Car dealers told CNA that this could change the price gap between new and second-hand vehicles.
对于可能从该回扣制度中受益的大众市场车型，新车价格下降可能对可比的二手车转售价值造成压力。
For mass-market models that stand to benefit from such rebates, lower prices for new vehicles could put pressure on the resale value of comparable used cars.
“消费者都在同一市场内竞争，”CarTimes汽车公司首席运营官Benjamin Loo先生说。
"Consumers are all competing within the same market," Mr Benjamin Loo, chief operating officer of CarTimes Automobile, said.
“如果消费者能够以低于1.5万新元的价格购买全新车辆，他们可能会重新考虑购买一年龄的二手车。经销商必须保持竞争力，因为二手车与全新车价格相同甚至更高是没有意义的。”Loo先生还表示，如果更便宜的新车对二手车价格造成下行压力，较新的大众市场车型车主也可能面临更低的置换价值。
"If a consumer is able to buy a brand-new vehicle for S$15,000 less, they might reconsider buying a one-year-old pre-owned vehicle. Dealers will have to remain competitive because it does not make sense for a used vehicle to be priced the same as, or higher than, a brand-new one."
转售价值可能发生变化 分析人士表示，高端市场可能出现相反情况。
Existing owners of newer mass-market cars could also face lower trade-in values if cheaper new vehicles put downward pressure on used-car prices, Mr Loo said.
如果拟议的附加费使新豪华车型价格显著上涨，二手豪华车的需求可能增加，而电动汽车车主也可能受到影响。
RESALE VALUES MAY SHIFT The reverse could happen at the higher end of the market, according to analysts.
A类和B类传统上根据发动机排量和功率将汽车市场细分为小型低功率车型和大型高功率车型。
The demand for pre-owned premium vehicles could increase if proposed surcharges make new luxury models significantly more expensive, while electric vehicle owners could also be affected.
然而，陆交局指出，车辆技术的进步，尤其是电动汽车的发展，使得这些标准“效果减弱”，因为制造商越来越能够调整车辆规格，使其符合现有的甲类门槛。
Categories A and B have traditionally segmented the market for cars into smaller, less powerful models and larger, more powerful ones, based on engine capacity and power.
这导致甲类竞争加剧，两类之间的差距缩小。今年2月至6月期间，甲类溢价曾三次超过乙类溢价。目前许多电动汽车车型通过限制功率输出来满足甲类要求。
However, LTA noted that advances in vehicle technology, particularly EVs, have made those criteria “less effective”, as manufacturers are increasingly able to adjust vehicle specifications to fit within existing Category A thresholds. This has increased competition in Category A and narrowed the gap between the two categories, with Category A premiums exceeding those in Category B three times between February and June this year. Many EV models are currently configured to meet Category A requirements by limiting their power output.
如果甲类和乙类合并，这些车辆的新版本可能无需此类限制即可销售，这可能使旧车型在二手车市场中吸引力下降。
If categories A and B are merged, newer versions of those vehicles could be sold without such restrictions, potentially making older models less attractive in the resale market.
被问及哪些现有车型可能受到拟议变动影响最大时，MV Auto的 Darren Ang 先生指出，配置为符合甲类COE资格的高OMV车辆可能受影响最大。他表示，这些车型可能无法获得补贴，反而可能因其较高的OMV而面临附加费。
Asked which current models could be most affected by the proposed changes, Mr Darren Ang of MV Auto pointed to higher-OMV vehicles configured to qualify for Category A COEs. Such models may not qualify for rebates and could instead face surcharges because of their higher OMVs, he said.
新加坡社科大学（SUSS）商学院副教授 Walter Theseira 也表示，功率受限的电动汽车车主可能面临难以获得其预期转售价格的挑战。
Associate Professor Walter Theseira from the Singapore University of Social Sciences' (SUSS) School of Business also said that owners of power-limited EVs may face challenges obtaining the resale prices they had anticipated.
这是因为，如果在拟议变动下同款车型无功率限制地出售，买家可能会选择购买更新版本。
This is because buyers may opt for newer versions of the same models if they are sold without power restrictions under the proposed changes.
Theseira 副教授还表示，经销商也可能调整其产品供应，尤其是对于刚好高于更有利带宽 cutoff 的车型。这可能包括移除某些功能，或仅通过订阅方式提供这些功能。
Dealers could also adjust their offerings, particularly for cars just above the cut-off for a more favourable band, said Assoc Prof Theseira. This could include removing certain features or making them available only through subscriptions.
经销商可能面临库存损失 行业人士表示，如果市场价格在这些车辆售出前发生调整，经销商也可能对已有库存车辆造成损失。
DEALERS COULD FACE INVENTORY LOSSES Dealers could also face losses on vehicles already in inventory if market prices adjust before those cars are sold, said industry players.
新加坡车商协会名誉秘书 Eric Chua 向 CNA 表示，任何政策变动都将为行业创造调整期。
Mr Eric Chua, honorary secretary of the Singapore Vehicle Traders Association, told CNA that any changes to policies would create adjustment periods for the industry.
他说道：“这是一个经销商需要经历的过程，他们必须清理现有库存，而这将面临亏损的风险，随后在一段时间后，情况将趋于平稳并受到监管。”
“It is a process where the dealers would have to go through to clear their current inventory, which will run into risk of losses, and then it will moderate and regulate after a while,” he said.
当被问及如果特定车型需求减弱，经销商可能会如何应对时，MV Auto的安先生表示，他们可能会降低要价、对以旧换新提供更少的补贴，或减少库存车型的数量。
Asked how the dealership might respond if demand weakens for particular models, Mr Ang of MV Auto said it could lower asking prices, offer less for trade-ins or carry fewer units in stock.
蔡先生补充道：“最终，任何影响的程度将取决于COE溢价在所提出的体系下最终定位于何处，以及消费者对这些变化的反应如何。”
“Ultimately, the extent of any impact will depend on where COE premiums settle under the proposed system and how consumers respond to the changes,” Mr Chua added.
根据2025年新注册的52,678辆汽车数据，大约一半的车主在所提出的调整下将获得回扣或价格保持不变，而另一半则可能面临附加费。
Based on the 52,678 cars newlyed in 2025, about half would have received a rebate or seen no change under the changes that have been floated, while the other half would have faced a surcharge.
当被问及回扣和附加费如何确定时，陆交局表示，这些金额是基于对什么构成大众市场车型与高端车型之间有意义的价格差异的判断所得出的。
When asked how the rebate and surcharge amounts were determined, LTA said they were based on a judgment of what would constitute a meaningful price difference between mass-market and higher-end vehicles.
陆交局指出，历史上A类和B类COE溢价之间的差距通常在大约2万新元至3万新元之间，尽管近年来这一差距有所缩小。
It noted that the historical gap between Category A and Category B COE premiums has generally ranged from about S$20,000 to S$30,000, although the difference has narrowed in recent years.
陆交局表示，这些调整旨在更好地区分大众市场车型和高端车型，特别是随着越来越多的电动汽车被设计为符合A类COE资格，尽管它们的价格较高。
The changes are intended to better differentiate between mass-market and premium vehicles, particularly as more EVs have been engineered to qualify for Category A COEs despite their higher prices, according to LTA.
陆交局还补充称，将每年对每种车型的价格区间进行审查并公布，以便买家在做出购买决定前保持知情。
The authority added that it would review and publish the band for each car model annually to keep buyers informed before they decide on their purchases.
该提案的公众咨询于10月8日开启，将于11月2日结束。陆交局将在2027年上半年分享其调查结果和建议。
A public consultation for the proposal opened on Oct 8 and will end on Nov 2. LTA will share its findings and recommendations by the first half of 2027.