SINGAPORE: In the first COE bidding for Nov 2023, significant shifts were observed in premiums across various vehicle categories, according to data released on Nov 8 from the One Motoring site. Particularly noteworthy are the changes in Category B, which will surely grab the attention of industry enthusiasts and consumers alike.
Category A, covering cars with engine capacity up to 1600cc or 130bhp and EVs with up to 110kW, experienced a decrease in premium by S$10,311, closing at S$95,689. Category B, which includes cars above 1600cc or 130bhp and EVs with more than 110kW, saw a substantial premium decrease of S$40,000, closing at S$110,001.
Goods vehicles and buses in Category C experienced a premium decrease of S$6,789, closing at S$78,001, with 281 bids for 190 COEs. The adjustment in COE supply played a crucial role in stabilizing prices, according to industry insiders.
Category D, representing motorcycles, witnessed a premium decrease of S$312, closing at S$10,889, with 630 bids for 520 COEs. The recalibration of COE supply, including unallocated COEs from previous bidding exercises, contributed to this correction.
For Category E, covering all vehicles except motorcycles, there was a significant premium decrease of S$32,993, closing at S$125,011, with 227 bids for 141 COEs. The adjustments in COE supply and market dynamics played a pivotal role in this correction.
Breaking down the bidding exercise data:
- Category A received 1,165 bids, with 915 successful and 250 unsuccessful bids.
- Category B had 830 bids, 631 successful, and 199 unsuccessful bids.
- Category C received 281 bids, 186 successful and 95 unsuccessful bids.
- Category D had 630 bids, 512 successful and 118 unsuccessful bids.
- Category E saw 227 bids, 136 successful and 91 unsuccessful bids.
Jason Lim, managing director for BMW authorised agent Eurokars Auto, noted that the increased COE supply was a welcome relief for the market, stating, “Increased COE supply definitely helped; it was welcome news. Also, in the few weeks after Cars@Expo, it was relatively quiet on the retail front. And then probably, consumers adopted a wait-and-see approach to see where this COE price correction would go.”
Nicholas Wong, general manager of Honda authorised agent Kah Motor, also emphasized the impact of demand and supply on COE prices. Wong stated that it took three adjustments in COE supply to bring prices under control, especially for Category B, which faced six rounds of increases, as reported by Motorist.
These results indicate a positive response to the increased supply and market adjustments, aligning with the expectations of industry experts. As consumers and industry players navigate these changes, how the COE market will evolve in the coming months remains to be seen.