The COE quota for the three-month period of May 2024 to July 2024 will be 15,104 which is “lesser than expected”

The 15,104 Certificates of Entitlement (COEs) announced by Land Transport Authority (LTA) for 2024 May-July will be about 3% more overall than the previous COE quota for 2024 February-April.

However, the increase in the number of Certificates is uneven across the COE categories - 2.9% for Category A, 1.2% for Category B, 5.2% for Category C and no change for Category D (motorcycles).

Category E, also known as Open Category because its COEs are transferrable within a three-month window, sees an increase of almost 13%, but this figure includes a nett addition of 66 COEs after an adjustment for a change in the local taxi population (plus 121 COEs) and another adjustment under the Early Turnover Scheme for commercial vehicles (minus 55 COEs).

Furthermore, LTA’s “cut-and-fill” tactic of redistributing COEs from identified guaranteed deregistrations down the road adds over 1,100 Cat A COEs and 800 Cat B COEs to the 2024 May-July quota. 

The chief executive officer of a major Japanese car brand lamented to Motorist that “It’s hard to calculate nowadays”. He also mentioned that the next COE quota is “lesser than expected, I guess it’s because of the brought-forward quota”.

Two managing directors in a multi-brand car distributor told Motorist separately that “It’s a minimal increase compared to the last quota period” and “There’s only a very slight change for Categories B and E”. They are expecting “more stable COE premiums” and “no major impact to COE prices”. 

The commercial director of a top 10 car brand at the Leng Kee motor belt pointed out an interesting data point in the official statistics accompanying LTA’s announcement of the 2024 May-July COE quota. 

Said data point was the total of 448 temporary COEs (TCOEs) which expired and were returned to the authority. More than half of these were high-value COEs given up by dealers who preferred to forfeit their $10,000 COE deposit and bid for fresh COEs at lower cost. In this case, $4.48 million (448 TCOEs at $10,000 apiece) was “donated” to the COE system.

In July 2024, LTA will announce the COE quota for the bidding period of August 2024 to October 2024.

Read More: LTA announces 2.2% increase in COE quota for 2024 February-April period

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