June 2024 COE Results 1st Bidding: The COE dragon dropped to a lower altitude across all categories, with Categories A and B registering the biggest drops in percentage terms
In the first COE bidding exercise of June 2024, Cat A closed at $88,200; Cat B closed at $100,607; Cat C closed at $70,589; Cat D closed at $8,989; while Cat E closed at $101,600.
Cat A (car up to 1600cc & 130bhp, and EV with up to 110kW) received 1,467 bids for 962 COEs and its premium dipped by $4,500. Category A COE closed at $88,200.
Cat B (car above 1600cc or 130bhp, and EV with more than 110kW) received 974 bids for 685 COEs and its premium dipped by $5,082. Category B COE closed at $100,607.
Cat C (goods vehicle and bus) received 334 bids for 230 COEs and its premium decreased by $1,412. Category C COE closed at $70,589.
Cat D (motorcycle) received 628 bids for 519 COEs and its premium decreased by $322. Category D COE closed at $8,989.
Lastly, Cat E (all vehicles except motorcycle) received 319 bids for 183 COEs and dipped by $3,402. Category E COE closed at $101,600.
Nicholas Wong, chief executive officer of Honda authorised agent Kah Motor, told Motorist: “This round, prices for both categories dropped due to low footfall and the school holidays. These results mean there were previous Cat A back orders at low prices not submitted during the previous round, and hence there were more bids this time but no price up.”
Ng Choon Wee, commercial director of Komoco Motors which represents Hyundai in Singapore, told Motorist: “The markets for Cat A and Cat B are generally weak. There wasn’t much movement in the last three to four minutes, and I strongly believe that the movement was caused by brands with stronger bidding power. Cat B was rather stagnant in the final five minutes. Those European brands down-tuning their horsepower to meet the Cat A requirement are those players pushing up the COE, along with fleet buyers replacing their fleet. Otherwise, Cat A COE could be lower.”
Jason Lim, managing director of BMW authorised agent Eurokars Auto, told Motorist: “The market is relatively quiet due to the June school holidays, and people are travelling. These are some of the lowest premiums after the last quota announcement, so it’s a good time for car shoppers to come in and shop around. Cat B COE currently is just a few hundred dollars shy of five-digits.”
Vincent Tan, managing director of Vincar, a popular multi-brand importer which is also Singapore’s Aion authorised distributor: “The market now is still not fantastic. I think the car COEs will hover around this level, maybe go up or down a little bit. It’s hard to foresee the next round, because it depends on the showroom crowd this coming weekend.”
Here is a summary of the first COE bidding exercise for June 2024:
Category |
Current COE |
Previous COE |
Difference |
PQP |
|---|---|---|---|---|
| A – car up to 1600cc & 130bhp, and EV up to 110kW | $88,200 | $92,700 |
– $4,500 |
$84,550 (May 2024) $89,634 (Jun 2024) |
| B – car above 1600cc or 130bhp, and EV above 110kW | $100,607 |
$105,689 |
– $5,082 |
$99,116 (May 2024) $101,008 (Jun 2024) |
| C – goods vehicle and bus | $70,589 | $72,001 |
– $1,412 |
$71,120 (May 2024) $70,620 (Jun 2024) |
| D – motorcycle | $8,989 | $9,311 |
– $322 |
$9,547 (May 2024) $9,649 (Jun 2024) |
| E – all vehicles except motorcycle | $101,600 | $105,002 |
– $3,402 |
Not applicable |
Next round of COE bidding starts on 18 June 2024 at 12pm, with the results out on 20 June 2024 at 4pm (because 17 June is a public holiday, Hari Raja Haji).
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