July 2024 COE Results 1st Bidding: The COE dragon maintained its stable glide in Categories A, C and E, while Categories B and D went down by a little
In the first COE bidding exercise of July 2024, Cat A closed at $91,001; Cat B closed at $100,901; Cat C closed at $70,001; Cat D closed at $8,900; while Cat E closed at $100,889.
Cat A (car up to 1600cc & 130bhp, and EV with up to 110kW) received 1,429 bids for 967 COEs and its premium climbed by just $112. Category A COE closed at $91,001.
Cat B (car above 1600cc or 130bhp, and EV with more than 110kW) received 896 bids for 671 COEs and its premium dipped by $1,433. Category B COE closed at $100,901.
Cat C (goods vehicle and bus) received 325 bids for 214 COEs and its premium increased by just $101. Category C COE closed at $70,001.
Cat D (motorcycle) received 571 bids for 517 COEs and its premium decreased by just $102. Category D COE closed at $8,900.
Lastly, Cat E (all vehicles except motorcycle) received 309 bids for 176 COEs and climbed by just $889. Category E COE closed at $100,889.
Jason Lim, managing director of BMW authorised agent Eurokars Auto, told Motorist: “I hoped that all the dealers don’t rush in the first round, as there is still another COE bid to chase for July registration. Cat A remains very competitive. The gap between Categories A and B is narrowing because Cat A is really crowded now, with additional entrants which include two new BMWs, Tesla Model 3 and BYD Seal.”
Corinne Chua, managing director of Volvo Car Singapore under Wearnes Automotive, told Motorist: “Some dealers may have used their Open Cat COEs to register the orders after the second bid in June, therefore there's a drop in the number of bids for Cat B while Cat E has gone up slightly in bids and price. Some may be replenishing their Open Cat COEs and also keeping them for the three-week break after the next bidding round.”
A senior executive at another major dealership in the Alexandra Road motor belt told Motorist: “More EVs are squeezing into Cat A, hence Cat B COE dropped, with the number of Cat B bids dropping as well.”
Ng Choon Wee, commercial director of Komoco Motors which represents Hyundai in Singapore, told Motorist: “COE premiums are still high. Potential buyers may be waiting for a bigger drop before buying.”
Here is a summary of the first COE bidding exercise for July 2024:
Category |
Current COE |
Previous COE |
Difference |
PQP |
|---|---|---|---|---|
| A – car up to 1600cc & 130bhp, and EV up to 110kW | $91,001 | $90,889 |
+ $112 |
$89,634 (Jun 2024) $91,401 (Jul 2024) |
| B – car above 1600cc or 130bhp, and EV above 110kW | $100,901 |
$102,334 |
– $1,433 |
$101,008 (Jun 2024) $102,828 (Jul 2024) |
| C – goods vehicle and bus | $70,001 | $69,900 |
+ $101 |
$70,620 (Jun 2024) $69,749 (Jul 2024) |
| D – motorcycle | $8,900 | $9,002 |
– $102 |
$9,649 (Jun 2024) $9,466 (Jul 2024) |
| E – all vehicles except motorcycle | $100,889 | $100,000 |
+ $889 |
Not applicable |
Next round of COE bidding starts on 15 July 2024 at 12pm, with the results out on 17 July 2024 at 4pm.
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Do note that if more cat B detune to cat A, our government will lose more road tax revenue because the tax is based on KW.
We should not forget the main objective of COE is to regulate the car growth. But the current trend seems to focus on more Cat A vehicles sales by authorised dealers that defeat the purpose of cut and fill.
This is indeed unhealthy, for no amount of “borrow” COEs can satisfy the growing desire of mass market Cat A . This is seen on the number of Cat A bids far exceeding the quota.
Should LTA increase the quota to even more by bringing the future “ borrow” cat A COE and for how long? Contrary to perception that COE for Cat A will drop at least till 2026 due to cut and fill, the opposite is true with more detune EV.
The Cat A market is disruptive. When a Cat B dealer see their competitors bringing in detune Cat A, they wasted no time to do the same to stay competitive. For example, when Tesla recently detuned their model 3 to Cat A, BYD follow suit with their Seal.
The losers are parallel importers because they can only buy cars from the authorised dealers overseas and these dealers won’t sell detune EV because the PI market is small. The gainers are those authorised dealers in SG with direct access to manufacturers who are willing to detune to capture market share.
LTA must consider disincentives for detune EVs. A possible solution is to impose surcharge on detune EVs. That will compel dealers to import Cat A EVs and not switch from Cat B to Cat A.
While this may lead to more Cat A models and buyers vying for Cat A COE, at least this is more predictable for LTA planner. Perhaps as more buyers migrate to Cat A, LTA should consider transferring some Cat B quota to cat A.
The creative minds of dealers detuning the power of Cat B to A will continue to evolve. Either LTA ban such practice or impose cost .
2 days ago