July 2024 COE Results 2nd Bidding: The stable glide of the COE dragon continued, with Cat A’s $898 blip and Cat B’s $901 drop as the biggest price movements in this round
In the second COE bidding exercise of July 2024, Cat A closed at $91,899; Cat B closed at exactly $100,000; Cat C closed at $70,601; Cat D closed at $9,089; while Cat E closed at $100,341.
Cat A (car up to 1600cc & 130bhp, and EV with up to 110kW) received 1,342 bids for 973 COEs and its premium climbed by $898. Category A COE closed at $91,899.
Cat B (car above 1600cc or 130bhp, and EV with more than 110kW) received 891 bids for 661 COEs and its premium dipped by $901. Category B COE closed at exactly $100,000.
Cat C (goods vehicle and bus) received 355 bids for 214 COEs and its premium increased by $600. Category C COE closed at $70,601.
Cat D (motorcycle) received 591 bids for 518 COEs and its premium increased by just $189. Category D COE closed at $9,089.
Lastly, Cat E (all vehicles except motorcycle) received 300 bids for 177 COEs and dipped by $548. Category E COE closed at $100,341.
Ng Choon Wee, commercial director of Komoco Motors which represents Hyundai in Singapore, told Motorist: “Showroom walk-ins picked up, but not many bookings were collected. The prospects still want to wait for lower COE before committing, especially with Cat B still a six-digit figure. The bids received for Cat A were lesser than in the last round, but the premium went up, with more bids rushed in during the last 10 minutes, probably from fleet buyers.”
Vincent Tan, managing director of Vincar, a popular multi-brand importer which is also Singapore’s Aion authorised distributor, told Motorist: “Sales of Cat B cars have been a bit weak.”
Nicholas Wong, chief executive officer of Honda authorised agent Kah Motor, told Motorist: “The market has been very slow, but it appears that electric cars are squeezing out everyone else from Category A.”
A senior executive at another major dealership in the Alexandra Road motor belt told Motorist: “Like in the last round, there are more EV models in Category A keeping a healthy order bank. The COE premiums remained relatively flat, with the bidding measured because dealers may wait for LTA’s announcement next week of the new COE quota size for August-October.”
Here is a summary of the second COE bidding exercise for July 2024:
Category |
Current COE |
Previous COE |
Difference |
PQP |
|---|---|---|---|---|
| A – car up to 1600cc & 130bhp, and EV up to 110kW | $91,899 | $91,001 |
+ $898 |
$89,634 (Jun 2024) $91,401 (Jul 2024) |
| B – car above 1600cc or 130bhp, and EV above 110kW | $100,000 |
$100,901 |
– $901 |
$101,008 (Jun 2024) $102,828 (Jul 2024) |
| C – goods vehicle and bus | $70,601 | $70,001 |
+ $600 |
$70,620 (Jun 2024) $69,749 (Jul 2024) |
| D – motorcycle | $9,089 | $8,900 |
+ $189 |
$9,649 (Jun 2024) $9,466 (Jul 2024) |
| E – all vehicles except motorcycle | $100,341 | $100,889 |
– $548 |
Not applicable |
Next round of COE bidding starts on 5 August 2024 at 12pm, with the results out on 7 August 2024 at 4pm.
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