August 2024 COE Results 2nd Bidding: The COE dragon took a quick breather, with Categories A, B, and D all closing slightly lower
In the second COE bidding exercise of August 2024, Cat A closed at $93,900; Cat B closed at $105,889; Cat C closed at $72,400; Cat D closed at $9,310; while Cat E closed at $106,001.
Cat A (car up to 1600cc & 130bhp, and EV with up to 110kW) received 1,314 bids for 978 COEs and its premium dipped by $389. Category A COE closed at $93,900.
Cat B (car above 1600cc or 130bhp, and EV with more than 110kW) received 985 bids for 686 COEs and its premium dipped by $212. Category B COE closed at $105,889.
Cat C (goods vehicle and bus) received 333 bids for 216 COEs and its premium increased by $1,300. Category C COE closed at $72,400.
Cat D (motorcycle) received 614 bids for 523 COEs and its premium decreased by $291. Category D COE closed at $9,310.
Lastly, Cat E (all vehicles except motorcycle) received 350 bids for 173 COEs and climbed by $762. Category E COE closed at $106,001.
Ng Choon Wee, commercial director of Komoco Motors which represents Hyundai in Singapore, told Motorist: "There are still buyers, but they're not committing on the purchase as many cited that they are waiting for COE to be lower. Buyers are also saying they want to look around, especially with new EV brands that came into the market recently."
Nicholas Wong, chief executive officer of Honda authorised agent Kah Motor, told Motorist: "Prices have dropped by a few hundreds but won’t bring troves of buyers rushing to the showroom. It’s gonna be like that for the rest of the year unless Government decides to put in some bonus, like allowing for 0.25% growth to take care of sudden surge in EV demand."
Corinne Chua, managing director of Volvo Car Singapore under Wearnes Automotive, told Motorist: "The market has been slow since the last $6k jump in Cat B, but there were 487 unsuccessful bids which may have gone into this round of bidding to secure COEs. Cat E remains strong as many dealers might be chasing both B and E at the same time, and to secure for The Car Expo in the first week of October."
Here is a summary of the second COE bidding exercise for August 2024:
Category |
Current COE |
Previous COE |
Difference |
PQP |
|---|---|---|---|---|
| A – car up to 1600cc & 130bhp, and EV up to 110kW | $93,900 | $94,289 |
– $389 |
$91,401 (Jul 2024) $91,383 (Aug 2024) |
| B – car above 1600cc or 130bhp, and EV above 110kW | $105,889 |
$106,101 |
– $212 |
$102,828 (Jul 2024) $102,423 (Aug 2024) |
| C – goods vehicle and bus | $72,400 | $71,100 |
+ $1,300 |
$69,749 (Jul 2024) $70,516 (Aug 2024) |
| D – motorcycle | $9,310 | $9,601 |
– $291 |
$9,466 (Jul 2024) $9,133 (Aug 2024) |
| E – all vehicles except motorcycle | $106,001 | $105,239 |
+ $762 |
Not applicable |
Next round of COE bidding starts on 2 September 2024 at 12pm, with the results out on 4 September 2024 at 4pm.
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