October 2024 COE Results 2nd Bidding: The COE dragon stopped its upward trajectory and dipped a bit across all the Categories
In the second COE bidding exercise of October 2024, Cat A closed at $102,900; Cat B closed at $113,890; Cat C closed at $72,939; Cat D closed at $9,589; while Cat E closed at $114,700.
Cat A (car up to 1600cc & 130bhp, and EV with up to 110kW) received 1,499 bids for 1,058 COEs and its premium dipped by $899. Category A COE closed at $102,900.
Cat B (car above 1600cc or 130bhp, and EV with more than 110kW) received 975 bids for 670 COEs and its premium dipped by $2,112. Category B COE closed at $113,890.
Cat C (goods vehicle and bus) received 337 bids for 222 COEs and its premium decreased by $2,070. Category C COE closed at $72,939.
Cat D (motorcycle) received 622 bids for 522 COEs and its premium decreased by $412. Category D COE closed at $9,589.
Lastly, Cat E (all vehicles except motorcycle) received 327 bids for 177 COEs and dipped by $1,300. Category E COE closed at $114,700.
Nicholas Wong, chief executive officer of Honda authorised agent Kah Motor, told Motorist: “I think it’s a very small market correction. There are still a lot of back orders which were unsuccessful during the last COE bidding. We’ll have more COEs available for the next COE period from November, let’s see how the market will react to that.”
Sabrina Sng, managing director of Polestar and Lotus under Wearnes Automotive, told Motorist: “I would say the COE is stable as it didn’t drop much, but this clearly shows the underlying demand is quite strong.”
Ng Choon Wee, commercial director of Komoco Motors which represents Hyundai in Singapore, told Motorist: “COEs went up too high in the last bid and showroom footfall reduced drastically. The number of bids in this round was down by slightly more than 25 percent for both Cat A and Cat B, but the prices remained high. With these COE premiums, I’m expecting showroom traffic to stay slow.”
Here is a summary of the second COE bidding exercise for October 2024:
Category |
Current COE |
Previous COE |
Difference |
PQP |
|---|---|---|---|---|
| A – car up to 1600cc & 130bhp, and EV up to 110kW | $102,900 | $103,799 |
– $899 |
$91,697 (Sep 2024) $94,351 (Oct 2024) |
| B – car above 1600cc or 130bhp, and EV above 110kW | $113,890 |
$116,002 |
– $2,112 |
$102,639 (Sep 2024) $104,866 (Oct 2024) |
| C – goods vehicle and bus | $72,939 | $75,009 |
– $2,070 |
$70,766 (Sep 2024) $72,018 (Oct 2024) |
| D – motorcycle | $9,589 | $10,001 |
– $412 |
$9,149 (Sep 2024) $9,434 (Oct 2024) |
| E – all vehicles except motorcycle | $114,700 | $116,000 |
– $1,300 |
Not applicable |
Next round of COE bidding starts on 4 November 2024 at 12pm, with the results out on 6 November 2024 at 4pm.
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