November 2024 COE Results 1st Bidding: The COE dragon lost some altitude in all the Categories, with Cat A now under $100k, Cat C under $70k, and both Categories B and E under $110k

In the first COE bidding exercise of November 2024, Cat A closed at $99,889; Cat B closed at $108,001; Cat C closed at $68,340; Cat D closed at $9,089; while Cat E closed at $109,000.

Cat A (car up to 1600cc & 130bhp, and EV with up to 110kW) received 1,338 bids for 1,040 COEs and its premium dipped by $3,011. Category A COE closed at $99,889.

Cat B (car above 1600cc or 130bhp, and EV with more than 110kW) received 1,039 bids for 696 COEs and its premium dipped by $5,889. Category B COE closed at $108,001.

Cat C (goods vehicle and bus) received 365 bids for 236 COEs and its premium decreased by $4,599. Category C COE closed at $68,340.

Cat D (motorcycle) received 598 bids for 520 COEs and its premium decreased by $500. Category D COE closed at $9,089.

Lastly, Cat E (all vehicles except motorcycle) received 321 bids for 189 COEs and dipped by $5,700. Category E COE closed at $109,000.

Ng Choon Wee, commercial director of Komoco Motors which represents Hyundai in Singapore, told Motorist: “I’m expecting buyers to still take their time to consider if they should enter the market, as Cat A at $99,889 is still considered high. Cat B had more bids but its premium went lower, this could be due to unfulfilled orders from The Car Expo last month.” 

Another senior executive at a major dealership in the Alexandra Road motor belt told Motorist: “These lower COE premiums are mainly due to the slow two weeks of order-taking by most brands.”

Sabrina Sng, managing director of Polestar and Lotus under Wearnes Automotive, told Motorist: “I would say that today’s COE drops were partly driven by LTA’s announcement of 20,000 additional COEs, but the market has been slow since the rise in COE prices in early October.”

Nicholas Wong, chief executive officer of Honda authorised agent Kah Motor, told Motorist: “I think it’s a combination of factors. The COE was high in the last few rounds, which led to less bookings after The Car Expo and less bids in this round. Then there was the announcement of more COEs.”

Corinne Chua, managing director of Volvo Car Singapore under Wearnes Automotive, told Motorist: “I feel that COE prices have dropped because the showroom traffic and demand have slowed down since the announcement of the 20,000 additional COEs. Most customers think that there will be 20,000 more COEs next February, not knowing that the period of allocation and the Categories are not announced yet.”

Here is a summary of the first COE bidding exercise for November 2024: