November 2024 COE Results 2nd Bidding: The COE dragon continued to lose altitude in all the car Categories, with Cat A dropping exactly $10k to go below $90,000

In the second COE bidding exercise of November 2024, Cat A closed at $89,889; Cat B closed at $105,081; Cat C closed at $69,000; Cat D closed at $8,669; while Cat E closed at $107,501.

Cat A (car up to 1600cc & 130bhp, and EV with up to 110kW) received 1,320 bids for 1,041 COEs and its premium dipped by $10,000. Category A COE closed at $89,889.

Cat B (car above 1600cc or 130bhp, and EV with more than 110kW) received 874 bids for 678 COEs and its premium dipped by $2,920. Category B COE closed at $105,081.

Cat C (goods vehicle and bus) received 378 bids for 235 COEs and its premium increased by $660. Category C COE closed at $69,000.

Cat D (motorcycle) received 637 bids for 524 COEs and its premium decreased by $420. Category D COE closed at $8,669.

Lastly, Cat E (all vehicles except motorcycle) received 298 bids for 179 COEs and dipped by $1,499. Category E COE closed at $107,501.

Ron Lim, head of sales and marketing at Nissan authorised agent Tan Chong Motor, told Motorist: “Due to the uncertainty over exactly how many COEs will be released come next February onwards, potential car buyers have been holding back their purchases. Moreover, many of them have chosen to just enjoy their holidays first and then assess the situation again when they return. I expect bidding to be less aggressive than previously, as there are another four rounds of bidding before the new COE quota kicks off for the 2025 February to April quota period”

Adele Lee, assistant general manager of Polestar under Wearnes Automotive, told Motorist: “The market had been slow, so we were expecting a drop. Next round, we expect a rebound, as people might rush in to secure deals. Dealers are also perhaps pushing to end the year well to meet their targets.”

Jason Lim, managing director of BMW authorised agent Eurokars Auto, told Motorist: “Possibly, consumers are holding back, with people waiting on the fence after LTA’s announcement of 20,000 more COE quota, hence the drop in Cat A COE premium. It’s a good time to shop around, in conjunction with the year-end promos.”

Ng Choon Wee, commercial director of Komoco Motors which represents Hyundai in Singapore, told Motorist: “The market was quiet, but the bids received for Cat A were about the same as in the last bid. This was probably due to slashing of prices to get orders. Cat B bids went down by nearly 25 percent but were still strong. This could be due to the multiple roadshows during the past two weeks.”

Corinne Chua, managing director of Volvo Car Singapore under Wearnes Automotive, told Motorist: “I think customers will check our Cat A cars and their prices may rebound. I think Cat B will remain around current prices.”

A senior executive at another major dealership in the Alexandra Road motor belt told Motorist: “The 20k from Government did work to keep customers away from the showroom. Plus, school holidays, most peeps are out of town.”

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