December 2024 COE Results 1st Bidding: The COE dragon regained some altitude in Categories A and C, but continued to lose altitude in Categories B, D and E

In the first COE bidding exercise of December 2024, Cat A closed at $94,000; Cat B closed at $103,010; Cat C closed at $70,289; Cat D closed at $7,878; while Cat E closed at $104,001.

Cat A (car up to 1600cc & 130bhp, and EV with up to 110kW) received 1,475 bids for 1,037 COEs and its premium climbed by $4,111. Category A COE closed at $94,000.

Cat B (car above 1600cc or 130bhp, and EV with more than 110kW) received 866 bids for 689 COEs and its premium dipped by $2,071. Category B COE closed at $103,010.

Cat C (goods vehicle and bus) received 418 bids for 262 COEs and its premium increased by $1,289. Category C COE closed at $70,289.

Cat D (motorcycle) received 570 bids for 517 COEs and its premium decreased by $791. Category D COE closed at $7,878.

Lastly, Cat E (all vehicles except motorcycle) received 326 bids for 179 COEs and dipped by $3,500. Category E COE closed at $104,001.

Ng Choon Wee, commercial director of Komoco Motors which represents Hyundai in Singapore, told Motorist: “The rebound in Cat A was expected, as the previous drop of $10k brought buyers back into the showroom. Cat B was slightly weaker, thus the dip of $2,071. For the last bid of 2024, my best guess is that Cat A will be around $90k while Cat B may go below the $100k mark.”

Jason Lim, managing director of BMW authorised agent Eurokars Auto, told Motorist: “Since the last drop in COE premiums, all showrooms saw increased walk-ins, especially for Cat A cars. The next round, being the final round of 2024 to chase sales and close the year, should remain around these levels, but it’s difficult to predict, because many people will start to travel out of Singapore.”

Corinne Chua, managing director of Volvo Car Singapore under Wearnes Automotive, told Motorist: “The rebound in Cat A was expected with the $10k drop in the last round. Cat B continued to slow down as the change in premium wasn’t as significant as Cat A. Customers are waiting for next February and some have already gone on holiday. Prices will remain around the same in the next bid, but some dealers may start picking up Cat E COEs to prepare for Singapore Motorshow 2025.”

A senior executive at another major dealership in the Alexandra area told Motorist: “We expected a Cat A rebound after the huge drop in the previous round.”

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