December 2024 COE Results 2nd Bidding: The COE dragon didn’t take a final breather for 2024 before going on its three-week break, with higher premiums in all Categories except commercial vehicles

In the second COE bidding exercise of December 2024, Cat A closed at $96,000; Cat B closed at $109,000; Cat C closed at $69,890; Cat D closed at $8,381; while Cat E closed at $108,992.

Cat A (car up to 1600cc & 130bhp, and EV with up to 110kW) received 1,506 bids for 1,035 COEs and its premium climbed by exactly $2,000. Category A COE closed at $96,000.

Cat B (car above 1600cc or 130bhp, and EV with more than 110kW) received 987 bids for 676 COEs and its premium climbed by $5,990. Category B COE closed at $109,000.

Cat C (goods vehicle and bus) received 400 bids for 255 COEs and its premium decreased by $399. Category C COE closed at $69,890.

Cat D (motorcycle) received 641 bids for 519 COEs and its premium increased by $503. Category D COE closed at $8,381.

Lastly, Cat E (all vehicles except motorcycle) received 330 bids for 182 COEs and climbed by $4,991. Category E COE closed at $108,992.

Jason Lim, managing director of BMW authorised agent Eurokars Auto, told Motorist: “The dealers pushed as this was their final bid to achieve 2024 targets set by the car manufacturers. With Singapore Motorshow 2025 (January 9-12) and the three-week period before the next round of COE bidding, I expect the premiums to either maintain their present levels or go up.” 

Sabrina Sng, managing director of Polestar and Lotus under Wearnes Automotive, told Motorist: “I’m not surprised, as this is the last bidding for the year and everyone is trying to meet their year-end numbers. Category A may stay strong because of the three-week break and people rushing to get their new cars by Chinese New Year (2025 January 29).”

A senior executive at another major dealership in the Alexandra Road area told Motorist: “Everyone is trying to secure COEs before the three weeks till Singapore Motorshow. Also, the VES rebate for petrol-electric hybrid cars will drop from $5k to $2.5k after the end of this month, so they have to be registered. Lastly, the dealerships need to close the year and meet their sales targets.”  

Ng Choon Wee, commercial director of Komoco Motors which represents Hyundai in Singapore, told Motorist: “I am surprised by the results, especially when most people are out of town. The next COE bidding on 8 January 2025 could be soft, because buyers may wait for better deals at Singapore Motorshow from 9 to 12 January.”

Nicholas Wong, chief executive officer of Honda authorised agent Kah Motor, told Motorist: “The increase in Cat A COE premium was somewhat unexpected, as there was already a big jump in the previous bid. This shows the demand for certain car brands is still strong. Hopefully, the Government can make some announcements soon to quell the prices.”

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