January 2025 COE Results 1st Bidding: The COE snake started the new year fiercely in Categories B and E, with both premiums crossing $120k, but Categories A and C slithered down a bit

In the first COE bidding exercise of January 2025, Cat A closed at $93,699; Cat B closed at $121,501; Cat C closed at $67,891; Cat D closed at $9,001; while Cat E closed at exactly $123,000.

Cat A (car up to 1600cc & 130bhp, and EV with up to 110kW) received 1,381 bids for 1,034 COEs and its premium dipped by $2,301. Category A COE closed at $93,699.

Cat B (car above 1600cc or 130bhp, and EV with more than 110kW) received 1,266 bids for 677 COEs and its premium climbed by $12,501. Category B COE closed at $121,501.

Cat C (goods vehicle and bus) received 364 bids for 248 COEs and its premium decreased by $1,999. Category C COE closed at $67,891.

Cat D (motorcycle) received 595 bids for 520 COEs and its premium increased by $620. Category D COE closed at $9,001.

Lastly, Cat E (all vehicles except motorcycle) received 415 bids for 191 COEs and climbed by $14,008. Category E COE closed at exactly $123,000.

Ng Choon Wee, commercial director of Komoco Motors which represents Hyundai in Singapore, told Motorist: “Headache, lah. While this bid was a three-weekend, I expected a slow start to the year, especially as it was the end of the holiday season. Cat A could had been lower, if not for the last five minutes of movement. The total bids received were lower than the last round of 2024. The spike in Cat B was unexpected.”

Sabrina Sng, managing director of Polestar and Lotus under Wearnes Automotive, told Motorist: “Shocking, totally unexpected. I think there was a lot of panic bidding, because people expect the Singapore Motorshow round (on January 22) to be higher.”

Nicholas Wong, chief executive officer of Honda authorised agent Kah Motor, told Motorist: “I wasn’t expecting this kind of results. The $12k jump in Cat B is simply too much, and the possibility of retail sales prompting this jump is not plausible. I suspect there could be an element of fleet owners driving up the prices for the coming year’s fuliflment of their inventory. Cat A is surprising, as the low bids submitted indicate a weakness in the market. Cat E is strong due to the Singapore Motorshow and also spillover from the strong demand for Cat B.”

A senior executive at another major dealership in the Alexandra motor belt told Motorist: “It’s been three weeks since the last bidding and there were a few new cars launched. Most dealers would try to secure COEs before Singapore Motorshow and the next round, which is a week before Chinese New Year.”

Here is a summary of the first COE bidding exercise for January 2025: