COE prices down across the board except for Category A

In the 1st COE bidding exercise for December 2023, Cat A closed at $88,020, Cat B closed at $130,100, Cat C closed at $71,001, Cat D closed at $9,858, while Cat E closed at $133,388.

Cat A (car up to 1600cc or 130bhp, and EV with up to 110kW) received 1,233 bids for 928 COEs and its premium increased by $3,019. Category A COE closed at $88,020.

Cat B (car above 1600cc or 130bhp, and EV with more than 110kW) received 933 bids for 638 COEs and its premium decreased by $5,236 Category B COE closed at $130,100.

Cat C (goods vehicle and bus) received 346 bids for 193 COEs and its premium decreased by $2,888. Category C COE closed at $71,001.

Cat D (motorcycle) received 731 bids for 529 COEs and its premium decreased by of $143. Category D COE closed at $9,858.

Lastly, Cat E (all vehicles except motorcycle) received 287 bids for 145 COEs and decreased by $1,614. Category E COE closed at $133,388.

Commenting on these COE results, Ron Lim, head of sales and marketing at Nissan authorised agent Tan Chong Motor, told Motorist: "After two consecutive rounds of correction, Cat A buyers returned strongly in the last round. So, not surprising to see Cat A COE premium rebounding.

Buyers are now left with one more tender to lock in the VES incentives for this year, but stock could be very limited as most dealers have almost finished paring down their stock of cars which are going to be affected by the VES changes."

Nicholas Wong, general manager of Honda authorised agent Kah Motor, told Motorist: "Cat B has calmed down. Last round Cat B went up a lot, so I guess a lot of people who wanted their Cat B cars already got their COE in the last round, and there wasn't much anxiety in this round."

Jason Lim, managing director of BMW authorised agent Eurokars Auto, told Motorist: "Cat A went back up, but not a big upward swing, because everybody was collecting orders for Cat A cars, including BMW Eurokars Auto. For Cat B segment, a lot of dealers would have cleared most of their stocks, which probably contributed to the slight drop in Cat B premium."

Sabrina Sng, managing director of Polestar and Lotus under Wearnes Automotive, told Motorist: "I would say it's a relief, because last round there were a lot of bids which were not secured, so we were worried that Cat B COE might continue to rise. It's already December and there's not much time left before the end of the year, plus 2024's higher GST of nine per cent and the $5,000 reduction in the EV Early Adoption Incentive." 

Here is a summary of the 1st COE bidding exercise for December 2023:

ALSO READ: COE prices rebound for large cars and Open category, but others continue to fall

This article was first published in Motorist.