COE prices drop across the board in the last bidding exercise of 2023

In the 2nd COE bidding exercise for December 2023, Cat A closed at $85,000; Cat B closed at $110,001; Cat C closed at $69,423; Cat D closed at $9,002; while Cat E closed at $118,388.

Cat A (car up to 1600cc or 130bhp, and EV with up to 110kW) received 1,166 bids for 919 COEs and its premium decreased by $3,020. Category A COE closed at $85,000.

Cat B (car above 1600cc or 130bhp, and EV with more than 110kW) received 847 bids for 643 COEs and its premium decreased by $20,099. Category B COE closed at $110,001.

Cat C (goods vehicle and bus) received 359 bids for 192 COEs and its premium decreased by $1,578. Category C COE closed at $69,423.

Cat D (motorcycle) received 646 bids for 546 COEs and its premium decreased by of $856. Category D COE closed at $9,002.

Lastly, Cat E (all vehicles except motorcycle) received 228 bids for 147 COEs and decreased by $15,000. Category E COE closed at $118,388.

Commenting on these COE results, Ng Choon Wee, commercial director of Komoco Motors which represents Hyundai in Singapore, told Motorist: "Categories A, B and E are within expectations, but they could have dropped further.

I think there were some fleet operators that came in to bid, maybe taking advantage of the VES change next month, especially if they have available stocks to register. The market is weak, maybe because people go for holiday. Regardless, after the drop, the COEs are still high." 

Nicholas Wong, chief executive officer of Honda authorised agent Kah Motor, told Motorist: "It's high time for it to drop, I thought it might even crash, but due to the latent demand that has always existed, a crash is unlikely. If the demand is weak, there is opportunity for fleet owners to bid for COE and rejuvenate their fleet."

Sabrina Sng, managing director of Polestar and Lotus under Wearnes Automotive, told Motorist: "Quite a big drop, obviously, but looking at how long it took for the prices to start moving, it wasn't a surprise. The market was also quiet, and people are away on holiday." 

Another senior executive at a major dealership in the Alexandra Road motor belt told Motorist: "Most authorised dealers had planned and bidded in advance to meet the VES and increased GST in 2024. The additional COEs released on Nov 3 expedited and pulled forward many registrations. Most dealers are out of stock as they cleared inventory affected by the new VES."

Here is a summary of the 2nd COE bidding exercise for December 2023:

ALSO READ: COE open bidding dates for 2024

This article was first published in Motorist.