COE prices rise across the board, with Cat B premiums soaring to $112k

In the second COE bidding exercise of 2024, Cat A closed at $81,589; Cat B closed at $112,000; Cat C closed at $68,001; Cat D closed at $9,309; while Cat E closed at $109,004.

Cat A (car up to 1600cc & 130bhp, and EV with up to 110kW) received 1,880 bids for 923 COEs and its premium climbed by $16,579. Category A COE closed at $81,589.

Cat B (car above 1600cc & 130bhp, and EV with more than 110kW) received 1,308 bids for 657 COEs and its premium climbed by $26,990. Category B COE closed at $112,000.

Cat C (goods vehicle and bus) received 394 bids for 191 COEs and its premium increased by just $402. Category C COE closed at $68,001.

Cat D (motorcycle) received 615 bids for 520 COEs and its premium increased/decreased by just $195. Category D COE closed at $9,309.

Lastly, Cat E (all vehicles except motorcycle) received 267 bids for 140 COEs and climbed by $2,616. Category E COE closed at $109,004.

Ng Choon Wee, commercial director of Komoco Motors which represents Hyundai in Singapore, told Motorist: "It was a given that Categories A, B and even E were expected to go up, but for Cat B to go beyond the figure of $110,001 (2023 December's second bidding) was unexpected. Why would we want to bring it higher when everyone experienced a quiet showroom at the $110,000 mark?"

Jason Lim, managing director of BMW authorised agent Eurokars Auto, told Motorist: "The increases in Cat A and B are within our expectations, bearing in mind that it was a huge success for Eurokars at Singapore Motorshow, both BMW and MG collected a lot of orders at the event. The market might have been expecting an even higher increase in Category A."

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

ALSO READ: COE prices fall across most categories; Cat B down by $25k

This article was first published in Motorist.