The first Certificate of Entitlement (COE) Open Bidding Exercise of November 2024 concluded on 6 Nov at 16:00
Price drops across all categories
Across the board, COE prices decreased, offering a degree of relief for those looking to own or replace a vehicle. The largest reduction, recorded in Category B, is particularly noteworthy. COEs in this category, which generally include larger and more powerful cars, decreased by $5,889, dropping from $113,890 to $108,001. Category A, catering to less powerful vehicles, also showed a substantial drop of $3,011, from $102,900 to $99,889. These decreases reflect the broader price adjustments in November, although the market’s response to future COE exercises remains unpredictable.
Category
Previous COE ($)
New COE ($)
Difference ($)
A
(see details below)
102,900
99,889
-3,011
B
(see details below)
113,890
108,001
-5,889
C
Goods Vehicle & Bus
72,939
68,340
-4,599
D
Motorcycle
9,589
9,089
-500
E
Open – All Except Motorcycle
114,700
109,000
-5,700
Category Breakdown
Category A COEs cater to cars with engines of 1,600cc and below or with power outputs not exceeding 97kW (130bhp). Additionally, electric vehicles with power outputs up to 110kW (147bhp) also fall within this category. This segment’s drop indicates a potential opportunity for first-time car buyers seeking cost-effective options.
Category B, which includes vehicles above 1,600cc or with power output above 97kW, saw the most significant decrease this round. This category also includes fully electric cars above the 110kW power threshold, making this decrease especially beneficial for drivers interested in more powerful or larger vehicles.
Category C, for goods vehicles and buses, witnessed a $4,599 reduction, suggesting a beneficial climate for commercial enterprises requiring heavy-duty vehicles.
Category D (motorcycles) also dropped by $500, providing an advantage for motorbike buyers.
Category E, known as the “Open” category and usable for all except motorcycles, saw a decrease of $5,700, from $114,700 to $109,000. This price shift offers flexibility for buyers seeking vehicles in various categories, especially if competition intensifies in subsequent bidding exercises.
The fall in COE prices has broad implications for the Singaporean vehicle market, particularly in light of shifting consumer preferences and government policies aimed at encouraging sustainable transport options.
As Singapore’s vehicle market continues to evolve, prospective car owners are advised to monitor these shifts closely, balancing affordability with the strategic timing of their purchases.
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