SINGAPORE – Certificate of Entitlement (COE) prices for various vehicle categories in Singapore have shown increases in most categories during the second consecutive bidding exercise. However, COE prices for commercial vehicles (Category C) recorded a decline on Wednesday, April 3.
Vehicle Categories and Price Changes
For small cars (Category A), which include vehicles with engines of up to 1,600cc and horsepower not exceeding 130bhp, COE prices rose to S$89,000 (approximately US$65,831), up from S$85,489 in the previous bidding exercise. Meanwhile, COE prices for large cars (Category B) saw a significant rise, crossing the S$100,000 threshold. This category increased from S$96,011 to S$101,334.
The Open Category, which can be applied to any vehicle type but is primarily used for larger cars, also experienced a price hike. Premiums in this category rose from S$95,856 to S$101,002.
Premiums in this category rose from S$95,856 to S$101,002.
In the motorcycle segment, COE prices increased slightly from S$9,689 to S$10,000. Conversely, commercial vehicles such as trucks and buses saw a decrease in COE prices, dropping from S$70,112 to S$67,501.
Bidding Volume and COE Quot
In this bidding session, a total of 4,438 bids were submitted, while only 2,509 COEs were available. The adjusted COE quota significantly influenced market dynamics. For the February to April quarter, the COE quota was raised by 2 percent, bringing the total to 14,707 units for the three-month period.
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However, this increase is much smaller compared to the sharp rise in the previous quarter, from November 2023 to January 2024, when the COE supply surged by 27 percent.
Factors Behind Price Fluctuations
Several factors contribute to these COE price fluctuations. High demand for large cars continues to drive prices in Category B and the Open Category. Additionally, the moderate adjustment in quotas has led to tighter competition during the bidding process.
While the commercial vehicle category showed a price drop, this segment remains stable due to consistent business needs. On the other hand, price increases in other categories reflect robust purchasing power, particularly for private vehicles.
