Certificate of Entitlement (COE) premiums in Singapore have dipped, reaching record lows not seen since early 2022.
The latest bidding round resulted in COE premiums for Category A, for smaller and less powerful cars up to 1,600cc and 130bhp, as well as for EVs with up to 110 kilowatts of power, fell to S$65,010. This was a 23.5 per cent drop from the S$85,000 recorded at the last tender exercise two weeks ago on Dec. 20, 2023. The Category B COE, for bigger and more powerful cars above 1,600cc or 130bhp, as well as EVs with more than 110 kilowatts of power, came down to S$85,010. This was a 22.7 per cent drop from the S$110,001 premium during the last bidding.
In the other categories, premium for the open category COE price concluded at S$106,388, which was 10 percent lower than the S$118,388 premium set at the last tender. Commercial vehicle COE fell by 2.63 per cent from S$69,423 to S$67,599. The motorcycle category was the only one that saw higher level at S$9,114, an increase of 1.24 per cent from S$9,002.
Industry experts speculate that the COE decline may influence the introduction of new car models, as manufacturers try to capitalize on the increased buying interest. The government has indicated that COE supply for categories A, B, and Open will see a substantial increase in the second half of 2024. It might be good news for prospective car buyers, with lower COEs and more new models of cars to choose from.
