COE February Bidding Exercise Round 1: COE prices expected to fall further
Will COE prices continue to fall? We think so!
COE results are out! As expected, COE prices for cars have fallen across the board.
Category A COE price has fallen $2,999 to $62,002, down from $65,001.
Category B COE has seen a more significant drop of $5,999 to $70,890, from $76,889.
Category E COE, usually used for cars belonging to Category B, has also seen a dip of $4,869, to $71,921.
COE prices were expected to fall at this bidding exercise, in relation to LTA’s announcement last month that the COE allocation quota for the February-April quarter will generally see increases.
To recap, in this quarter, Category A COE would see the largest rise in monthly quota, from 1,396 to 1,973, a staggering 41.3% increase. Category B COE would also see an increase of 26.9%, rising to a monthly quota of 1,444 from 1,138. Category E COE, sees a dip of 33.8%, from 527 to 349.
Combining Category B and E, the total monthly quota from these two categories will benefit from a net increase in monthly quotas of 128 units, or 7.68%.
Despite Category A COE seeing a larger increase in quota for this quarter than a combination of Category B and E, it sees a smaller dip of just 4.61% in price, compared to the 7.07% dip for the combination of B and E.
There is no doubt that COE prices will continue to fall further as the rush to purchase new cars just in time for the Chinese New Year dies down and the market settles. New car dealers will definitely be hanging out great deals and promotions to entice potential buyers to take advantage of the lower COE prices.
Therefore, the next few months or so through to end-April will perhaps be one of the most opportune times to buy a new car in a long time.
For those eyeing used cars, there’s good news too. As new car prices fall and sales pick up, used cars dealers are expected to offer great deals to stay competitive too.
If you are looking to buy a car, new or used, now might be time to start narrowing down your choices and looking for you ideal car.
No doubt, this dip in COE prices is great news for both car buyers and the car industry.
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