Should We Hope For Lower COE Premiums, Or Buy Some Of The Most Affordable Used Vehicles In The Market Today?
Wait, what about COE quotas?
The Land Transport Authority (LTA) has announced that more quotas will be allocated for Certificate of Entitlement (COE) from November 2023 to January 2024. This will affect Categories A, B, and C - 1,614 COEs will be added in total.
Give me the breakdown…
In Cat A, typically associated with smaller mass-market vehicles, the allocation will rise to 5,513 - a 35% increase from the previous quarter. For Cat B, the supply will be adjusted to 3,800 units, which means a 35% increase compared to the previous quarter. Cat C (goods vehicles and buses) will be 65% higher than the previous quarter, with 1,129 COEs now available.
Does this mean COE premiums in Cat A, B and C will be lower these 3 months?
Well, it’s anyone’s guess. But don’t place your bets on a massive downward trend (in COE premiums) these few months just yet - LTA clarified in a statement that “Potential buyers may want to take note that the COE quota for Categories A, B and C will continue to increase in 2024 before reaching the peak supply period from 2025, whilst Category D quota in 2024 is expected to remain comparable to 2023.“
Alright, back to affordable used car hunting…
Believe it or not - we can still buy pre-loved cars (pretty good condition ones in fact!) now for less than S$900 depreciation per month. Sure, COE premiums going for more than S$150k per pop will have a trickle down effect on used vehicle purchases, but dig deeper and you can buy cars like this Suzuki SX4 sedan and 2-owner Toyota Corolla XLi. Or even this low mileage, near-new Hyundai Avante asking for less than S$730 depreciation per month.
I need to drive something affordable and quirky…
The Honda N-Van pops up ever so often - no surprises given its ability to package practicality and ample performance in a cute form factor. It’s yours for less than S$10k depreciation per year. If you’re craving for old school metal, this Pininfarina-designed 1981 Peugeot 504 can supply the red carpet down memory lane. Or if you find performance JDMs in the noughties too hyped (supercar-rivalling depreciations reflect that!), this late 80s Toyota Starlet weighing in at just 750kg would make light work of corner carving duties.
Selling your car? Whatever the reason, caryousell@carousell, sell your car at the highest price today.