Current COE Price in Singapore

The Certificate of Entitlement (COE) second bidding for May continue to show a dip in passenger cars (Category A & B) while the other three categories rose in the second bidding exercise for May.

In summary:

  • Category A – fell S$869 to S$47,020
  • Category B – fell S$1,854 to S$49,156
  • Category C – rose S$700 to S$43,002
  • Category E – rose S$700 to S$49,700

Based on COE price history between 2015 and 2016, COE premiums for passenger cars had dropped by at least 30%. Have COE bottom out?

Why did COE prices fall in this bidding exercise?

The most obvious indicator is that the COE quota remains high.

Consistently since August 2015, each bidding exercise has seen more than 1,600 Category A COEs being released by LTA. Highest quota released for this category since early 2009. As a result of the higher supply, the COE premiums continue to be lower. What’s more, industry experts are confident that the COE quota remaining high this year, which means the historical COE prices will continue to fall.

Will the COE prices remain low?

Do not expect prices to stay low. We foresee that moving forward COE prices will average at $45K – $55K range.

For one thing, the recent news of Monetary Authority of Singapore (MAS) easing restrictions on motor vehicle loans has made the prospect of buying a car more attractive and within reach for an average car buyer.

The average car buyer who previously could not afford a higher cash down payment on a budget model, to the wealthy who prefer to stretch the repayment schedule of sports cars, everyone would be happy to go buy a brand new car.

Not to mention, there are also private-hire companies like Uber and Grab that continue to aggressively bid for COEs. While the Land Transport Authority (LTA) has barred taxi companies from bidding for COEs so as not to overheat premiums, Uber and other private-hire firms are not bound by such restrictions.

However, if how COE prices are calculated is any indication, you will end up paying more in the long run. Not only do you still have to fork up a 30% down payment in cash, you will have to base it on much higher COE premiums due to the above-mentioned factors that continue to prop up COE prices.

The question is: would you rather sit on the fence to buy a new car in the near future or take advantage of the lower COE prices right now and renew your existing COE?

Act now to renew your COE before the PQP rate increases. Call us today at +65 6444 4400.

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