COE Results Nov 2023 1st Bidding: Premiums drop all around!

The first round of bidding for November saw Certificate of Entitlement (COE) premiums falling across private car categories. This session saw premiums for Cat B tumbling down by a total of $40,000, while premiums for Cat E slipped by $32,993. 

The fall in premiums across the board is likely due to the sizeable injection in available COE supply this session, announced by the LTA on 3 November 2023 - the total number of bids submitted this session across all categories save for Cat E was higher compared to the previous session.

Get data on past COE bidding exercises at our COE bidding results page.

Cat A - A $10,311 fall

Premiums for Cat A, for cars up to 1,600cc in engine capacity and with an output of no more than 130bhp, or electric vehicles with a power output of up to 110kW, slipped by a total of $10,311 (9.7%) this session to reach $95,689. Premiums for the category have not been this low since the second bidding session of May 2023.

This new slips takes premiums for the category to just 1.2% above the 12-month trailing average. Alongside the increase in available quota, this session also saw an elevated total number of bids submitted. The total number of number of bids exceeded the number of successful bids this round by 26%, lower than the 12-month average of 38% for the category.

Cat B - A sizeable $40,000 fall this session

Premiums for Cat B, for larger cars with more than 130bhp or engine displacements larger than 1,600cc, or electric vehicles with a power output of more than 110kW, took the greatest slip this session. Premiums for the category fell by a total of $40,000 (26.7%) this session, to finally settle at $110,001. The category has not seen premiums this low since the first bidding session of February 2023.

This slip takes premiums for the category to 8.4% below the 12-month trailing average. The total number of unsuccessful bids this round exceeded the quota available by 31%, lower than the 12-month average figure for this category of 42%.

Cat C - Also taking a hit

Premiums for Cat C, for goods vehicles and buses, slipped this session by $6,789 (8.0%) to close at $78,001. The number of unsuccessful bids this round exceeded the available quota by 48%, lower than the 12-month average for this category of 98%.

Cat E - Also diving downwards

Premiums in Cat E, the open category, saw also took a sizeable slip session, with premiums falling by $31,993 (20.9%). The new slip brings the current premium for the category to $125,011. Premiums for the category have not been this low since the second bidding session of July 2023.

This slip brings current premiums for the category to just 1.7% above the 12-month trailing average. The number of unsuccessful bids this round exceeded the available quota by 61%. The 12-month average for this figure for the category is now 89%.

Prevailing Quota Premium

The Prevailing Quota Premium is the amount to be paid for COE renewal and is computed from the moving average of the previous three-months of COE prices. Those looking to renew the COE on their cars will thus have to pay the following prices for the respective months.

If you're looking for a fuss-free option to renew your car's COE, Sgcarmart Connect provides free COE renewal advice, which includes loan sourcing and all paperwork.

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