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2nd BIDDING | NEXT TENDER: 07 Aug 2024

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COE Projections

JANUARY 2024 — Although an unprecedented 'cut-and-fill' method has increased the opacity of the COE system, the recent rise in de-registrations is still worth noting.
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If you want to register a vehicle in Singapore, you'll have to have a Certificate of Entitlement (COE).

COEs allows you to drive the vehicle on the roads for 10 years. At the end of the 10 years, you can opt to renew your COE for another five or 10 years by paying the Prevailing Quota Premium (PQP)*.

*PQP is calculated based on the moving average of the COE in the last three months.

There are two major factors that affect COE prices - supply and demand.

Supply of COE

LTA will announce the COE quota every quarter of a year. The COE quota is based on the following:

  • Annual vehicle growth rate based on the total number of vehicles in Singapore at the end of the year
  • The number of deregistered vehicles over the past quarter
  • Expired COEs, replacement commercial vehicles under the Early Turnover Scheme and the total population of taxis at the time

Demand for COE

In Singapore, people usually purchase vehicles through dealerships. These dealers will collate orders from their customers and bid for the COEs for their customers. If there's an influx of orders from dealerships and the demand (new vehicle orders) is higher than the supply (COE quota), COE and vehicle prices will naturally increase.

The COE bidding exercise happens twice a month (Every first and third Monday of the month), and the bidding period lasts for three days (closing on the Wednesday). Through an open bidding concept, everyone bidding for a COE knows the COE price at any point in time during the bidding exercise.

Bidders have to ensure that they have at least SGD 10,000 in their account. Once you place a bid, the money acts as a security deposit and transferred to the relevant parties. However, if your bid is unsuccessful, it will be credited back into your account.

Every bidder must set a reserve price (the maximum amount you would be willing to pay for a COE). If the Current COE Price (CCP) exceeds your reserve price during the bidding exercise, you must alter your reserve price or give up on attaining a COE. At the close of the exercise, bidders whose bids are above or equal to the CCP will get a COE.

Regardless of what your reserved price may be, all successful bidders will pay the same Quota Premium for that category.

There are five COE Categories:

  • Category A – Cars up to 1600cc and 97kW (130bhp)
  • Category B – Cars above 1600cc or 97kW (130bhp)
  • Category C – Commercial vehicles and buses
  • Category D – Motorcycles
  • Category E – Open Category COE (Except Motorcycles)

Open Category or Category E COEs are special because they can be used for all categories A through C. Think of it as a ‘fall-back’ if you missed the chance to get a CAT A, B or C COE. They are also usually more expensive than the other COE categories.

While we advise you to leave the bidding to your dealer, there will always be a couple of hands-on people that want to DIY. Here’s how you can bid for your own COE:

Step 1 – You'll need an account with POSB/DBS, Citibank or OCBC. For non-individuals, you'll need a UOB account

Step 2 – You can bid for COEs at DBS ATMs. For other banks, you may have to do the bidding by phone or internet banking via the OneMotoring bidding portal. Do contact your respective banks for details. Ensure that you have at least SGD 10,000 in your bank account (SGD 200 for Motorcycles).

Step 3 – Set your reserve price (the maximum amount you would be willing to pay for a COE). If the COE price exceeds your reserve price during the bidding exercise, you must alter your reserve price or drop out of the race. Every time you alter your reserve price, there will be administrative charges (from $2 to $10 per revision)

Step 4 – Congratulations! You've successfully bidded for a COE!

After the successful bid, LTA will give you a temporary COE (TCOE). This TCOE is valid for 6 months for CAT A, B and D and 3 months for CAT C and E. You must register your vehicle before your TCOE expires or it loses its validity and you will forfeit your full bid deposit.

Yes, you can. Your new COE period starts from the 1st day of the month after you renew your COE. However, you will forfeit any unused portion of your previous COE.

sgCarMart Connect can help you decide on the best time to renew your COE with free, personalised advice.

If you want to renew your COE, you do not need to bid for a new COE. You will only be required to pay the Prevailing Quota Premium (PQP). PQP is the moving average of COE prices over the past 3 months.

COEs renewed for five years will not be eligible for another renewal and will have to be deregistered after expiring. Otherwise, there is no limit to the number of times for renewal.

You can renew your COE for 5 years or 10 years, depending on your vehicle category and the vehicle's statutory lifespan. COE renewal can be done online via the OneMotoring website.

To ensure a smooth payment process, do ensure you have sufficient funds in your bank account and remember to increase your daily limit.

It is recommended to submit your application at least two weeks before your COE expires, as there will be late fees incurred due to late renewal.

Yes, you can! The best part about COE renewal loans is that you can get a 100% loan from banks to pay the PQP! All you have to do is go from bank to bank, compare interest rates, apply for the loan and wait for the approval.

Sound tedious? Let sgCarMart do it for you!

We can guide you along, step by step and answer any questions you have to ensure a smooth COE renewal process.

We will help you find the best COE renewal loans in Singapore, and we will even handle all the LTA documentation for you! sgCarMart will also give you a complimentary pre-COE car inspection for your vehicle to help you decide whether you want to sell, scrap or renew.

Let us help you with your COE renewal now!