COE Results Jan 2024 1st Bidding: Diving across the board!

The first round of bidding for January saw Certificate of Entitlement (COE) premiums dropping across all categories. Premiums for Cat B saw a dramatic $24,991 fall, which brought them back below the $100,00 mark. Premiums for the category have stayed above $100,000 since June of 2022.

This repeated slip of COE premiums could be attributed to car shoppers delaying their purchases of new vehicles as they anticipate more offers to be available when the Singapore Motor Show arrives in January 2024.

Looking at the number of bid submitted and the direction which premiums have taken since October 2023, this session's drop in premiums across all categories also continues to reflect a generally steady market demand for new cars, allowing the increases in COE quota available for both category A and B made by the LTA to manifest in reduced premiums.

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

Cat A COE - Taking a harder dip this session

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 this session by a sizeable $19,990 (23.5%) to settle at $65,010.

This new slip means premiums for the category are now 31.2% below the 12-month trailing average. The total number of number of bids submitted exceeded the number of successful bids this round by 28%, which is lower than the 12-month average of 37% for the category.

Cat B COE - Slipping below the $100,00 mark

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, also took a sizeable dive this session. Premiums for the category slipped by a total of $24,991 (22.7%) this session to finally settle at $85,010. This latest slip is on top of last session's drop of $20,099.

This slip takes current premiums for the category to 30.2% below the 12-month trailing average. The total number of unsuccessful bids this round exceeded the quota available by 34%. This figure is higher than the 12-month average figure for this category of 43%.

Cat C COE - Also slipping downwards

Premiums for Cat C, for goods vehicles and buses, slipped this session by $1,824 (2.6%) to close at $67,599. The number of unsuccessful bids this round exceeded the available quota by 76%, lower than the 12-month average for this category of 96%. This is the sixth consecutive session that has seen premiums for the category slip downwards.

Cat E COE - Also taking a significant hit

Premiums in Cat E, the open category, also took a significant hit this session, dropping by $12,000 (10.1%), taking the current premium for the category to $106,388.

This slip takes current premiums for the category to 15.2% below the 12-month trailing average. The total number of bids submitted this session for the category exceeded the available quota this session by 77%. This is significantly lower than the 12-month average figure for the category of 90%.

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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✅ Interest Rate typically starts from 2.88% 
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