February 2024 COE Results 2nd Bidding: The COE dragon cruised at a lower altitude than its previous flight

In the second COE bidding exercise of February 2024, at the dragon's tail end of Chinese New Year, Cat A closed at $76,801; Cat B closed at $97,000; Cat C closed at $73,001; Cat D closed at $8,911; while Cat E closed at $94,006.

Cat A (car up to 1600cc & 130bhp, and EV with up to 110kW) received 1,909 bids for 937 COEs and its premium dipped by $2,199. Category A COE closed at $76,801.

Cat B (car above 1600cc or 130bhp, and EV with more than 110kW) received 1,034 bids for 649 COEs and its premium dipped by $5,338. Category B COE closed at $97,000.

Cat C (goods vehicle and bus) received 374 bids for 199 COEs and its premium increased by exactly $1,000. Category C COE closed at $73,001.

Cat D (motorcycle) received 689 bids for 548 COEs and its premium decreased by $379. Category D COE closed at $8,911.

Lastly, Cat E (all vehicles except motorcycle) received 271 bids for 158 COEs and dipped by $6,095. Category E COE closed at $94,006.

Jason Lim, managing director of BMW authorised agent Eurokars Auto, told Motorist: “The drop was expected due to the Chinese New Year long weekend, when a lot of people travelled out and things were a little bit quieter in the automotive belt.”

Ng Choon Wee, commercial director of Komoco Motors which represents Hyundai in Singapore, told Motorist: “I think there may be some unfulfilled motorshow orders in this round. Between the last bid and this bid, it was actually a shorter working period for us due to CNY, which should translate to fewer orders collected. But you still see that the total bids were about the same as in the previous round.”

Nicholas Wong, chief executive officer of Honda authorised agent Kah Motor, told Motorist: “I’m actually quite surprised that the number of bids submitted is still quite high, because it was a long-holiday week. There might be some bids which were held back from the motorshow period because the dealers didn’t have stock. Also, PHVs were an unknown factor in this round.”

Corinne Chua, managing director of Volvo Car Singapore under Wearnes Automotive, told Motorist: “Those who wanted to buy a car already bought during the motorshow when the first bid dropped quite substantially. Plus CNY holidays, (people) either celebrating or travelled. The market has been quiet the past week and we expected this drop. But with this drop in COE, I expect to see some traffic back to the showroom, so the price will go back up again next round.”

Here is a summary of the second COE bidding exercise for February 2024: