May 2024 COE Results 2nd Bidding: No clear air turbulence for the COE dragon in flight, with the car categories remaining stable - Cat A dropped by $904, while Cats B & E climbed by just a few hundred bucks each

In the second COE bidding exercise of May 2024, Cat A closed at $92,700; Cat B closed at $105,689; Cat C closed at $72,001; Cat D closed at $9,311; while Cat E closed at $105,002.

Cat A (car up to 1600cc & 130bhp, and EV with up to 110kW) received 1,444 bids for 983 COEs and its premium dipped by $904. Category A COE closed at $92,700.

Cat B (car above 1600cc or 130bhp, and EV with more than 110kW) received 1,099 bids for 658 COEs and its premium climbed by just $687. Category B COE closed at $105,689.

Cat C (goods vehicle and bus) received 382 bids for 207 COEs and its premium increased by exactly $2,000. Category C COE closed at $72,001.

Cat D (motorcycle) received 604 bids for 526 COEs and its premium decreased by merely $192. Category D COE closed at $9,311.

Lastly, Cat E (all vehicles except motorcycle) received 295 bids for 178 COEs and climbed by just $313. Category E COE closed at $105,002.

Jason Lim, managing director of BMW authorised agent Eurokars Auto, told Motorist: “The premiums remain relatively stable. On our side, we’re still seeing relatively stable demand for new Eurokars BMWs. Stability is good for the market, because there’s no disruptive upturn or downtick. The school holidays are approaching, but actually they don’t really affect consumer demand if both the price and the promotion are right.” 

Vincent Tan, managing director of Vincar, a popular multi-brand importer and Singapore’s Aion authorised distributor, told Motorist: “I expected the premiums to soften a bit more. The market was a bit quiet and the number of bidders went down.”

Corinne Chua, managing director of Volvo Car Singapore under Wearnes Automotive, told Motorist: “The market has been quite quiet after The Car Expo, so we may be still seeing the effects of the orders from that event. But stability is good as it minimises speculation or wait-and-see on COE prices. So far, we don’t see the demand affected in a big way by June school holidays. Demand fluctuates with COE prices.”

Another senior executive at a major dealership in the Alexandra Road motor belt told Motorist: “The market was generally slow in the last two weeks, as seen in the number of bids dropping for both Categories A and B. The bids were generally flat since the quota is not big to begin with, hence it’s going according to Government’s plan of managing the COE peak-and-trough.”

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