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Singapore COE prices for smaller cars cross S$100,000 mark for the first time

New COE price records were also seen for vehicles in Category B and the Open category.

Vehicles zooming by on the Tampines Expressway in Singapore, illustrating a story on the latest COE prices.
Singapore COE premiums for Categories A, B and the Open category hit new price records in the latest bidding exercise. (PHOTO: Getty) (Tjack photography via Getty Images)

SINGAPORE — Certificate of Entitlement (COE) prices for Category A cars surpassed the S$100,000 mark for the first time to reach a new all-time high in the latest bidding exercise, which closed on Wednesday (19 April).

COE prices rose across all vehicle categories with the exception of Category C vehicles, with new price records also seen for vehicles in Category B and the Open category.

Category A, which includes cars up to 1,600cc and 130bhp, or electric vehicles (EV) up to 110kW, saw prices close at S$103,721 – up from the previous high of S$96,501 set during the last bidding exercise which closed on 5 April.

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For Category B, or cars above 1600cc and 130bhp, as well as EVs higher than 110kW, prices rose to a new high of S$120,889, breaking the previous record of S$118,501 set in the last bidding exercise.

Open category COEs, which can be used for any vehicle type but are used mostly to buy large cars, also saw prices reaching a new price record of S$124,501, up from the previous high of S$118,990 set in the last bidding exercise.

Prices for motorcycle premiums, or Category D vehicles, saw a slight increase from S$12,001 in the last exercise to S$12,179, or a total increase of S$178.

Third consecutive drop for Category C

Meanwhile, COE premiums for Category C, which include commercial vehicles such as goods vehicles and buses, fell to S$75,334 from S$76,801. This is the third consecutive drop in COE prices for this category – it fell by S$8,588, from S$85,389 in the last bidding exercise.

A total of 2,181 bids were made for the 1,590 COEs available in this latest bidding exercise.

A new calculation method announced by the Land Transport Authority (LTA) on 20 January was implemented during the February 2023 COE bidding exercise. The new quota system aims to reduce supply volatility and uses a revised method for calculating available COEs for bidding.

Available COEs for bidding in each quarter are now computed based on the rolling average of the number of deregistered vehicles in the previous four quarters instead of two. It resulted in an increase in the overall COE supply from 9,128 in the previous quarter to 9,437 for the February to April 2023 period.

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