The June 2023 Certificate of Entitlement (COE) bidding exercise has brought notable fluctuations in the prices of various vehicle categories in Singapore. In this blog, we will explore the results of the first bidding exercise and analyze the changes in each category. Let's dive into the details!
Category A - Car up to 1600CC & 97KW:
Category A, which encompasses cars up to 1600CC and 97KW, received a total of 881 bids. Surprisingly, it experienced an increase of $6,001, resulting in a closing price of $98,001. This hike in price reflects the demand and competition in this particular segment.
Category B - Car above 1600CC or 97KW:
The bidding for Category B, comprising cars above 1600CC or 97KW, saw 719 bids. The prices in this category surged by $7,668, closing at $120,702. The significant increase indicates a strong demand for larger and more powerful vehicles.
Category C - Goods Vehicle & Bus:
With 151 bids, Category C, which includes goods vehicles and buses, witnessed an increment of $4,300. The closing price for this category stood at $81,801. This rise reflects the demand for commercial vehicles and the economic activities requiring efficient transportation.
Category D - Motorcycle:
Category D, dedicated to motorcycles, received a total of 972 bids. The prices in this category rose by $399, closing at $11,001. Despite the moderate increase, motorcycles remain an attractive option for many individuals seeking cost-effective and agile means of transportation.
Category E - Open:
Category E, also known as the Open category, garnered 280 bids. Interestingly, it witnessed a decrease of $4,111, resulting in a closing price of $120,889. This decline indicates a shift in demand or perhaps a decrease in the number of vehicles falling under this category.
Summary of June 2023 1st Bidding Exercise:
Let's take a closer look at the changes in each category compared to the previous COE results:
Category A: Car up to 1600CC & 97KW
Current COE: $98,001
Previous COE: $92,000
Prevailing Quota Premium (PQP): $95,788 (June)
Category B: Car above 1600CC or 97KW
Current COE: $120,702
Previous COE: $113,034
PQP: $117,255 (June)
Category C: Goods Vehicle & Bus
Current COE: $81,801
Previous COE: $77,501
PQP: $80,286 (June)
Category D: Motorcycle
Current COE: $11,001
Previous COE: $10,602
PQP: $10,696 (June)
Category E: Open
Current COE: $120,889
Previous COE: $125,000
The June 2023 COE bidding exercise showcased a significant decrease in Category E, while other categories experienced price increases. These fluctuations indicate the dynamic nature of the automotive market in Singapore. Whether you are in the market for a small car, a powerful vehicle, a commercial vehicle, or a motorcycle, understanding the COE results can help you make informed decisions. Stay updated with the latest COE bidding exercises to navigate the automotive landscape effectively.
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