The October 2024 1st COE bidding results are in, and prices have continued to rise across most categories. With significant increases from the previous September 2024 2nd bidding, the big question remains: Should you buy or sell your car now? Let’s break down the numbers and provide insights on what to expect moving forward.
COE Price Comparison: September 2024 2nd vs. October 2024 1st Bidding
Category | September 2nd Bidding | October 1st Bidding | Difference |
CAT A | $98,524 | $103,799 | +$5,275 |
CAT B | $110,001 | $116,002 | +$6,001 |
CAT C | $74,000 | $75,009 | +$1,009 |
CAT E | $113,104 | $116,000 | +$2,896 |
Key Takeaways
CAT A (Cars up to 1,600cc & Maximum Power Output Not Exceeding 130bhp)
CAT A prices have surged by $5,275, reaching $103,799. This marks a notable increase, reflecting growing demand for smaller cars. Buyers in this category may feel the pressure of higher prices as demand remains strong for compact and efficient vehicles.
CAT B (Cars Above 1,600cc or Maximum Power Output Above 130bhp)
CAT B prices have continued their upward trajectory, with a significant increase of $6,001, bringing the price to $116,002. The demand for larger and more powerful cars continues to push prices higher, indicating strong buyer interest in this category.
CAT C (Goods Vehicles and Buses)
CAT C saw a modest rise of $1,009, now standing at $75,009. This slight increase reflects steady demand for commercial vehicles, and the market remains stable for those looking to purchase vehicles in this category.
CAT E (Open Category, can be used for any vehicle type)
CAT E prices have also risen, with a $2,896 increase, now at $116,000. This category often mirrors CAT B, and the jump here suggests continued high demand for premium cars and SUVs.
Should You Buy or Sell?
For Buyers:
CAT B and CAT E:Prices in CAT B and CAT E have risen sharply over the past two bidding exercises, making it more expensive to purchase a luxury or large vehicle. If you're planning to buy a car in these categories, consider acting now before prices climb further. Alternatively, you may want to explore more affordable options in CAT A or wait for the market to stabilize.
CAT A:While CAT A prices have also increased, they are still more manageable compared to CAT B and E. If you're looking for a smaller car, now may be the right time to secure one before prices approach $105,000 or higher. However, if you're flexible with your timeline, waiting to see if the market cools could save you some money.
CAT C:For those in the commercial vehicle market, the steady increase in CAT C prices suggests that it’s a good time to buy before prices rise further. The increase is modest, so there may still be an opportunity to lock in a good deal.
For Sellers:
CAT B and CAT E:If you own a car in CAT B or E, now is an excellent time to sell. With prices at record highs, you can command a premium price for your vehicle. The demand is strong, and buyers are willing to pay top dollar, so take advantage of this seller’s market.
CAT A:If you have a smaller car, consider selling before prices rise further. The market is showing strong demand for compact vehicles, and you can still get a good price if you act soon. However, if you wait too long, the market might stabilize or even dip, so timing is key.
What to Expect in the Next Bidding
Continued Price Increases:With the current trend, it’s likely that COE prices, particularly in CAT B and CAT E, will continue to rise in the next bidding exercise. Strong demand for larger vehicles and limited supply are pushing prices higher, and this trend may persist for the next few rounds.
Potential Stabilization for CAT A:While CAT A prices have been rising, they may begin to stabilize as demand balances out. If fewer buyers are able to afford the higher prices, we could see a slight cooling in the near future.
Steady Growth for CAT C:CAT C prices are expected to continue their steady growth, driven by demand for commercial vehicles. We don’t anticipate any major spikes here, but gradual increases are likely.
Tips to Stay Updated and Predict Trends
Track COE Results Regularly:Keeping an eye on the results from each COE bidding exercise will give you a sense of the market’s direction. Use this information to time your buying or selling decisions.
Follow Industry News:Government policies, economic factors, and automotive industry trends can all influence COE prices. Staying informed on these fronts can help you predict upcoming shifts in demand and supply.
Use COE Forecasting Tools:Many online platforms and tools provide COE price forecasts based on historical data. Leverage these resources to get an idea of future trends and make more informed decisions.
Consult with Experts:Talk to industry professionals, such as car dealers or financial advisors, who can offer insights into the COE market and help you navigate the complexities of buying or selling a vehicle.
The October 2024 1st bidding results show that COE prices are continuing to rise, particularly in CAT B and CAT E. For sellers, now is a great time to cash in on the high prices, especially if you own a luxury or large vehicle. Buyers should proceed cautiously, especially in the more expensive categories, but those in CAT A and CAT C may still find good opportunities. Keep an eye on the market, use forecasting tools, and consult with experts to make the most of your COE decisions.
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