The Certificate of Entitlement (COE) results for the September 2024 2nd bidding are out, and we’ve seen some significant movements compared to the 1st bidding of September. With prices continuing to shift, many are wondering if now is the right time to buy or sell a car in Singapore. Let’s break down the numbers and help you decide.
COE Price Comparison: September 1st vs. September 2nd 2024
Category | September 1st Bidding | September 2nd Bidding | Difference |
CAT A | $96,490 | $98,524 | +$2,034 |
CAT B | $106,300 | $110,001 | +$3,701 |
CAT C | $74,001 | $74,000 | -$1 |
CAT E | $106,901 | $113,104 | +$6,203 |
Key Takeaways
CAT A (Cars up to 1,600cc & Maximum Power Output Not Exceeding 130bhp)CAT A prices have increased by $2,034, reaching $98,524. This marks a steady rise, reflecting ongoing demand for smaller cars, which are popular for daily commuting and fuel efficiency.
CAT B (Cars Above 1,600cc or Maximum Power Output Above 130bhp)CAT B saw a more significant jump, with a $3,701 increase, bringing the price to $110,001. This indicates growing demand for larger, more powerful vehicles, possibly driven by a combination of higher-end car purchases and limited supply.
CAT C (Goods Vehicles and Buses)CAT C remains relatively stable, with a negligible change of just $1, now at $74,000. This reflects a steady market for commercial vehicles, which tend to have less volatility compared to private cars.
CAT E (Open Category, can be used for any vehicle type)CAT E has surged by $6,203, now standing at $113,104. As this category is often aligned with CAT B, the increase reflects high demand for premium vehicles and large SUVs, making this a strong category for sellers.
Should You Buy or Sell?
For Buyers:
CAT B and CAT E:If you’re looking to buy a luxury or larger vehicle, the recent price surge might give you pause. Prices for CAT B and CAT E have jumped significantly, and while this reflects strong demand, it also suggests that waiting might lead to even higher costs. If you need a vehicle soon, it may be wise to lock in your purchase before prices climb further.
CAT A:For those looking at smaller cars, CAT A prices are rising but at a more moderate rate compared to CAT B and E. If you’ve been planning to buy a compact car, you might want to act now before prices go beyond $100,000.
CAT C:Commercial buyers will find little change in CAT C prices, and with stability in this category, it’s a good time to purchase if your business requires a goods vehicle or bus.
For Sellers:
CAT B and CAT E:If you own a vehicle in CAT B or CAT E, now is an excellent time to sell. The significant price increase in these categories means you can likely get a high offer for your car, as demand is outstripping supply. Sellers in this market are in a strong position, especially with the continued rise in COE prices.
CAT A:For those with smaller cars, CAT A prices are rising steadily, but you may want to consider selling before the market cools off. The current trend suggests prices could still increase, but it’s worth evaluating your car’s value now to take advantage of the favorable market.
What to Expect in the Next Bidding
CAT B and CAT E Prices May Continue to Rise:Given the demand for larger vehicles and the limited supply, prices in these categories could continue to climb. This may push more buyers into CAT A, which would also drive up prices in that category.
Slight Increases in CAT A Likely:While CAT A prices are rising more gradually, a sustained increase in demand for smaller, fuel-efficient cars may drive further upward movement in future bids.
CAT C Stability:We expect CAT C to remain stable, barring any sudden changes in business demand or economic conditions that affect commercial vehicle purchases.
Tips to Stay Updated and Predict Trends
Monitor COE Prices Regularly: Keep track of the results from each COE bidding exercise to spot trends early. The data will give you insight into price fluctuations and help you time your buying or selling decisions.
Follow Economic News: Economic factors such as interest rates, inflation, and changes in government policy (like Vehicle Emissions Schemes) can have a significant impact on COE prices. Staying informed on these fronts can help you predict shifts in demand.
Use COE Forecast Tools: Many online tools and platforms like sgcardeals.com offer COE forecasts based on historical data and current trends. Utilize these resources to stay ahead of the curve.
Join Automotive Communities: Online forums and car enthusiast groups often share valuable insights on COE trends, upcoming vehicle launches, and tips for navigating the market. Engaging with these communities can help you stay updated.
The September 2024 COE results show significant price increases, particularly in CAT B and CAT E, making it a great time to sell if you’re considering it. For buyers, timing is key—act now in stable categories like CAT A or CAT C, but be cautious of further price hikes in CAT B and E. Stay informed, watch the trends, and make your move strategically in this competitive COE market!
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