Mixed Results in Latest COE Release for March 2023 2nd Bidding
The most recent COE results have been made public, and they include some fascinating information for Singapore's automobile purchasers. The findings are inconsistent across the categories, with some experiencing an increase in COE pricing and others a drop.
The COE price for Category A (vehicles under 1600cc and 97kW) dropped marginally from $38,501 to $37,011, a decrease of $1,490 or 3.9%. Nevertheless, COE costs for Category B (vehicles above 1600cc or 97kW) increased by $1,500 or 3.1%, from $48,501 to $50,001.
Also, the COE price for Category C (goods vehicles and buses) increased by $3,500 or 10.9%, rising from $32,001 to $35,501. Last but not least, COE costs for Category D (motorcycles) decreased little, from $6,301 to $6,200, a drop of $101 or 1.6%.
The findings imply that prices have decreased as a result of a modest increase in the COE limit for Category A. Yet there was more demand for Category B, which drove up the cost. In a similar vein, a dearth of COEs up for bid may be the cause of the surge in Category C costs.
Overall, the most recent COE results demonstrate that Singapore's auto industry is still unstable, with prices varying according on supply and demand. The most recent COE results should be closely monitored by prospective car purchasers, and they should be ready to change their expectations and budget appropriately.