On June 21, 2023, the results of Singapore's Certificate of Entitlement (COE) second bidding of the month were released, revealing a significant surge in COE prices.
In the first COE bidding of April 2023, the price for Category A, which includes cars with an engine capacity of 1,600cc and below, has increased $4,297, while Category B, which includes cars with an engine capacity above 1,600cc, saw a significant price increase of $8,888.
Category E, which includes motorcycles, also saw an increase of $99 compared to the last result. Meanwhile Category C, which includes goods vehicles & buses, has also increased $4,091 from last price of $122,110 to $126,201
In conclusion, the increase in COE prices in the first bidding of August 2023 is an indication of the strong demand for cars in Singapore. However, it remains to be seen how this will impact car prices and the automotive industry in the long term.
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