On April 6, 2023, the results of Singapore's Certificate of Entitlement (COE) first 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 $2,998, while Category B, which includes cars with an engine capacity above 1,600cc, saw a price increase of $2,300.
Category E, which includes motorcycles, also saw a significant increase of $2,970 compared to the last result. Meanwhile Category C, which includes goods vehicles & buses, keeps decreasing from last price of $85,389 to $76,801.
The strong demand for cars in Singapore, as evidenced by the recent surge in COE prices, is a testament to the value and importance of car ownership in the society. Many believed that owning a car is still a worthwhile investment.
In conclusion, the increase in COE prices in the first bidding of April 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.