|CAT||Premium||Change||Quota||No. of bids|
In the first round of bidding for September, COE prices rose across all categories.
This is the third consecutive bidding round that has seen COE premiums across all categories rise. The three-week long bidding period could have prompted bidders to submit higher bids in order to secure their new purchases.
Cat A COE - Premiums reach a new all-time high
Premiums for Cat A, for cars up to 1,600cc in engine capacity and with an output of no more than 130bhp, increased by $2,056 (5.8per cent) and ended at $37,766 this bidding round.
Premiums for Cat A have now risen to a new all-time high, reaching 5.8per cent above the 12-month trailing average. The last bidding session that saw premiums for Car A rise nearly as high was in the second bidding session of May 2018, when they reached a high of $38,001.
The number of unsuccessful bids this round exceeded the available quota by 68per cent, this figure has averaged 52 per cent for Cat A in the last 12 months.
Cat B COE - Premiums take yet another significant jump
Premiums for Cat B, for larger cars with more than 130bhp or engine displacements larger than 1,600cc, took a second significant jump this bidding round, by $2,708 (7.0 per cent) and ended at $45,510 this bidding round.
This jump in premiums for Cat B has moved the current premium to reach 12.5 per cent higher than the 12-month trailing average. The premium for this round is now at the 93rd percentile of the 12-month trailing average.
The last bidding round which saw premiums for Cat B rise to a comparable level was in May of 2019, when premiums reached a high of $48,010.
The total number of unsuccessful bids this round exceeded the quota available by 90 per cent, which is higher than the 12-month average of 44 per cent.
Cat C COE - Premiums rise by $1,638
Premiums for Cat C, for goods vehicles and buses, increased by $1,638 (6.6per cent) and ended at $26,644. The premium from this bidding round has climbed to reach 6.9per cent higher than the 12-month trailing average.
Cat E COE - Premiums rise $2,680 despite a fall in bids received
In Cat E, the open category, premiums increased by $2,680 (7.1per cent), closing at $40,790. With the current rise in premiums for Cat E, the premium for this bidding round now stands at 7.5per cent above the 12-month trailing average and is at the 83rd percentile of the premiums of the last 12 months.
The number of unsuccessful bids this round exceeded the available quota by 43 per cent, which is lower than the 12-month trailing average of 58 per cent.
*The 12-month trailing average only takes into consideration the months wherein there was active COE bidding.
Prevailing Quota Premium
The Prevailing Quota Premium is the amount to be paid for COE renewal and is computed from the moving average of the previous three-months of COE prices. Those looking to renew the COE on their cars will thus have to pay the following prices for the respective months.
|Category||Prevailing Quota Premium|
|C||$23,950 ( September )|
This article was first published in sgCarMart.