COE prices: Open category hits record high of $116,577

In the first round of bidding for November, Certificate of Entitlement (COE) premiums climbed across all categories. This latest round of increases sees Cat E COE now standing at $116,577.

The new drop in COE supply for this quarter may have pushed this session's premiums higher than the last. This may have promoted new car buyers to place larger bids for their COEs this session.

Cat A COE: Climbing up $6,146

Premiums for Cat A, for cars up to 1,600cc in engine capacity and with an output of no more than 130bhp, or electric vehicles with a power output of up to 110kW, saw a sizeable $6,146 (7.6 per cent) jump this session, settling at $87,235.

This new climb means premiums for the category now standing at 23.9 per cent above the 12-month trailing average. This price is now at the 91st percentile of prices across the last 12 months.

The total number of bids submitted this session exceeded the number of unsuccessful bids this round by 49 per cent, higher than the 12-month average of 41 per cent for the category.

Cat B COE: Climbing to new highs

Premiums for Cat B, for larger cars with more than 130 bhp or engine displacements larger than 1,600cc, or electric vehicles with a power output of more than 110kW, also climbed by a sizeable amount this session. Premiums for the category rose by $5,388 (4.9 per cent) this session, to settle at $115,388.

This jump sees premiums for the category now standing at 20.2 per cent above the 12-month trailing average.

The total number of unsuccessful bids this round exceed the quota available by 56 per cent, higher than the 12-month average figure for this category of 41 per cent.

Cat C COE: Still climbing up

Premiums for Cat C, for goods vehicles and buses, also climbed this session, rising by $6,101(8.7 per cent), to close at $76,302.

The number of unsuccessful bids this round exceeded the available quota by 110 per cent, higher than the 12-month average for this category of 108 per cent.

Cat E COE: Reaching a new high

Cat E, the open category, made the greatest climb this session, rising by $8,574 (7.9 per cent). This climb has brought the premium for the category to $116,577, making it higher than the last record high of $114,001, reached in the second bidding session of July 2022.

This new climb means current premiums for the category are now at 18.6 per cent above the 12-month trailing average.

The number of unsuccessful bids this round exceeded the available quota by 94 per cent. The 12-month average for this figure for the category is 59 per cent.

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.

ALSO READ: COE quota to drop 14% for November 2022 to January 2023

This article was first published in sgCarMart.

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