COE February Bidding Exercise Round 2: COE for cars fall yet again
Will COE prices continue to fall? We think so!
The most recent round of COE bidding is out and brings with it great news for prospective car buyers. As expected, COE prices have dipped further, with Category A COE prices seeing a new low in a very long time.
Category A COE price has fallen yet again, down to $57,199. It has dipped by $4,803 from $62,002 of the previous bidding exercise.
Category B COE has also seen a drop of $4,139 to $66,751, from $70,890.
Category E COE, usually used for cars belonging to Category B, has also seen a fall in prices, shedding $4,020 and settling at $67,901, down from the previous $71,921.
COE demand was expected to taper off for this bidding, leading to lower prices. The decreased demand could likely be due to the crowd rushing to buy new cars for Chinese New Year already having obtained their COE from the previous bidding exercise.
Category A COE has fallen to its lowest since March 2012. Another interesting figure is that quota during then was just 636 units, whereas this time round there was 988 up for grabs. Despite the apparent lack of COE in the market, it appears that demand is not as strong as before, as buyers are possibly holding back and waiting for further dips or already have purchased their new cars.
It is expected that the next few months or so through to end-April will see even more dips in COE prices as demand is expected to diminish, albeit slightly and gradually.
Prices of used cars are expected to fall in correspondence to the dip in COE prices too, and that is great news for those looking at buying used cars.
Be it new cars or used cars, this fall in COE prices is great news for car buyers.
Will COE prices fall again at the next bidding? We wouldn’t bet against it.
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