The latest COE bidding results for November 2024 are in, and we’re seeing some significant drops in prices across all categories compared to the previous October 2024 2nd bidding round. For both buyers and sellers, this is a crucial moment to assess whether it’s a good time to make a move in the car market.
COE Price Comparison: October 2024 2nd vs. November 2024 1st Bidding
Category | October 2nd Bidding | November 1st Bidding | Difference |
CAT A | $102,900 | $99,889 | -$3,011 |
CAT B | $113,890 | $108,001 | -$5,889 |
CAT C | $72,939 | $68,340 | -$4,599 |
CAT E | $114,700 | $109,000 | -$5,700 |
Key Takeaways
CAT A (Cars up to 1,600cc & Maximum Power Output Not Exceeding 130bhp)Prices for CAT A have dropped by $3,011, now standing at $99,889. This decrease makes it slightly more affordable for those looking to buy smaller cars. However, the price is still above the $90,000 mark, so it’s important to consider whether this is the right time to act.
CAT B (Cars Above 1,600cc or Maximum Power Output Above 130bhp)CAT B has seen a significant drop of $5,889, coming down to $108,001. This price reduction could indicate a slight cooling off in demand for larger, more premium cars, making it a potentially good time for buyers to enter the market.
CAT C (Goods Vehicles and Buses)CAT C prices have dropped by $4,599, now priced at $68,340. This is the most substantial drop among all categories, and it might be an ideal moment for those in the commercial vehicle market to make a purchase.
CAT E (Open Category, can be used for any vehicle type)Similarly, CAT E has dropped by $5,700, now standing at $109,000. This decrease aligns with the cooling trend seen across all categories and could signal a good buying opportunity for those looking for a more flexible COE.
Should You Buy or Sell?
For Buyers:
CAT A:With a slight reduction in price, it’s a good opportunity for buyers looking for more affordable small cars. However, while the drop makes it a bit cheaper than before, the price is still relatively high. If you’re in no rush, you might want to wait and see if the price drops further in future bidding rounds.
CAT B:The significant price drop in CAT B could signal a more favorable buying opportunity for those looking to invest in larger or luxury cars. Buyers should act quickly, as prices may not stay this low for long. If you're on the fence, now might be the time to lock in a good deal.
CAT C:The sharp drop in CAT C prices makes it an excellent time for commercial vehicle buyers to act. Prices have fallen significantly, and with no immediate signs of recovery, it’s a good moment to secure a commercial vehicle at a lower cost.
CAT E:For those looking for flexibility, CAT E remains a competitive category. While the price has dropped, it’s still a good option for people who need a COE for multiple vehicle types. Keep an eye on upcoming bids, as prices may rebound.
For Sellers:
CAT A, B, and E:If you're looking to sell your car, now might be the right time to get a good price, especially in CAT B and E. These categories have seen substantial price drops, so selling before prices dip further could be a smart move. For CAT A, while the price drop is relatively small, it still presents an opportunity to sell before it potentially falls further.
CAT C:For those with commercial vehicles, it’s probably best to hold off selling right now. Prices have dropped significantly, and you may want to wait for a recovery in prices before listing your vehicle.
What to Expect in the Next Bidding
Continued Decrease or Stabilization:The trend from the October to November bidding shows a clear price drop. It’s possible that this downward trend could continue, especially with demand starting to level off after the higher prices seen earlier in 2024. Buyers may benefit from this ongoing drop if they act soon.
Possible Recovery for Premium Vehicles:While CAT B and E have seen substantial drops, there’s always the possibility of prices bouncing back in the next bidding rounds, especially if there’s a sudden surge in demand for larger cars or premium vehicles. Keep an eye on upcoming bids to gauge the market.
Stability for Commercial Vehicles:With the steep drop in CAT C, it’s unclear whether prices will recover quickly. However, commercial vehicle buyers should be aware that prices may stabilize or even dip further before rising again, so it’s a good time to strike if you need a vehicle.
Tips to Stay Updated and Predict Trends
Monitor COE Results:Keep track of each COE bidding round to get the most up-to-date information on pricing trends. Understanding how prices are moving will help you time your buying or selling decisions better.
Use Price Trackers:Online COE price trackers can give you a clearer picture of how prices have been fluctuating over time and help predict whether prices will go up or down in future bids.
Watch for Economic Factors:COE prices are influenced by a range of economic factors, including government policies, interest rates, and overall market demand. Stay informed on these broader trends to understand how they might affect COE prices.
Consult with Experts:Whether buying or selling, talking to industry professionals can provide valuable insight into the market and help you make better decisions.
The November 2024 1st bidding results show a significant drop in COE prices, especially in CAT B, C, and E. For buyers, this could be a good opportunity to purchase before prices rise again. Sellers should consider acting quickly, particularly in CAT B and E, before prices dip further. As always, staying informed on the latest COE results and tracking trends is key to making the best decisions in this ever-changing market.
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