The October 2024 2nd COE bidding results are out, and we’re seeing a slight correction in prices after the increases from the 1st bidding round. This brings a new set of insights for buyers and sellers navigating the fluctuating COE market.
COE Price Comparison: October 2024 1st vs. 2nd Bidding
Category | October 1st Bidding | October 2nd Bidding | Difference |
CAT A | $103,799 | $102,900 | -$899 |
CAT B | $116,002 | $113,890 | -$2,112 |
CAT C | $75,009 | $72,939 | -$2,070 |
CAT E | $116,000 | $114,700 | -$1,300 |
Key Takeaways
CAT A (Cars up to 1,600cc & Maximum Power Output Not Exceeding 130bhp)CAT A prices have dipped slightly by $899, standing at $102,900 in the 2nd bidding. This small decrease reflects a slight easing in demand for smaller cars, but prices remain high.
CAT B (Cars Above 1,600cc or Maximum Power Output Above 130bhp)CAT B saw a more substantial drop of $2,112, bringing it to $113,890. While prices are still elevated, this decrease suggests that demand for larger and more powerful vehicles may be leveling off after a sharp rise in the previous bidding.
CAT C (Goods Vehicles and Buses)CAT C has experienced a notable reduction of $2,070, now priced at $72,939. This correction is significant for those in the commercial vehicle market and could represent a good buying opportunity before prices rise again.
CAT E (Open Category, can be used for any vehicle type)CAT E also saw a decrease of $1,300, now at $114,700. Given that this category typically mirrors CAT B, the dip aligns with the cooling demand for larger, more premium vehicles.
Should You Buy or Sell?
For Buyers:
CAT A:Despite the slight drop, CAT A remains above $100,000, so buyers looking for small to mid-sized cars might want to wait for a further dip. However, if you’re in need of a car now, this slight decrease could be an indicator of stabilizing prices, making it a decent time to enter the market.
CAT B and CAT E:The $2,112 drop in CAT B and the $1,300 drop in CAT E could signal a cooling off period for luxury and larger vehicles. If you’re considering buying in these categories, now might be a good time to lock in a price before a potential rebound in the next bidding. However, waiting could also pay off if this downward trend continues.
CAT C:Commercial vehicle buyers should take note of the $2,070 price drop. This is an ideal time to consider purchasing if you’re in the market for goods vehicles or buses, as prices could rise again in the coming bids.
For Sellers:
CAT A, B, and E:If you’re looking to sell, the current COE prices are still very high, especially in CAT B and E. Even with the slight drop, you’re likely to get a great price for your vehicle, particularly if it’s in demand. Take advantage of the high prices now before they potentially dip further.
CAT C:Sellers in CAT C might want to hold off if possible, as the current drop could mean lower offers for your commercial vehicle. Waiting for the market to recover could result in a higher payout.
What to Expect in the Next Bidding
Potential Further Corrections:The COE prices for most categories have dipped, which might indicate a correction after the sharp increases earlier in October. It’s possible that prices could stabilize or even dip slightly more in the next bidding as demand adjusts to these high levels.
Sustained Demand for Premium Vehicles:Despite the recent decreases in CAT B and E, the overall demand for luxury and high-performance cars remains strong. Prices in these categories could see some recovery in the next bidding round, so buyers should be cautious and sellers may want to act quickly.
Commercial Vehicle Stability:The drop in CAT C could be temporary, as the demand for commercial vehicles tends to fluctuate based on business cycles. Expect the market to stabilize or bounce back slightly in the coming weeks.
Tips to Stay Updated and Predict Trends
Monitor COE Results Closely:Keep a close eye on each COE bidding exercise to spot emerging trends. Prices can shift quickly, and being up-to-date will help you make more informed buying or selling decisions.
Use COE Price Trackers:Many online tools and platforms offer historical price tracking and forecasting, which can give you insights into the likely future direction of COE prices.
Stay Informed on Economic Factors:COE prices are influenced by broader economic conditions, such as inflation, interest rates, and government policies. Keeping tabs on these factors can help you anticipate market movements.
Consult Industry Experts:Whether you’re buying or selling, talking to professionals in the automotive industry can provide valuable advice tailored to your situation and the current market climate.
The October 2024 2nd bidding results show a slight cooling in COE prices across all categories, but the market remains high, especially for larger and premium vehicles. If you’re looking to sell your car, now is still a good time, particularly for CAT B and E. Buyers should weigh their options carefully, as prices could continue to drop or stabilize in the next bidding. Stay updated with COE trends and use forecasting tools to make the best decision for your needs.
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