As we approach the year-end, the latest COE results from the December 2024 2nd bidding round show notable changes in most categories. Here’s a detailed analysis of the latest results, how they compare to the December 1st bidding, and what it means for buyers and sellers in Singapore.
December 2024 COE Results
Category | December 1st Bidding | December 2nd Bidding | Change |
CAT A | $94,000 | $96,000 | +$2,000 |
CAT B | $103,010 | $109,000 | +$5,990 |
CAT C | $70,289 | $69,890 | -$399 |
CAT E | $104,001 | $108,992 | +$4,991 |
Key Observations
CAT A (Small Cars) COE prices rose by $2,000, reaching $96,000. The upward trend reflects steady demand for smaller vehicles, likely driven by affordability and year-end purchases.
CAT B (Large Cars) A significant increase of $5,990 brings CAT B prices to $109,000. This marks a return to high prices seen in earlier months, likely due to increased interest in luxury and premium vehicles.
CAT C (Goods Vehicles & Buses) Prices dipped slightly by $399 to $69,890. The market for commercial vehicles remains stable, with minimal fluctuation.
CAT E (Open Category) CAT E rose by $4,991 to $108,992. This reflects increased competition as buyers in other categories, particularly CAT B, bid aggressively in the Open Category to secure COEs.
Should You Buy or Sell Now?
For Sellers:
Good Time to Sell: If you own a small car (CAT A) or a premium vehicle (CAT B or CAT E), now is an excellent time to sell. Prices have climbed, increasing the value of your vehicle in the resale market.
Act Fast: With demand peaking near the end of the year, acting quickly could help you secure a great deal.
For Buyers:
Consider Waiting for CAT B or CAT E: The sharp increase in these categories suggests a hot market. Waiting for the next bidding round may allow prices to stabilise.
Stable Options in CAT A and CAT C: If you’re considering a small car or a commercial vehicle, the moderate price shifts in these categories suggest they remain good buying opportunities.
What to Expect in the Next Bidding
Year-End Trends:As we near 2025, expect continued strong demand in CAT B and CAT E due to year-end vehicle registrations and potential buyers rushing to lock in deals before further price increases.
Potential Stabilisation:CAT A and CAT C may stabilise as demand evens out, especially with the holiday season cooling down some activity.
Watch for January Demand:Buyers holding back in December may drive up prices in January 2025, especially in CAT B and CAT E.
Tips to Stay Updated and Predict Trends
Track COE Results: Keep an eye on bidding trends and historical data to spot patterns in price movements.
Set a Budget: Define a clear budget and bidding strategy, especially if you’re considering CAT B or CAT E, which tend to be more volatile.
Consult Experts: Partner with reliable dealers or platforms for insights on the market and personalised advice on timing your purchase or sale.
Thinking of Selling? Start with a Free Valuation
COE prices are climbing in key categories like CAT A, CAT B, and CAT E, making it the perfect time to sell your car. You’re looking for a hassle-free and trustworthy car dealer in Singapore to sell your car? Look no further than SG Car Deals. We offer excellent service, including a free inspection, test drive, the best price for used cars, and fast sales in just 24 hours. We pride ourselves on our transparency and fair pricing, ensuring that you get the best deal for your car! Get your FREE car valuation now! With COE prices on the rise, now is the perfect time to sell your car and upgrade to a new ride just in time for Chinese New Year—start the festive season in style!
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