The latest Certificate of Entitlement (COE) results for November 2024's 2nd bidding have been announced. Here’s a breakdown of the latest prices compared to the 1st bidding earlier this month:
Category | November 1st Bidding | November 2nd Bidding | Change |
CAT A | $99,889 | $89,889 | -$10,000 |
CAT B | $108,001 | $105,081 | -$2,920 |
CAT C | $68,340 | $69,000 | +$660 |
CAT E | $109,000 | $107,501 | -$1,499 |
Key Observations
CAT A (Small Cars): A significant drop of $10,000 suggests softer demand for smaller cars. Buyers who have been holding off may see this as an opportunity.
CAT B (Large Cars): A marginal decline of $2,920 indicates a slight easing in demand but not a significant shift.
CAT C (Goods Vehicles and Buses): The $660 increase reflects a stabilising demand for commercial vehicles.
CAT E (Open Category): A small drop of $1,499 keeps CAT E relatively steady, which typically mirrors trends in CAT B.
Should You Buy or Sell Now?
Buying Advice
CAT A Buyers: This price drop is a strong signal to act now if you're eyeing a small car. The decline may not last long, given potential rebound scenarios in the next bidding.
CAT B Buyers: While the price reduction is minor, it could hint at better deals soon. Consider buying if prices meet your budget.
CAT E Buyers: With slight volatility, buyers might hold off for one more bidding round to see if prices drop further.
Selling Advice
CAT A Sellers: If the market rebounds, your car’s value might increase in a month or two. Holding off could be strategic.
CAT B and CAT E Sellers: Slight price dips shouldn't deter sellers since demand for larger and premium vehicles remains consistent.
What to Expect in the Next Bidding
Potential Stabilisation: After a significant drop in CAT A, prices may stabilise or experience a minor rebound in the next round.
CAT B and CAT E Trends: These categories might see continued gradual declines if demand continues to soften slightly.
Economic Impact: Festive promotions from car dealers and year-end bonuses may influence bidding trends, possibly driving up prices temporarily.
Tips to Stay Updated and Predict Trends
Track Monthly Averages: Monitoring trends over several months gives better context than focusing on single bidding rounds.
Follow Economic News: Policies, interest rate changes, and economic updates can influence COE demand.
Use COE Prediction Tools: Many platforms and car dealerships offer insights based on historical data and market analysis.
Consult Dealers: Experienced dealers often have insights into upcoming bidding trends based on their engagement with buyers and sellers.
The November 2024 2nd bidding shows mixed signals, with significant drops in CAT A and steady demand for CAT B and CAT E. Buyers should leverage the price dip in CAT A, while sellers might consider holding out for potentially better prices in the near future. Staying informed and understanding market dynamics is key to making the right decision.
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