COE) price

COE Prices Take a Dive: Wallets Rejoice (But Not for Commercial Vehicles!)

Certificate of Entitlement prices are plummeting – discover how much cash you could save and why commercial vehicles are swimming against the tide!

Singapore’s automotive market has witnessed a remarkable shift this month, with COE (Certificate of Entitlement) prices experiencing a significant downturn. In the latest bidding exercise held on November 20, the premiums for Category A cars—which include smaller vehicles—dropped by an astonishing S$10,000, bringing the total price down to S$89,889. This marks the third consecutive exercise where the COE prices for smaller cars have fallen, indicating a potential easing in the once-burdensome acquisition costs for hopeful car buyers.

The drop in prices isn't just limited to the Category A vehicles; it seems the trend of lowering premiums has taken a broader reach. Most other categories observed a price dip as well, enhancing the appeal of private car ownership in Singapore. For instance, while Category B saw its COE value fall to S$105,081, Category C for goods vehicles settled at S$69,000. It’s quite a ride if you ask me—literally and figuratively!

However, it’s not all smooth sailing in the automotive seas. While the premiums for most categories took a downward turn, commercial vehicle premiums went against the current, rising by 1 percent up to S$69,000. This paradox leaves many scratching their heads—why are commercial vehicle prices still climbing? Perhaps it’s a sign that businesses are still placing a high demand for deliveries and logistics, keeping the market afloat even as the smaller passenger car segment celebrates reductions.

For those planning on making a purchase or simply watching the market closely, these changes in COE prices could be seen as both a blessing and a challenge. The price drops may not be enough to flip the car ownership narrative for many, as the rising costs of living weigh heavily on wallets. Nonetheless, the promise of lower COE prices is surely a ray of hope for many prospective car buyers dreaming about cruising down Orchard Road. So buckle up and stay informed—this ride is just beginning!

And here's a fun fact: Did you know that the COE system was introduced in Singapore in 1990 as a means to control the growing number of vehicles on the roads? On another note, the largest COE price drop in Singapore’s history occurred back in 2016, when Category A premiums plunged more than S$20,000 in a single bidding session!