COE 2nd Bid Jan 2024 Result: COE higher across all categories

 

The euphoria for lower COE has temporarily halted.

COE jumped for CAT A and B. After coming down around $20K for the 1st COE Bid in January, COE retraced the fall and is back to square one.

One of the reasons for the rise is the influx of buyers after the drop, coupled with the Singapore MotorShow over the weekend. While COE is anticipated to drop, the complete retracement of the fall may raise some eyebrows, with speculators stating that the previous fall was engineered to bring in buyers for Singapore Motorshow. 

For the record, the total bids received for CAT A was 1880 vs 1184 in the Jan 1st bidding, and CAT B was 1308 vs 850 in the Jan 1st bidding. That's a whopping 50%+ increase in both categories.

Regardless of market talk, the real impact of COE will only be known when the Government announces the quota for Feb -Apr. The market is anticipating a boost due to the higher number of cars that are scheduled to be scrapped. However, it's anyone's guess as to how much it will actually be due to the recent cut-and-fill strategy adopted by the Government to tamper down COE prices. Given the backlog of demand, COE may not fall as much as anticipated for February.

As for those who booked their cars during the Singapore Motor Show, did you get your COE?