The final Certificate of Entitlement (COE) bidding tender for the year saw prices increasing throughout all categories, except for a slight decrease seen in Category A at 0.39% on 23 December 2020. Despite the decrease in quotas available for bid, COE prices have only continued to rise even further. It has been an unprecedented year, to say the least.
Category A closed at $40,556, which is a $150 decrease compared to the previous round with 1,403 bids received.
Category B closed at $49,300, with an increase of $4,288 compared to the previous round with 1,631 bids received.
Category C closed at $35,201, with an increase of $2,312 compared to the previous round with 640 bids received.
Category E closed at $49,500, with an increase of $3,990 compared to the previous round with 688 bids received.
Just like with the previous bidding exercise, the COE prices have increased across all categories with the exception of cars up to 1600CC and 97KW. The prices for category B, C, and E COE premiums saw significant increases, hitting an all-time high across all bids in 2020. However, there were a lower number of submitted bids compared to the first tender in December.
This may be largely due to the lower number of COE quotas available for bid, which ties in with LTA’s announcement that the vehicle population in Singapore will be capped until January 2022, with 0% growth for cars and 0.25% growth for commercial and goods vehicles. However, the number of quotas available are still contingent on the number of vehicle de-registrations.
CONCLUSION: IS IT THE BEST TIME TO BUY A CAR?
Timing is a crucial element to factor in when it comes to making a car purchase as it can potentially make quite a significant difference for maximum savings. The best car deals with attractive incentives, financing offers and high cash rebates often occur during December with outgoing model year cars getting heavily discounted to make room for a fresh lineup of newer models. Thus it comes as no surprise that consumer spending remains high, which may continue well into the start of 2021. After all, new year, new car, right?
Regardless, I would still encourage car buyers to do an ample amount of research before committing to a big-ticket purchase and use that knowledge to make an informed decision. Which brings me to my next point – Should you require any further assistance in your next car purchase, do not hesitate to contact us via Live Chat for immediate customer support! We are always here for you, every step of the way.