The second Certificate of Entitlement (COE) tender on 23rd June 2021 saw a fall in prices across all categories, with Category B dipping the most by 6.78%.
COE Bidding Results On 23 June 2021 (Second Tender)
- Category A closed at $47,821, a $689 dip from the previous round with 1,178 bids received.
- Category B closed at $56,032, a dip of $4,077 over the previous round with 983 bids received.
- Category C closed at $37,000, less $2 from the previous round, with 478 bids received.
- Category E closed at $58,001, which is a $3,111 decrease over the previous round, with a total of 519 bids received.
In the second COE tender for June, we saw a fall in prices across all categories, but prices for Categories A, B, and E remain on the higher side of the spectrum. On the other hand, Category C fell by $2 over the previous tender, and its price have remained on the lower side of the price range for 2021.
There is a possibility that the recent increase in premiums, partnered with an absence of sales promotions, had led to the slight decrease in prices. However, with the dip in COE prices this time, it might also lead to car buyers bidding for the next tender. See the results of all COE prices here.
WHAT INDUSTRY LEADERS ARE SAYING
“We can see that COE prices are starting to stabilize, and it may stay at this level at least for the foreseeable future. However, since we saw an all-round dip this time, there might be a slight increase for the next round,” said Hong Chun Mun, CEO and Co-Founder of UCARS.
Dealers also echoed similar sentiments, when asked about their thoughts on the latest COE prices.
William Dean, CEO of Allwell Motor Traders shared, “The previous increase in COE prices was actually beneficial to used car dealers as higher COE prices led more people to buying used cars. I think the prices went down this tender mainly due to fewer bids coming from bigger dealerships. For the next COE tender, I think prices for Categories A and B might increase again, while Category E will continue to dip.”
Edison, a Sales Consultant from Hua Yang Credit , also thinks that COE prices will maintain at this level for the next bidding.
When asked if it is a good time to buy a car, Chun Mun shared: “COE prices are hard to predict. It depends entirely on supply and demand, influenced by external factors even market watchers cannot determine. I don’t think there is a ‘best time’ to buy a car. Just like phones, if you need one, you should not try to time the COE market. Instead, find a car that fits your budget and meets your own set of criteria, based on your transportation needs.”
COE prices depend entirely on the supply and demand for cars at any given time, which makes it difficult to predict. What is more helpful is looking at prices that are relatively fixed, such as the cost of cars, and looking for cars that fit your budget.
If you are looking to purchase a car, you can head on over to our marketplace, where we have a wide selection of vehicles from hundreds of dealers.