COE
SINGAPORE: Certificate of Entitlement (COE) premiums for January's 1st bidding was released at the latest tender exercise on Thursday (4 Jan).
Premiums for Cat A fell by a whopping $19,990 from $85,000 to $65,010 for smaller cars below 1600cc.
Cat B also dropped significantly by $24,991 from $110,001 to $85,010.
Premiums for the January 2024 1st bidding have reached their lowest point in almost two years, providing a welcome relief for prospective car buyers.
The unexpected decrease in COE prices marks a great start to the new year for car enthusiasts and potential buyers alike with car prices becoming more affordable for all.
The lowered premiums are expected to stimulate consumer interest, driving the demand for cars in the coming months. Industry experts suggest that this positive trend could potentially contribute to an upswing in the automotive sector, providing a boost to the economy.
As Singaporeans look forward to a more economical year for car purchases, dealerships and manufacturers are gearing up for increased inquiries and sales.
However, based on vehicle de-registrations, there is no guarantee how much COE supply will increase in February 2024, given the government's cut-and-fill approach to cater for the potential increase in demand.
Since COE prices are at its all time lowest, it's no surprise that Singaporeans are buzzing with excitement over the prospect of securing a new car at a more affordable rate.
The notable reductions in COE premiums present a compelling case for individuals contemplating a car purchase.
Car prices have been noticeably lower, and this unprecedented affordability may well serve as the catalyst for a surge in demand for cars.
As the year unfolds, the impact of these reduced COE premiums on the overall car buying landscape will hopefully become clearer.
For now, car buyers can celebrate the promising start to 2024, as the COE market provides a more favorable environment for those eager to make their automotive dreams a reality.
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