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In the second round of bidding for November, Certificate of Entitlement (COE) prices rose for Cat A, while those for Cat B and E fell.
The combination of high prices from the last bidding sessions, coupled with the announced reduction in COE supply for the quarter starting from this month could have dissuaded buyers from making their purchases these weeks. This could also explain the drop in the number of bids received this session compared to the last.
Get data on past COE bidding exercises at our COE bidding results page.
Cat A COE - A $1,292 climb
Premiums for Cat A, for cars up to 1,600cc in engine capacity and with an output of no more than 130bhp, were the only private car category to climb this session, rising by $1,292 (2.4 per cent), to end at $55,001.
This third consecutive rise in premiums for the category sees premiums now standing at 21.5 per cent higher than the 12-month trailing average.
The number of unsuccessful bids this round exceeded the available quota by 31 per cent. This is lower than the 12-month average of 41 per cent for the category.
Cat B COE - The end of a six-session consecutive upward streak
Premiums for Cat B, for larger cars with more than 130bhp or engine displacements larger than 1,600cc, finally ended their six-session consecutive climb this bidding round. The premiums for the category fell this session, by $3,200 (3.9 per cent) to settle at $79,601.
This latest drop sees premiums for the category have now reaching 40.1 per cent above the 12-month trailing average. This price is at the 96th percentile of the prices of the last 12 months.
The total number of unsuccessful bids this round exceeded the quota available by 34 per cent, the 12-month average for this category stands at 41 per cent.
Cat C COE - A $1,501 jump this session
Premiums for Cat C, for goods vehicles and buses, rose by $1,501 (3.6 per cent), closing at $43,502.
The number of unsuccessful bids this round exceeded the available quota by 80 per cent, the 12-month average for this category stands at 84 per cent.
Cat E COE - The end of a four-session consecutive upward climb
Cat E, the open category, finally ended its four-session long climb with a drop this session. Premiums for the category slipped by $1,999 (2.3 per cent) to reach $86,001 this session.
This latest drop sees premiums for the category have now reaching 46.3 per cent above the 12-month trailing average. This price is at the 93rd percentile of the prices of the last 12 months.
Prevailing Quota Premium
The Prevailing Quota Premium is the amount to be paid for COE renewal and is computed from the moving average of the previous three-months of COE prices. Those looking to renew the COE on their cars will thus have to pay the following prices for the respective months.
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This article was first published in sgCarMart.