COE prices continue to reach new highs. Car buyers seem undeterred by the exorbitant costs, as premiums have climbed steadily even when the government introduced measures to deal with the surge in demand.

An additional 700 Category A COEs was reallocated to the COE supply for August 2023 to October 2023. This was done by also bringing forward the quota from the future expiry of 5-year non-extendable COEs. Yet despite this, prices continued to rise steadily.

Category B and Category E COE quota premiums have grown at the same rate, both crossing the $125,000 mark during August’s 1st bidding. Category C COE prices have remained fairly stable for most of 2023 so far, with only a significant spike earlier in the year.

You can refer to the table below to track the COE price fluctuations in 2023 so far.

If you were curious, here’s when each Category peaked in terms of COE prices in 2023 so far:

Category A: $106,000 – October 2nd Bidding
Category B: $150,001 – October 2nd Bidding
Category C: $91,101 – March 1st Bidding
Category E: $158,004 – October 2nd Bidding

What’s Next for COE Prices?

With revisions to the VES rebate for 2024, expect increased demand for new car registrations in the coming months. The LTA has catered for this (at least for Category A COE), adding an additional 300 Category A quotas for the month of October. This is on top of the 700 added for the August to October period announced earlier in the year.

As such, prices for Category A should, in theory anyways, stabilise, at least for the month of October. But will reality reflect the intent? Only time will tell.

You May Be Interested In: Extra Category A COE Allocations for October 2023