If you're thinking about buying a car within the next year or two, it would be a good idea to keep an eye on how consumers, car dealerships and automakers react and to find out if the models you're interested in will be affected
The price of a COE should be a major consideration for any prospective car owner, as there are times when it’s possible to pay more for the COE than for your car. As a result, it’s helpful to have a general idea of what people are paying for them, especially considering what reserve price you’ll need to pay to succeed in the bidding process.
It’s also just as important to understand what drives changes in COE prices. In the following guide, we compare the average price of COEs in 2020 with prices from past years and outline the primary factors that determine the cost of COEs.The following graph shows how the average COE price has changed over the past decade. As of 17 May 2023, the average cost of COEs was $92,000 for Category A, $113,034 for Category B and $125,000 for Category E vehicles.
When the vehicle quota was raised in 2016 and 2017, there was a high number of vehicles being deregistered. For the COEs for cars sold before 2010, their certifications have now expired after ten years. This means a large number of COEs became available leading up to 2020.The table below displays the number of new cars aged less than one year from 2012 to 2022, demonstrating the high car sales from 2016 to 2017 compared to the following years.
In tandem, there was a large drop in COE premiums and new cars in 2018 after the LTA enforced a zero per cent growth rate policy to control the motor vehicle population.
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