SINGAPORE - Shocking news for car buyers: On November 20, the prices for Certificates of Entitlement (COE) plummeted across nearly all categories!

The most significant plunge was observed in Category A, which pertains to smaller and less powerful vehicles—including electric cars. The price of this certificate took a staggering nosedive of $10,000, landing at an inviting $89,889. This represents a remarkable 10% decrease and marks the third consecutive tender exercise with diminishing prices in this category.

Interestingly, this drop is the largest since the inception of the first tender exercise of the year in January, which also saw a considerable fall—$19,990 for the same category. With more drivers eyeing compact and budget-friendly cars, this could be a game-changer for the automotive market in Singapore!

On the other hand, the Category B COE, intended for larger and more powerful vehicles, witnessed a modest decline of 2.7%, resulting in a new price of $105,081, down from $108,001. Meanwhile, the Open category (Category E) COE, which allows registration of any vehicle type except motorcycles, fell by 1.4% to $107,501 from the previous $109,000.

Motorcycle enthusiasts were not left out either, as the Category D COE price decreased by 4.6%, settling at $8,669 compared to last tender's $9,089. This price drop could encourage more ridership and potentially translate to increased motorcycle sales in the market.

In a surprising twist, the commercial vehicle (Category C) COE premium defied the overall trend and actually saw a slight increase of 1%, rising to $69,000 from $68,340 two weeks prior. This suggests a growing demand in the commercial sector, demonstrating resilience despite the overall downward trend.

For those looking to own a vehicle in Singapore, understanding COE prices is crucial as they are a necessary requirement for vehicle registration. With premiums trending downward, now could be an opportune time for potential buyers to take the plunge into car ownership!

Stay tuned as we continue to follow this fluctuating market and its implications for car buyers. Don't miss out on the latest updates!