COE Renewal Price Cat A, B & C | January 2021 PQP Results
So what did we say about the COE bids and COE renewal prices? Our gut had been telling us the direction is up and has been that way for a few months now – and we have openly said the same in our prediction for January 2021 (published since early December). Even in our prediction for December PQP levels, as the COE bids went lower, we were saying the renewals would be up – we had said “everything with more than two wheels will have higher COE renewal price”.
And those who have believed what we said and signed up with us on their COE renewal journey would now be breathing a sigh of relief having renewed lower, and are surely enjoying the Christmas season now.
So, is it a sea of red in the very last COE bidding exercise of the year 2020? Here are the results:
COE Bidding Result 2nd Bid December 2020
Cat A $40,556
Down by a marginal $158 (-0.38%) in the latest bid. A small victory if you are looking to buy a new car, but we hardly think the car distributors are going to adjust any of the prices due to this small reduction in COE pricing.
We hesitate to read too early into this as a breakaway from the rising trend. We shall see where this goes as we head into 2021.
Cat B $49,300
Is up by a buoyant (+8.70%) or $4,288 compared to the last bid. Cat B is, again, showing strong buying support despite the larger number of COE available in this current quarter. There are 61.65% more bids than there are available COE even with the increased quota (which we wrote about briefly here, where we said “COE quota increase is not evenly spread across all categories”).
Cat C $35,201
Up by $2,312, a significant amount percent wise (+7.03%), as Cat C is usually lower than A and B. This latest bid has broken the year 2020 Cat C high of $33,778 set in second bid of October and is $10,799 higher than at the start of 2020.
What Factors Might Move to Slow COE Rise?
We cannot see many factors that would curb or cause the COE to reverse direction or go down moving forward, except maybe for the fact that this year end is festive buying for the Chinese New Year and this would maybe tail off as we go into 2021. Also because buyers who usually splurge on an overseas family holiday now have extra budget to go towards a better car since the cannot go anywhere, it’s expected the COE will remain high up until the Chinese New Year.
But, as we move further into 2021, there should be a cooling off of this year end celebratory mood and buying gets back into a more normal mood. This is the only slowing that we can reasonably foresee.
Going back to normal is still a positive factor for COE, because we are moving nearer into normal with Phase 3 already announced to commence end of this month. With that, business and the economy should improve further, and unemployment is expected to ease for most sectors except those that are still currently not allowed to operate. Workers from those sectors worst hit have also started to find employment elsewhere, even if the rate of finding other employment could be better.
Positivity will surely return, now that the vaccine has already reach our shores. It may be gradual, but it is coming – one day we will walk outside without masks!
And other factors such as Grab’s decision to ban older vehicles from being used, as well as the upcoming end of those extra quota being injected back into the system (from unbid COE during the CB) all indicate a positive push to COE prices.
This below are the PQP for January 2021, is it time for you to jump in now?
Results for COE Renewal Price January 2021
The below are the 10-year COE renewal prices for January 2021 for cars coming to the end of their 10 year COE. Hint: As you read this below, note that you can renew your car before the actual month of their expiry! To find out more on how to save on renewal, click here.
Cat A $38,137
Up by $834 (+2.24%) for January 2021 renewal, compared to December 2020 COE renewal price. This is the fifth straight increase for Cat B COE renewal prices.
Cat B $42,683
Up by $1970 (+4.61%) compared to the renewal price of December 2020. This is also the fifth straight increase for Cat B COE renewal prices.
Cat C $32,799
Up by $2,143 compared to the PQP of December 2020. This is a further +6.99% increase on the back of a $2,122 increase in the previous month. This is only the fourth straight increase for Cat C COE renewal prices, but the the cumulative increase has been a whopping $8,849 over four months, equal to 37% more than what the price was in September 2020 to renew.
COE Renewal Upcoming But You Are Unsure About When To Renew?
We have made this report as early as we can on the day of COE bid closing so that you can have a chance to renew at a lower price and not lose out having to pay January 2021’s price! By any logical calculation, if your car expires in January 2021, you should renew now! Call us or contact us to arrange this for you soon as possible!
What if your car COE renewal is in the month February 2021 or later? We have advice for you too, and the best we can recommend is to call or contact us to register for our PQP monitoring service.
With PQP monitoring (which no other COE renewal loan service does) and we only charge a small admin fee (starting from $321 for 10 years renewal) for the COE renewal service, including the loan processing. And unlike other services, no there are no other surprise costs if you take a bank loan through us.
We are actually insulted by the term “hidden costs” and we aim to tell you all costs before you pay us a cent!
We sincerely hope that you pay a lower COE renewal price and get a loan with good terms and conditions, When you get the best loan we are happy for you! And to that, all our past customers can attest!
Click to WhatsApp if you have any queries or call 92782880 during office hours. Or simply use the contact form on this page and we will call you back to assist.