COE Renewal Price | PQP Prediction for January 2021
It’s the end of the year with just one last COE bid to go for 2020 and we are done! December COE PQP as you know from our previous article, is higher than that of November 2020 PQP and that means a rising trend.
Is it looking to continue rising? From the looks of the latest COE bidding results from yesterday’s closing prices, the answer is an unfortunate yes. (Note: The results for January 2021 PQP are out)
Are you looking to buy a new car? Many others are probably planning to do so as well, what with the situation now that hampers our holiday travel, the holiday money saved seems to be going into car buying?
We saw the COE prices rising from since the re-opening of COE bidding in July 2020 (Note: COE bidding was closed in April to June 2020 due to Covid-19), and the trend seems to be intact.
Since the re-start of bidding in July, there has been increase in prices with only slight reduction in prices for early October and November bids, and overall speaking, the trend is firmly on the up since then.
This uptrend has resulted also in the rapid rise of COE renewal PQP prices, for both car categories of Cat A and Cat B.
PQP ever since August’s renewal prices have been up only until now in December. Four straight increases bringing the prices a total of $5,113 up for Cat A and $7,800 up for Cat B since the Circuit Breaker pause in COE bids.
COE Bidding Result 1st Bid December 2020
Cat A $40,714
Up by $3,024 (+8.02%) in the latest bid. This latest Cat A is up by even more than the previous increase in the last bid of November 2020 which was up by 4.72%.
There were 642 more bids received than there was available COE. This bid had 978 available COE.
Cat B $45,012
Is up by (+9.52%) or $3,911 compared to the last bid. Cat B is also up by more than the previous bid end of November which rose 5.39%, and still showing strong buying support despite the larger number of COE available in this current quarter, which will last up till end of January 2021, than the previous COE quota quarter.
There were 693 more bids received than there was available COE. This bid had 1,035 available Cat B COE.
Cat C $32,889
Up by $2,555 (+8.43%) compared to the second bid of November. We had mentioned previously of the 9.05% increase in Cat C COE compared with previous quarter, and we did see the prices ease in Cat C for th previous two bids, however, we are now again near the high for 2020 which is at $33,778
There were 231 more bids received than there was available COE. This bid had 368 available Cat C COE.
Jolly Season For Car Buying?
Christmas is in the air and wishing you all a merry one!
With Singaporeans’ ever popular overseas year end trips curtailed this time by the Covid-19 restrictions, many are turning to other ways of spending locally and some of this cash has surely gone into getting a car for the family. Consumers also encouraged by the lower interest rate environment and historically lower car loan costs have certainly also been an added buoyant effect on the COE prices we now see.
At the reopening of our economy, some were unsure how their jobs would hold up in the face of this new uncertainty a few months back.
But now a few months into this new phase, people have visibility on where they stand financially and job wise, with the Covid situation only affecting a very specific few segments still restricted and hindered by new regulations in place, such as tourism, catering, nightlife and events.
Broader segments of the economy and those who are not in these segments are feeling a renewed positivity and are not being overly cautious with spending.
This and coupled with the 10-year cycle for COE which seems to be pointing at a coming period with lesser COE quota, and which was also reported by others, seems to be adding some impetus to those who are seeking a new car.
The thought seems to be buy it now rather than when the prices have gone up much more.
And this rise in COE prices, we believe, over time, is inevitable.
But how high will it go? We will not throw out a COE price figure at the moment yet, but we will put it this way: yes, in our opinion, it does make sense to buy now rather than wait till a year or more later.
How Does This Bode for COE Renewal Prices?
COE for new cars is up , and so I believe you know what this near term crystal ball is showing.
Even if the current new car COE prices stay the same without going up further in the next bids, the prices for COE renewal will still move up to close the gap and become equal with current bid prices. This is how our average of six bids systems for PQP works.
Since our latest COE bids are growing ever higher, we foresee a jump in COE renewal prices as they play catch up to the bid prices – bid prices are the leaders of COE renewal prices, whether the direction is up or down.
Which brings us to our…
COE Renewal Price Prediction For January 2021
These below are our COE renewal price prediction, sit tight because it is all up.
Cat A $38,293
Up by $990 (+2.65%) for January compared to December 2020 COE renewal price.
Cat B $42,132
Up by $1,418 (+3.48%) compared to the renewal price of December 2020.
Cat C $32,348
Up by a significant $1,692 (+5.52%) compared to the PQP of December 2020.
Where is COE Renewal Going After January 2021?
So, if you are looking at doing a COE renewal for a car which is expiring in the month of January 2021, please do approach us soon, the difference you save can be almost a thousand dollars! It has become very clear to us that renewal done in the month of December is going to be cheaper and therefore save you money.
And looking further down the road, for those who own cars expiring February and March 2021, we can also see the picture forming. If you have already decided to renew your car, do give us a call to register so you can take advantage of our knowledge in PQP monitoring to help you more than any other finance company is able to!
We have had customers who saved up to now more than $7000 on their Cat B car which was supposed to expire in 2021 because they took our advice.
COE Renewal With A Difference
We have helped hundreds and we will also help you also to secure an advantageous loan with the best terms and conditions avoiding the common pitfalls, and also to know when to renew if you register early with us for PQP monitoring as our customer.
That’s not all we help with – you also get to choose from all available banks and finance houses for your COE renewal loan, and we explain the benefits of each one to you if you’d like to know, before you pick the one that is most helpful in your situation. Sometimes a lower interest rate can cost more than a loan with slightly higher interest!
We sincerely hope that you pay a lower COE renewal price and get a loan with good terms and conditions, 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.