COE Renewal Price | PQP Prediction for November
Finally, some reprieve in the rise for COE prices after straight rises, but the relief is only slight consolation.
After four straight rises for Cat A, the latest upward momentum has taken a breather and Cat A is lower in the latest bid. (See below for latest bid result).
Similar picture for Cat B which had started the upward charge at the same time as Cat A with a jump in first bid of August 2020. However, Cat B took a breather with the previous bid of Cat B in end September $521 lower. But like Cat A, slight relief only, for this small reduction in price is after a combined jump of $6,509 in the three bids before that.
Below are the latest prices.
COE Bidding Result 1st Bid October 2020
Cat A $36,534
Down by $1,970 (-5.12%) in the latest bid. This latest Cat A is down by a nice four figure sum, but comes only after four straight increases since July 2020, which was at $32,699, and the total rise amounted to $5,805 before this latest reduction in price.
Cat B $40,690
Is down by (-0.73%) or $299 compared to the last bid of September 2020. Cat B still taking a breather, and will it continue to rest at this level or go down with the rumoured release of more COE quota the coming quarter of November to January?
Cat C $33,089
Up by a big $4,500 (+15.74%) compared to the last bid of September. This is a large jump for Cat C and continues from the previous jump which was also up $1,945 (+7.30%).
Rumour of COE Increase
There has been news that suggests the COE quota would increase by up to 7% in the coming quarter (November to January), and perhaps that is holding some back from making their purchase now.
How many COE is a 7% increase? Actually, this is not the percent figure we ended up with when we did our own projections. Different categories will have different numbers, with Cat A only slightly up, according to projections.
The projected increase in number of COE available is from 984 per bid to 990 for Cat A and from 864 per bid to 1015 for Cat B. This is by our own SG Cash N Cars estimates.Note that these numbers are average per bid for the COE quota quarter.
Reduction in Return of Unbid COE To Market
It’s tricky now to read the COE situation – Did you know that the October 2020 bids actually had fewer COE available than the two months before it in August and September? This is because of LTA policy to apportion more unbid COE from the no-bid CB months to the first three months of bidding since bids restarted, which are July and up to September.
This return of unbid COE to the market has dropped off, and October had fewer COE. But this has in fact seen October prices reduce for Cat A and Cat B!
It seems the LTA policy was well in line with the demand – there was buildup in vehicle bookings taken during CB when there was no bidding, and that these orders were satisfied with the COE returned to market in the three months since COE bids resumed.
Could this actually mean that prices are softening and the pent up demand has been satisfied?
PQP COE Renewal Price Prediction for November 2020
Here is the part where you may not expect. Yes bid prices have come down, and we do see some softness that may come for Cat B in the coming months, which will tend to weigh on Cat A as well.
But COE renewal prices are a trailing factor of COE bidding, and the bids were rising and so this is what we predict for the upcoming month of COE renewal for November 2020.
Cat A $36,252
Up by $1,052 (+2.90%) for October compared to October COE renewal price.
Cat B $39,732
Up by $1,516 (+3.97%) compared to the renewal price of October 2020.
Cat C $28,105
Down by $2,650 (+9.43%) compared to the PQP of October 2020.
Surprised all Categories of COE renewal are rising for November PQP renewal? Don’t be. The PQP is still playing catch up with the actual COE bid prices, it is a trailing figure. And with the latest bid COE prices for all Categories higher than the October PQP, it is no wonder November will try close the gap by rising. Yes, that is how it works, it tends toward the latest bid prices.
COE Renewal Loan For PQP Payment
Many have chosen to come to SG Cash N Cars for a professional COE renewal service combined with COE PQP monitoring so they can be more informed about when to enter the market and pay for their renewal. Since each months PQP price is fluctuating, there are going to be months that will be better than others, so why pay more by paying blindly only at the month of COE expiry?
Did you know it is possible to pay earlier and save $? Here are some common questions you may want answers to about COE renewal.
We help 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. And unlike other services, the banks we work with do not impose further loading fees (others typically add $200).
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.