COE Renewal Prices | March 2020 PQP Results
We have been saying it was exciting times for COE bids and renewals – and of course it is! Especially when we see a large drop in COE prices in the first bid exercise of February 2020, there is always worry on one side (dealers looking to sell their used cars fearful their prices have to be slashed), and gleeful hand-rubbing on the other side (those looking to purchase a new car soon).
And then, there are our customers looking to have the COE renewal price fall before their cars expire – you do know that you cannot use the grace period after expiry to extend your COE don’t you?
So of these differing groups, who will stand to benefit and who loses out? Let’s find out!
Three distinct groups with differing interests! And the latest COE bidding this last round of February, we are looking at a bounce back in prices for both Cat A and Cat B, and with a very interesting situation where Cat A has gotten more expensive than Cat B! Would buyers now consider taking that Cat B car instead of Cat A?
So here are the…
COE Bidding Prices for 19th February 2020
Cat A $32,999
Rebounded from the last bidding by going up $2,989 (+9.96%) in the latest bid.
Cat B $32,889
Also up, but by a smaller $1,999 (+6.50%) compared to the first bid of this month.
Cat C $25,001
Down, but by a narrow $12 (-0.15%) only.
This rare situation where Cat A has risen above Cat B, an occurrence that happens only once in a year or less – the last time was July of 2018! It hardly happens because no one wants to pay a higher COE for a smaller car. This will definitely make big car buyers happier than the Cat A car buyers who secured their cars during this bid!
So how close was our prediction on the factors to the actual bids and COE renewal prices, will the COE renewal crowd be happy? This below was our prediction from before the COE bidding.
Unexpected March 2020 PQP Prices?
And here are the results for the March 2020 renewal of car COE in Singapore:
Cat A $33,207
Up by $169 (+0.51%) in the month of March compared to previous month..
Cat B $35,416
Down by as significant $2,655 (-7.49%) compared to the month of February 2020.
Cat C $24,387
Up, but by a narrow $20 (-0.08%) only.
Renewal Prices Drop While Bid Prices For Cat B Rise
As it happens, this is again unexpected by the general public. Those asking us about the COE renewal PQP, have found that Cat B has fallen by more than two thousand, while the latest COE bids have gone up by $1,999, just one dollar away from two thousand – that is a gap of $4,654!
Those doing COE renewal for Cat B are cheering, while those hoping to buy a new Cat B car, probably not so much.
This is often the case, as COE renewal is not only about the latest bid, but the sum of the last 6 bids of the past three complete months. So the direction of movement is opposite of the latest bid is a common occurrence.
This has also happened for Cat C (commercial vehicles) when you compare their latest bid price (up) and the renewal price (down). However, Cat C has been relatively stable in bid pricing and so the renewal prices movement is not as starkly different as Cat B above.
The only Category that moved in the same direction this month is Cat A with a rise both in bid and renewal prices.
COE Renewal Is In A Few Months From Now?
Don’t know where COE prices are headed in the coming months? It’s not easy, much like the stock market, and if you are one who looks at the figures and factors on a regular basis, then you have a finger on the pulse of where things are headed.
But most of our customers are busy individuals and SG Cash N Cars can do just that for you, we are happy to help! And those who have engaged our services to do COE renewal loans for them have been more than glad they engaged us – they have also saved $ with our advice on when to renew.
If you wish to do a COE renewal loan, why not do it with us? We not only provide PQP monitoring free for all customers who sign on with us for their car renewals, you will also find why many customers choose us because we provide a range of financial institutions for your choosing and a 99% success rate for loan approvals!
For more info, feel free to call 92782880 during office hours or click on Whatsapp or use the form at the bottom or right of this page to contact us!