The latest result of COE prices just before the Chinese New Year period has been released today at 4pm. I have been anticipating the drop in COE ever since the announcement of COE quota increase for Feb – Apr. Lets take a look at the latest results:
17th Feb 2015 4th Feb 2015
Cat A $57,199 $62,002
Cat B $66,751 $70,890
Cat C $53,202 $52,101
Cat D $5,800 $5,504
Cat E $67,901 $71,921
Huat Ah! Cat A, B and E (open) has dropped while commercial vehicles (Cat C) and motorcycle (Cat D) has increased further. So what will happen going forward to March and April? The increase in quota has helped push the price further down, it has at least given potential car owners a sigh of relief especially those whose car COE is expiring in 2015 or 2016 (the years when COE is approx. $10k)
The cost of owning a car might prove to be lower in the near future, given the price of petrol decreasing in the past few months. While many speculate oil prices will shoot back up soon, I have actually done some research that shows oil price might drop even further (will blog on an article soon). Nonetheless, if you are looking to buy a car soon, be optimistic! I strongly feel this year or next will be the best chance to buy before COE crazily goes back up again. Remember the basic speculation technique? Buy low Sell High. To reiterate, I would be looking to enter at $50k Cat A or $60k Cat B.
Probably its time to go window shopping at Leng Kee showrooms soon.
Data from One Motoring