COE Prices for May 2023

Category A Vehicles

Discover the latest COE Category A ($92,000) vehicles below: 

Toyota Yaris

Toyota Yaris Cross 1.5G Petrol

$140,988.00 SGD

Honda Freed

Honda Freed 1.5G Welcab

$182,988.00 SGD

Pre-Owned

2015 Mercedes-Benz C180 Avantgarde

$71,800.00 SGD

EQ-Class

Mercedes-Benz EQE300 AMG Premium

$375,988.00 SGD

Electric Vehicles

Mercedes-Benz EQS450+ AMG Premium Plus

$0.00 SGD

GLA-Class

Mercedes-Benz GLA200 Sport Executive (FM2021)

$224,988.00 SGD

Category B Vehicles

Discover the latest COE Category B ($113,034) vehicles below: 

Mercedes-Maybach

Mercedes-Maybach S580 First Class 4MATIC

$0.00 SGD

Continental Vehicles

Mercedes-Benz C200 Saloon AMG Premium (FM2022)

$282,988.00 SGD

Toyota Alphard

Toyota Alphard 3.5 Executive Lounge S (FL2020)

$448,988.00 SGD

Avant

Audi RS6 Avant

$0.00 SGD

G-Class

Mercedes-AMG G63 (MY2021)

$0.00 SGD

Continental Vehicles

Rolls-Royce Cullinan Black Badge (Burnout Grey)

$0.00 SGD

PURPOSE OF COE IMPLEMENTATION

The lion city is known to have one of the highest road densities, reportedly 480.6km per 100 sq. km in 2011.

With the land constraint, there was a need to manage the rapid growth of vehicles on the road.

The government introduced COE in the 1990s as a measure to

regular growth of
vehicle population

ease
congested road

manage high
volumes of traffic.

How Does COE Bidding Works?
COEs for the individual categories are bid separately in an open bidding system. However, not every bid will gothrough successfully.

1SUBMITTING THE
BID AMOUNT

You will have to submit the bid amount that you are willing to pay, also known as the reserve price, in the system.

2SUBIDDING
SYSTEM

The bidding system will then automatically raise the current price of COE by $1. If the current price of COE exceeds your bid, then you are out of the running. Meaning – you will not stand a chance of getting a COE in this bidding round.

3RISING OF COE
PRICING

The current price of COE will then continue rising and stop only when the number of bidders is equivalent to the number of COEs available.

4END OF
BIDING COE

The bidding will then end here, with the final quota premium (QP) that successful bidders of the same category are required to pay.

How do I bid for
my COE? (Part 1)

COE OPEN BIDDING SYSTEM

In an open bidding system, COEs for the individual categories
are bid separately. However, not every bid is designed to be successful.

You must first enter the bid amount (also known as the reserve price) you are willing to pay into the system. The current price of COE would then be automatically raised by $1
by the bidding mechanism.

If the current COE price is higher than your bid, you will be eliminated from the competition. Unfortunately, this means you won’t be able to get a COE in this round of bidding. The current COE price will then continue to rise until the number of bidders equals the number of COEs available
, at which point it will end.

The bidding would then come close with the final Quota Premium (QP)
payment that successful bidders in the same group must pay.

Let’s take Category A as an example. Assume that at the time of bidding, five potential car owners want to secure COEs, but only three are available.

BIDDER 1

RESERVE PRICE: $78,000 successful bidder: yescoe price to pay: $55,901

BIDDER 2

RESERVE PRICE: $69,000successful bidder: yescoe price to pay: $55,901

BIDDER 3

RESERVE PRICE: $56,000successful bidder: yescoe price to pay: $55,901

BIDDER 4

RESERVE PRICE: $55,900successful bidder: Nocoe price to pay: $0

BIDDER 5

RESERVE PRICE: $53,000successful bidder: Nocoe price to pay: $0

If you win, the amount you’ll pay for your COE will
not always be the same as the reserve price you set.

If the QP is less than your reserve price, you will receive a refund of the difference.

If the CCP increases above your reserve price, they will inform you that you have been outbid. You will revise your bid upward to re-enter the run for a COE.

NOTE:

You cannot withdraw your bid during the bidding process. Nor can you
revise your reserve price downwards. It can only be revised upwards.

How do I bid for
my COE? (Part 2)

The bidding process can be
carried out in two ways

Bidding for yourself in the Open Bidding System

OR

The car dealer bid on your behalf in the Open Bidding System.

Bidding on your own COE

As a private individual, you can only apply bids via

DBS/POSB at an ATM

must have a DBS/POSB account

For the rest, you’ll need to
contact the bank for more details.

Though it may be a hassle, your direct participation will ensure that you are comfortable with the reserve price and will speed up the process of receiving a COE in the same month if you bid successfully.

If you are bidding for the COE in your capacity, you must be 18 years old. Each exercise allows you to make only one bid using your name, ID, and bank account.

Bidders in Category D (Motorcycles) will be required to place a $200 deposit as a prerequisite. On the other hand, the minimum amount for all other categories is $10,000.

Let your car dealer do the bidding

If you find the whole bidding process too complicated,
letting the car dealerships handle it is a much easier option.

Here’s a sample scenario

Your vehicle falls under Category A, with a COE price of $50,000. You take a $70,000 Category E because you need it immediately. You will then receive a $25,000 refund rather than the $35,000 from Category Ewhen
you scrap the car five years later.

Another option is to leave your money with the car dealers, who will assist you in submitting several bids until a COE is obtained. However, since the dealer’s end goal is to get you a COE at all costs, you won’t beable
to determine the final bid price.

Finally, your last resort is to tell your car dealer how much you want to pay for your COE. The dealer will then bid on your behalf until a COE within your price range is acquired. The lower your reserve price, the longer it will takeyou
to receive your COE.

COE EXTENSION AND REBATE

You will not have to bid for your car’s COE again after ten years. Simply pay the Prevailing Quota Premium to have your COE revalidated. There are two options:

Scrap your vehicle

OR

Pay for CEO extension

Paying for COE can be more
expensive than the car’s market value.

HISTORY
OF COE

COE (Certificate of Entitlement) have been implemented in Singapore for more than 20 years. How does it work from 1990s up to now? Here is a summary of how it worked in the past.

• may1990

  

  quota limit to vehicles

  On May 1 1990, the then-transportation unit of Singapore’s Public Works Department (PWD) established a quota limit to vehicles, which they called COE. It was initiated due to the ineffective measures of controlling vehicle
  population growth. Some of these measures aimed to curb vehicle ownership by increasing road taxes, which is also needed because of the increasing affluence in the city-state projected land transport networkusage. Along
  with a controversial congestion tax known as Electronic Road Pricing, the COE scheme is a central pillar in Singapore’s traffic management policies to ensure a healthy urban quality of life.

  

• jan1990

  

  The Vehicle Quota System

  It was implemented to further monitor vehicle population growth at a sustainable pace by Singapore’s road infrastructure within its land constraints. The VQS was the center piece of the Parliamentary Select Committeeon
  Land Transport’s report, issued on January 3, 1990.

  

• Year1998

  

  REVIEWING THE VQS

  The VQS was reviewed by a Government Parliamentary Committee (Communications) in 1998.

  

• Nov1995

  

  INTRODUCING VQS

  When the VQS was first introduced, it only had a closed bidding mechanism, which meant that bidders had no idea how much anyone had bid. All successful bidders will pay the lowest successful bid price for each quota category.Those
  who bid this much or more will be entitled to a certificate of eligibility at the lowest competitive bid price. On the other hand, the closed bidding scheme lacked transparency and resulted in significant variations inthe
  quota premium payable. The electronic COE bidding system was introduced in November 1995.

  

• April2002

  

  COE BIDDING SYSTEM

  The COE open bidding system replaced the closed bidding system. Bidders were able to track current COE prices through open bidding, ensuring that the final quota premium represented the actual value bidders put on the COE.

  

• Mar1999

  

  CONCLUSIONS

  On March 2, 1999, the Committee reported its conclusions to the then-Minister of Communications Mah Bow Tan (which were later published in the Vehicle Quota System Review Committee Report).

  

COE Terms you
need to know

Vehicle Quota System (VQS)

The VQS is a system that limits the number of vehicles that can be used in Singapore at any given time. This is achieved by restricting the available supply of COEs. Since each COE can only be held for a maximum of ten years, you willhave
to either pay to upgrade your COE in order to continue using your car or deregister and scrap it.

Additional Registration
Fee (ARF)

The ARF is a tax that is levied when you register your car. It is measured as a percentage of your vehicle’s Open Market Value (OMV). The ARF must be paid in addition to all other necessary fees and taxes.

Preferential Additional
Registration Fee (PARF)

A PARF car is one that is less than ten years old. PARF cars qualify for a PARF refund, which is the scrap value you will get if you deregister your vehicle. Your PARF is determined by the amount of time left between the expiration of your
COE and the ARF. As a general rule, the newer your car is when you deregister it, the greater the PAR Frebate you will get.

Quota Premium (QP)

The QP is the cost of the COE that all qualified bidders in that group must pay. It is calculated by adding $1 to the category’s highest unsuccessful bid. QPs can differ depending on the demand for each COE group.

Prevailing Quota Premium (PQP)

PQP is the three-month moving average of COE prices (QPs). As a result, it can vary month to month based on the previous month’s rates. Those renewing their COE would simply pay the PQP rather than going through the whole COE bidding processagain.

Frequently Asked Questions

How are COE prices calculated?

The number of bids received in the bidding system determines the COE price. Once the reserve price is entered, the COE cost in the bidding system immediately increases by $1.

The Current COE Price (CCP) continues to rise until the number of remaining bids equals the number of available COEs.The bidding system is used to measure and decide the final price of COE.

What affects COE prices?

Supply and demand, as well as the economic condition, drive COE prices in Singapore. The supply refers to the number of COE quotas available, while also determined by various factors, including the number of vehicle deregistrations and a net increase in the total number of car populations.

Meanwhile, the demand applies to the number of people who apply for a COE. This means that the more people participating in the auction, the higher the COE price will be.

How do I estimate the price of COE?

The actual price of COE is incalculable, and it might be best to research trends to help you decide the best time to place your bid. Looking at past and current COE price statistics will help you make estimated predictions, as well as general trends such as peak and off-peak seasons.

How to renew car COE?

There are three options for accomplishing this. You can begin by using a digital service by LTA. On the website of the Land Transport Authority (LTA) of Singapore, you can fill out an online form (check all LTA forms). You must enter your vehicle number, type of owner ID, and preferred renewal date, as well as other details. Then proceed with your payment online.

You can make payments using OCBC Plus!, POSB, Citibank, UOB (eNETS Debit), Standard Chartered Bank, and DBS. Some financial institutions also offer loans for the COE amount. Although bank COE renewal loans provide much lower interest rates, and you can easily secure a loan with a good credit score. But take note that not all banks offer‘COE renewal only’ loans.

If you’re paying by cheque, be sure to include your contact information and vehicle identification number on the back. You can also use a cashier’s order instead.

The third choice is to fill out the same application form but submit it to LTA’s Customer Service Centre instead of mailing it to LTA. Their service centre is available from Monday to Friday, 8 a.m. to 4.30 p.m., and Saturdays from 8 a.m. to 12 p.m.

How is COE renewal fees (PQP) calculated?

Prevailing Quota Premium (PQP) refers to the cost of extending or renewing a COE for a vehicle that is already in use. The PQP is calculated using the moving average of the QP in the last three months.

The COE of all the vehicle categories can be renewed for five years or ten years. Renewing of COE after ten years does not require you to participate in the open bidding system again. You will just have to pay the PQP of your existing vehicle. For another five years, you will have to pay 50% of the PQP.

What to do when COE expires?

First of all, you have the option of extending your COE for another 5 or 10 years. However, the length of the renewal will depend on the statutory lifespan and the category of the car. The 10-year revalidation period can be extended indefinitely.

If you choose the 5-year option, you will not be able to renew the COE once this period is complete. The car will have to be deregistered permanently.

Second, you have the option to deregister and sell your metal steed. If you opt for this option, you will receive a PARF (Preferential Additional Registration Fee) refund. It is a refund offered to car owners who want to export or scrap their vehicles before the first ten years without using the remainder of their COE. After ten years, the PARF value will be forfeited.

Now, once your COE expires before you have revalidated it, you must pay a penalty fee to get the job done within a month. The costs vary from $50 to $250, depending on the type of vehicle. If the car owner fails to renew within a month, they must deregister the vehicle.

How much does it cost to renew a COE for five years?

To extend your COE for another five years, you must pay half (50%) of the PQP. Check your vehicle category below for information about what you’ll need to know when renewing your COE for another five years.

• For vehicles from Categories A and B

  You can only extend your COE for five years once. When the 5-year extension period expires, you will be unable to renew and must deregister the car.

• For vehicles from Category C

  When you renew your vehicle’s COE for five years, you can continue to renew it after the initial 5-year term expires. Subsequent renewals, however, can only be for 5–year terms. When the vehicle’s statutory plan expires, you will no longer be able to extend its COE, and the vehicle will be deregistered.

Should you buy a COE car?

It depends on your reasons for getting a COE car. You probably want a car that was too expensive when it was new, or just want the cheapest car possible. Whatever the reason, it’s most important to have an informed judgement before financially committing to purchasing a COE vehicle.

PARF cars are those that are still utilizing their first 10 years of original Certificate of Entitlement, whereas COE cars are those that are above 10 years of age and have renewed their COE.

COE cars can be a practical option to consider as compared to purchasing brand new. There’s also an additional advantage with COE cars renewed before the expiry period, as the entitled rebate will be passed onto the buyer and will be factored into the resale value.

A COE car’s depreciated value may offer a lower price, but it comes with cons as well. Since COE cars are older than PARF cars, they may be more prone to wear and tear, requiring you more money to maintain them.

While both COE and PARF cars are subject to a road tax, COE cars have an additional surcharge on top of the road tax of up to 50%, with their vehicle age being ten years or older.

It begins at a 10% annual increase over the standard tax rate and will rise up to 50% in the 15th year. So, for example, if you paid about $1,600 for a 2.4-litre car with a 2,362cc engine capacity when it was ten years old, the cost would have risen to more than $2,400 by the time it was 15 years old.

Looking at these factors, it is plain to see that the upfront cost of a COE car is cheaper than a PARF car, but additional charges to be factored in for maintenance and servicing can easily add up. However, doing enough research like estimating the capital and total annual cost of owning a car and finding great deals also come as a practical move.

You can start by going through online car marketplaces that have already established their reputation as car sellers, as such platforms make it easy to compare prices and understand market trends and price points.

Going to an independent workshop is also a good idea for a pre-purchase inspection. If sellers are adamant and refuse to send the car in for an inspection, then they might be hiding something. Knowing this ahead can save you time and avoid a money pit.

If you plan to purchase a COE car, you can also apply for financing with VINCAR’s in-house financing. Other services we provide are COE financing, where you can renew a vehicle and finance the Certificate of Entitlement cost.