Round 2 of June 2023 Motorcycle COE Witnesses Decreased Prices
The result of Round 2, announced at 4 pm, revealed a slight decrease in the COE price. The price dropped to $10,709, a reduction of $292 from the previous price of $11,001 in Round 1 Motorcycle COE in June 2023. The decreased COE price presents a slightly more favorable opportunity for prospective motorcycle buyers, as it reduces the financial burden associated with vehicle ownership.
Round 2 of the June 2023 Motorcycle COE bidding exercise offered a limited supply of only 551 COEs available for bidding. Despite the limited supply, Round 2 witnessed a considerable number of bids received. A total of 796 bids were submitted, indicating a demand that was 1.4 times higher than the available supply of COEs. The intense competition among bidders can drive up prices during the bidding process, making it more difficult for budget-conscious buyers to participate in the market.
The decreased COE price enhances affordability for prospective buyers, while the limited supply and intense competition create challenges in securing a COE. Let's hope the next bidding falls below the $10k mark.