Latest Motorcycle COE Prices and Bidding Results 2024

Alevin Chan

Alevin Chan

Last updated 09 May, 2024

Motorcycle COEs in Singapore have been hitting historic highs recently, putting motorbike owners in a tight spot. What’s the latest bidding result for Category D COEs, and should riders expect reprieve? 

Like all other vehicles in Singapore, motorcycles are subject to COE pricing. This isn’t surprising, since motorcycles require roads, parking spaces and other public utilities just like other vehicles. 

And, with more than 143,000 motorbikes zooming up and down the freeways as at December 2023, motorbikes do take up a considerable amount of Singapore’s traffic capacity. 

Of late, motorcycle COE premiums have been hitting historic highs, breaching S$13,000 in November 2022. While prices have subsided lately, motorcycle COEs are expected to remain for the time being.

Let’s take a look at the latest COE prices for motorcycles, and what riders should expect moving forward. 

Table of contents:

 

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Latest motorcycle COE price – 8 May 2024

Category D

Latest COE

Previous COE

Difference

PQP (May 2024)

Motorcycles

S$9,503

S$9.990

Decrease: S$487 

S$9,547

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How much does COE for motorcycles cost in Singapore?

The latest COE bidding took place on 8 May 2024. This is the first bidding for the month. 

COEs for Category D (Motorcycles) came in lower at S$9,503. This is a decrease of S$487 compared to the previous bidding, which saw COEs reaching S$9,990. 

May’s COE for motorcycles continued a downward trend from last month, during which the highest Category D COE for 2024 was seen. 

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What is the overall COE trend for motorcycles in Singapore?

Source

Since Jul 2021, motorcycle COEs have been trending in historical high ranges of S$8.000 and above. The “flash crash” in May 2023 to S$5,000 was actually an all-too-brief return to levels not seen since early 2020. 

Motorcycle COE prices abated somewhat between Dec 2023 and Mar 2024, falling off previous six-figure highs to re-enter the S$9,000 band. However, In April 2024, Cat D COEs touched S$10,000, bringing back fears of continued price increases.

Thankfully, the latest COE bids for Category D brings some respite, with motorcycle COEs now having moved back down to S$9,503. 

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What influences the prices of motorcycle COEs in May 2024?

Bike COE prices remained high throughout 2023, ranging between S$10,000 to S$13,000. In response to the prolonged period of high Cat D COE premiums, more motorbike owners decided to renew their COEs to keep on using their old motorcycles, instead of buying new ones. 

This resulted in an increase in 10-year bike COE renewals in 2023 compared to the previous year. Meanwhile, 5-year renewals reached the same levels as 2022. 

As a result of these high renewals, we are seeing less motorbike COEs redistributed for open bidding. This could explain why COE prices in May 2024 remain close to the S$10,000 mark.

In a broader sense, the COE open bidding system means that prices are mainly influenced by demand levels. This is especially since the LTA is keeping the vehicle growth rate of motorcycles (and cars as well, but not buses and commercial vehicles) to 0% until 2025

This means there will not be any new Cat D COEs released for bidding for the rest of the year at least. Thus, with no increase in supply, prices will only go up with demand. 

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What is the COE quota for 2024?

The latest COE quota for motorcycles is 3,105. This is for the three-month bidding period of May to July 2024. 

Here are the latest COE quotas for each category.

Category 

COE quota (May to Jul 2024)

Cat A (Cars with engine capacity up to 1,600cc, or max power output up to 110kW)

5,775

Cat A (Cars with engine capacity above 1,600cc, or max power output above 110kW)

3,944

Cat C (Goods vehicles and buses)

1,232

Cat D (Motorcycles)

3,105

Cat E (All except motorcycles)

1,048

Source

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How to bid for motorcycle COE? 

Here are the steps to follow to submit your COE bid. 

  1. Check that you have sufficient funds in your bank account. You’ll need a bid deposit of S$1,500
  2. Indicate your reserve price. This is the maximum you are willing to pay for your COE 
  3. Submit your bid. Your bank will automatically deduct your bid deposit and applicable admin fee.
  4. You’ll receive a 6-digit acknowledgement code. Keep this code safe, as you’ll need it to check on the status of your bid, or make revisions or withdraw your bid. 

Where to submit your COE bid

You can submit your COE bid via these two channels. 

DBS or POSB ATM

  1. Insert your ATM card and enter your PIN. Select “Electronic COE Bidding”
  2. Select the account from which the bid deposit will be deducted
  3. Agree to the terms of the COE bidding application to proceed
  4. Select the vehicle category
  5. Enter your bid reserve price, and confirm your bid
  6. Once your bid has been accepted, an acknowledgement will be displayed. 
  7. Collect your receipt 

Internet banking via DBS, UOB or Maybank

  1. Login to your internet banking account
  2. Look for COE bidding 
  3. Follow the on-screen instructions to submit your bid
  4. Once accepted, you can check the status of your bid by logging in at a later date 
  5. If you require assistance or clarification, contact your bank

How to check your COE bid

You can check your bid by going to the LTA Open Bidding Website. Follow these steps:

  1. Select “Individual” for bidder type, and key in your bank account ID
  2. Click “I Agree”
  3. The screen will display the status of your bid. 
    • “Outbid” means your bid is currently out of the running. You may revise your bid to continue bidding.
    • “Accepted” means your bid is still in the running. 

Alternatively, you can login to your Internet banking to check the status of your COE bid. 

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Frequently Asked Questions (FAQs)

Why is the COE for motorcycles so high?

Motorcycle COEs are high because there is a commensurate level of demand for motorbike ownership in Singapore. A major factor is because the LTA is keeping motorcycle growth rate on our roads to 0% until 2025. This control on supply will continue to keep COE prices high.

Can I keep my motorcycle after COE expires?

No, upon expiry of your COE, you will have to deregister your vehicle and may not ride it on the roads any more. If you wish to continue using your motorcycle, you will need to renew your COE, or register a new one. 

Can I pay instalment for COE?

The COE is bundled into the purchase price of your motorcycle. Thus, if you’re taking a motorbike loan, you can pay off your COE (and other costs) in monthly instalments. 

 

Read these next:

Latest COE Bidding Results – How Much Does Vehicle Ownership Cost in Singapore?

Everything You Need to Know About COE and PARF Rebates

Guide To Getting A Motorbike Licence In Singapore And Price Of Buying A Motorcycle

Best Motorcycle Insurance In Singapore (2022)

Diesel vs Petrol Cars: Which Is More Economically Efficient?

An ex-Financial Planner with a curiosity about what makes people tick, Alevin’s mission is to help readers understand the psychology of money. He’s also on an ongoing quest to optimise happiness and enjoyment in his life.

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