July 2026 Certificate of Entitlement bidding ended with a moderate decline in car premiums. Category A and B prices dipped in the second exercise as bidding fatigue set in, providing a slight reprieve for Singapore car buyers.
- Category A Premium
- $126,000
- Decreased by $3,000 in the second round
- Peak Subscription
- 173.0%
- Recorded in Category B during the first exercise
- Price Gap
- $3,890
- Difference between Cat A and Cat B premiums
- Category E Increase
- +0.13%
- The only car-related category to rise in round two
Executive Summary
The Certificate of Entitlement (COE) market in July 2026 showed signs of stabilisation after a period of intense activity. While the first bidding exercise of the month saw premiums holding firm, the second round witnessed a general softening across most vehicle categories, particularly for passenger cars. Category A saw the most significant price correction, while the motorcycle and open categories remained remarkably resilient.
First Bidding Exercise Results
| Vehicle Class | Quota | Bids Received | Bids Success | Premium (SGD) | Over-subscription % |
|---|---|---|---|---|---|
| Category A | 1,244 | 1,879 | 1,207 | $129,000 | 151.0% |
| Category B | 867 | 1,500 | 863 | $130,889 | 173.0% |
| Category C | 296 | 442 | 287 | $95,000 | 149.3% |
| Category D | 530 | 677 | 520 | $10,201 | 127.7% |
| Category E | 277 | 452 | 277 | $129,801 | 163.2% |
Second Bidding Exercise Results
| Vehicle Class | Quota | Bids Received | Bids Success | Premium (SGD) | Over-subscription % |
|---|---|---|---|---|---|
| Category A | 1,245 | 1,590 | 1,237 | $126,000 | 127.7% |
| Category B | 871 | 1,365 | 856 | $129,890 | 156.7% |
| Category C | 301 | 430 | 301 | $93,889 | 142.9% |
| Category D | 562 | 620 | 562 | $10,202 | 110.3% |
| Category E | 263 | 450 | 263 | $129,971 | 171.1% |
Detailed Analysis
Bidding Competition
Competition for certificates moderated between the first and second bidding rounds. Category B (larger cars) started the month as the most competitive segment, with an over-subscription rate of 173.0% in the first exercise. However, by the second exercise, the number of bids received for Category A and B fell by 15.4% and 9.0% respectively. This reduction in bidding pressure led to the subsequent price drops seen at the end of the month. Conversely, the Open Category (Category E) saw its over-subscription rate actually increase to 171.1% in the second round, indicating sustained high-end demand.
Premium Movements
Category A premiums saw the sharpest decline, dropping by $3,000 (2.33%) from the first to the second exercise. Category B followed a similar downward trajectory, though more subtle, with a decrease of $999 (0.76%). Commercial vehicles (Category C) also eased by $1,111. In contrast, Category D (Motorcycles) remained essentially flat, increasing by a nominal $1 to reach $10,202. These movements suggest that while the mass-market and commercial segments are reacting to price resistance, the luxury and motorcycle markets remain steady.
Category Performance
The narrow price gap between Category A and Category B continues to be a highlight of the current market. By the end of July 2026, the difference between a small car COE and a large car COE was just $3,890. This minimal price delta often encourages buyers to "buy up" into Category B, which explains why Category B subscription remains higher than Category A. Category E remains the most expensive at $129,971, serving as a proxy for the future expectations of the Category B market.
What This Means for Car Buyers
Category A Buyers (Small Cars)
The $3,000 drop in Category A is a positive signal for those seeking mass-market models. The significant reduction in bids received suggests that the recent price peaks may have discouraged some buyers, leading to a cooler bidding environment. If this trend of lower subscription continues into August, we may see further price consolidation.
Category B Buyers (Larger Cars)
Premiums for larger cars remain hovering near the $130,000 mark. Despite a slight dip, the demand for high-performance and luxury vehicles remains robust, as evidenced by the high over-subscription rate. Buyers should expect prices to remain sticky around this level unless there is a significant increase in the quota for the next quarter.
Commercial and Motorcycle Buyers
For businesses, Category C premiums at $93,889 reflect a slightly more affordable entry point compared to the highs of previous months. Motorcycle buyers see a remarkably stable market, with premiums held firmly at the $10,200 level. For both segments, the market appears to have found its current equilibrium point, making it a predictable time for fleet renewals or individual purchases.