The latest COE results from the second bidding exercise in March 2026 will be a bummer for anyone considering a new car. Across the board, premiums remain steep, with Category A closing at $111,890, Category B at $115,568 and Category E at $118,119.
Clearly, there are still many Singapore car buyers who are able, and willing, to pay up for a brand-new car.
For the rest of us who are less flush but still need a car for personal reasons, the used car market may be the more realistic option. Here, it may still be possible to find a car with a lower upfront price and more manageable depreciation.
From a pure cost perspective, one of the cheapest ways into car ownership is often a COE car. These are cars that have renewed their Certificate of Entitlement, which means they are at least 10 years old.
That said, the used car market comes with its own risks. COE cars are older, usually out of warranty, and may be more prone to wear-and-tear issues. That can translate into higher maintenance and repair bills in the years to come.
To reduce the odds of ending up with a lemon, buyers should consider getting an independent pre-purchase inspection, checking the car’s service and accident history where possible, and buying only from reputable dealers or sellers they trust.
Still, if you manage to find a well-maintained COE car without major issues, the savings can be significant. That makes it possible to enjoy car ownership without paying today’s eye-watering price for a brand-new car in Singapore.
In this article, we look at the current cost of owning a COE car in Singapore, using listings from Sgcarmart as a guide.
For consistency, all the COE cars featured here have a remaining COE of at least 5 years, have a depreciation of $12,000 or less, and have just one previous owner. We also assume a 30% down payment and a 60-month car loan at an interest rate of 2.75%.
Mitsubishi Attrage 1.2A (New 5-yr COE)
Current Mileage: 58,000 km
All images from Sgcarmart. Link to listing
The Mitsubishi Attrage was one of the most affordable go-to cars over the past decade. Even today, it remains a relatively affordable option in the used car market, especially since Mitsubishi no longer sells the model in Singapore.
For example, you can currently find a 10-year-old Attrage with about 58,000 km on the odometer, and a 5-year COE renewal, at an asking price of $57,800. Given that a 5-year COE now costs about $55,945 (based on $111,890 divided by two), you are effectively paying only a small premium above the COE cost to own the car for the next five years.
Assuming you finance the purchase with a loan, your monthly instalment would be about $767 over a 5-year period, after accounting for a $17,340 down payment.
Nissan Note 1.2A DIG-S (New 5-yr COE)
Current Mileage: 67,000 km
If you prefer a hatchback, the Nissan Note is a reasonably affordable option worth considering. At an asking price of $57,800, you can get a unit with about 67,000 km of mileage, paired with a 1.2L engine and relatively good fuel efficiency.
With a down payment of $17,340, which is 30% of the purchase price, your monthly instalment would be about $767 over a 5-year loan period.
Toyota Corolla Altis 1.6A Elegance (COE till 02/2035)
Current Mileage: 90,190km
If you want a regular-sized family sedan, the Toyota Corolla Altis remains a practical option at a relatively reasonable price. With mileage of 90,190 km and 8 years 10 months of COE remaining, this Altis could still be a viable choice for a family over the longer term.
With an asking price of $100,000, the required down payment would be $30,000. Assuming you take a 5-year loan, your monthly instalment would be about $1,327. After fully repaying the loan, you would still be able to drive the car for close to another four years.
Read Also: Cost Of Owning A Car In Singapore Over 10 Years
While COE Cars Are More Affordable, They Are Not Exactly Cheap Either
One thing worth noting is that although COE cars are cheaper than brand-new cars, or even pre-owned ones that are still on their original COE, they are not cheap either.
When you include season parking ($110 at HDB carparks), fuel cost (about $250 a month), insurance (about $1,000 a year, $80 a month), road tax (about $1,000 a year, $80 a month), this would add up to about $520 a month. Add your monthly instalment, and you can expect to spend at least $1,500 each month on your vehicle. This is on top of the down payment you must also pay.
At just $1,000 a month, some may argue that one can already take about 30 taxi or private-hire rides (assuming an average fare of $33/ride). While that is certainly true, it’s also likely that car buyers looking for such COE cars today may still prefer the convenience of having a car for running errands, ferrying their kids or elderly parents daily, or commuting to work.
Finally, COE cars are older, so owners will need to be prepared for repair and replacement parts that may add to their ownership costs.
Read Also: Guide To Understanding How COE Bidding System Works In Singapore
