Lack lusted bidding for the 1st COE bidding of the year. Reports from our contacts are the several showrooms indicates that new cars sales have been very slow. Looking at the trend of the bidding exercise we noticed that bids are in bulk therefore signals heavy bidding by the taxi companies. Apparently the all the taxi companies are still seeing the 2 IRs demanding for more taxis demand. However do bear in mind that only means that the general public do not have that much buying power even though the quota cut date is drawing near. Taxis COE will eventually come to a stop once the demand and supply reach a balance hence driving the COE down.
We predict the quota cut will stabilize the price as a whole in the recent months to come. But who knows.

January 2011/001 bidding

Cars (1600cc & above / all taxis) $38,889.00
Cars (above 1600cc) $69,000.00
Commercial vehicles $35,111.00
Motorcycles $1,503.00
Open Category $75,789.00