March 2026 COE Results: Both Rounds and the A–B Spread

Category A closed March 2026 at $111,890 and Category B at $115,568. The $3,678 difference is useful when comparing packages, but it is only the certificate-price difference. It does not establish the full cost of choosing one vehicle over another.

This article was originally published during March and has been updated to include both completed exercises. The first closed on 4 March; the second closed on 18 March. The original publication date is retained.

Both March exercises

All five categories increased between the two March exercises. These changes compare the same category in consecutive rounds; they should not be mixed with a comparison against February or with PQP, which is a separate renewal measure.

The February inversion needs a precise date

In the second February exercise, Category A was $106,501 and Category B $105,001. Category A therefore exceeded B by $1,500. The first February exercise had A at $106,320 and B at $110,890, so the inversion did not occur in that round. The March first-round increase in B from February’s second round was $9,001, not $8,001.

It is unnecessary to call the February outcome the first inversion in COE history. Establishing that would require testing every comparable paired exercise across earlier category definitions. The dated observation is enough to explain why buyers should compare both categories’ current quotations.

EV demand: a plausible explanation, with limits

In its 6 May 2026 parliamentary reply, MOT said strong demand, likely encouraged by competitively priced EVs, had accompanied a decline in Category A supply after its fourth-quarter 2025 peak. That provides official context for the broader market. It does not allocate the March increase to individual manufacturers or show the motives behind each bid.

For eligibility, fully electric cars use the 110kW Category A power limit. Other cars must meet both the 1,600cc and 97kW limits. A brand or model name alone does not establish the category; compare the approved variant. Category E can cover eligible vehicles other than motorcycles.

Reading competition without inventing winning odds

In March’s second exercise, Category A received 1,895 bids against a quota of 1,264, about 1.50 bids per certificate. That is a count of bids relative to supply, not a 67% personal probability of success. A bidder’s reserve and the distribution of other reserves determine whether the bid remains successful.

Auction results also do not show whether bidders are switching from A to B. To demonstrate that, we would need separate order or registration evidence. A narrow spread can make a different variant worth comparing, but higher vehicle price, insurance, energy use and tax can outweigh the certificate saving.

What buyers should take away

Use a final package quotation, confirm its COE rebate and top-up clauses, and compare the full ownership cost. For owners considering renewal, use the applicable month’s PQP, not the latest auction premium. For current market conditions, move to the latest results; March’s figures remain a historical snapshot.

Sources and review date

Reviewed on 13 September 2026. Historical results retain their exercise dates; worked budgets are assumptions, not quotations.

• LTA exercise results, 2025–2026
• LTA COE categories and open bidding rules
• MOT explanation of premiums and category review, 6 May 2026