This round’s story
Cat A climbs +5.5%
What caught our attention this round wasn’t the size of the moves. It was the spread between Cat A and Cat B: $3,000.
| Category | Quota premium | Change from previous round | Quota, bids and PQP |
|---|---|---|---|
| Cat A ≤1,600cc | $118,000 | ▲ +5.5% MoM | Quota 1,265 · Bids 2,537 Apr PQP $107,407 |
| Cat B >1,600cc | $121,000 | ▲ +4.7% MoM | Quota 811 · Bids 1,406 Apr PQP $114,366 |
| Cat C Goods/Bus | $80,001 | ▲ +2.6% MoM | Quota 295 · Bids 539 Apr PQP $75,751 |
| Cat D Motorcycle | $10,000 | ▲ +4.3% MoM | Quota 534 · Bids 657 Apr PQP $8,670 |
| Cat E Open | $121,001 | ▲ +2.4% MoM | Quota 245 · Bids 475 Apr PQP n/a |
Premium Trend · All 5 Categories
What this could mean
What caught our attention this round wasn’t the size of the moves. It was the spread between Cat A and Cat B: $3,000.
Over the past twelve months, that gap has ranged from $1,500 to $21,489. Last round it sat at $3,678. This round it narrowed again to $3,000, with Cat A at $118,000 and Cat B at $121,000. By historical standards, that is a very thin margin. The traditional assumption that Cat A offers meaningful COE savings over Cat B is harder to hold when the difference is three thousand dollars on a six-figure purchase.
What is driving the compression, we cannot say with confidence. One possibility is that Cat A demand is stickier. Cat A covers cars up to 1,600cc and 130bhp, and buyers in that segment often have fewer alternatives. Someone who needs a practical, affordable car cannot simply switch to a Cat B vehicle or sit out the market the way a discretionary buyer might. That structural difference could be pushing Cat A bids up faster than Cat B. The bid-to-quota ratio this round was 2.01 for Cat A against 1.73 for Cat B, which is consistent with that read. A ratio above 1.5 generally signals real demand pressure, and Cat A is running well above that.
Or it could just be one noisy month.
Cat E at $121,001 is worth a separate look. It finished almost exactly level with Cat B, $1 above it. Cat E carries no PQP of its own, because a car registered under Cat E is renewed under the category it actually belongs to. LTA publishes a PQP for Cat A, Cat B, Cat C and Cat D every month, but none for Cat E. Its price moves purely on what the market will bear in each round. The fact that it is tracking Cat B so closely, rather than sitting at a clear premium, is a pattern worth watching.
Cat D was the only category where the bid-to-quota ratio came in below 1.5, at 1.23. Every other category cleared that threshold comfortably. That alone suggests the broader demand picture remains firm, even if individual category spreads are shifting.
If you are weighing Cat A against Cat B right now, the assumption that one is meaningfully cheaper than the other deserves a second look at these levels.
Next round of bidding: 22 April 2026
Looking ahead
If you are weighing Cat A against Cat B right now, the assumption that one is meaningfully cheaper than the other deserves a second look at these levels.
Next round of bidding: 22 April 2026.