This round’s story
Cat A vs Cat B spread widens to $5,272
The spread between Cat A and Cat B reversed sharply this round. Two weeks ago it sat at $1,446, which was the narrowest it had been in at least a year. This round it’s back out to $5,272. For context, the 12-month range on that spread runs from $1,446 all the way to $21,489, so $5,272 is still on the compressed side historically, but the direction flipped fast.
| Category | Quota premium | Change from previous round | Quota, bids and PQP |
|---|---|---|---|
| Cat A ≤1,600cc | $124,229 | ▼ -0.4% MoM | Quota 1,239 · Bids 2,283 May PQP $112,324 |
| Cat B >1,600cc | $129,501 | ▲ +2.6% MoM | Quota 869 · Bids 1,469 May PQP $114,577 |
| Cat C Goods/Bus | $92,223 | ▲ +5.4% MoM | Quota 292 · Bids 468 May PQP $77,884 |
| Cat D Motorcycle | $9,689 | ▲ +2.5% MoM | Quota 524 · Bids 588 May PQP $8,960 |
| Cat E Open | $130,000 | ▲ +1.8% MoM | Quota 256 · Bids 436 May PQP n/a |
Premium Trend · All 5 Categories
What this could mean
The spread between Cat A and Cat B reversed sharply this round. Two weeks ago it sat at $1,446, which was the narrowest it had been in at least a year. This round it’s back out to $5,272. For context, the 12-month range on that spread runs from $1,446 all the way to $21,489, so $5,272 is still on the compressed side historically, but the direction flipped fast.
What moved it was Cat B, not Cat A. Cat A edged down 0.4% to $124,229. Cat B climbed 2.6% to $129,501. One read of this is that the last round’s near-convergence was the anomaly, and Cat B is simply correcting back toward a more typical gap. Another possibility is that Cat B demand has its own momentum right now. The bid-to-quota ratio for Cat B came in at 1.69, which reads as genuine demand pressure. Cat A’s ratio was higher at 1.84, so demand isn’t thin there either, but Cat A prices still dipped slightly.
That combination is worth sitting with. Cat A had a stronger bid-to-quota ratio than Cat B, yet its price fell. Cat B had a lower ratio, yet its price rose more. We cannot say with confidence what explains that divergence in a single round. It could be the composition of bids, the distribution of bid values, or just noise.
Or it could just be one noisy fortnight.
Cat E closed at $130,000, up 1.8% from $127,700 last round. 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. At $130,000 it sits above both Cat A and Cat B this round, which is the more typical relationship between the three.
Cat C was the biggest mover in percentage terms, up 5.4% to $92,223, though goods vehicles and buses occupy a different buying decision entirely.
The Cat A versus Cat B spread deserves a second look for anyone budgeting across categories. It moved $3,826 in two weeks. Whether it continues widening or compresses again in the next round is worth watching.
Next round of bidding: 4 June 2026
Looking ahead
The Cat A versus Cat B spread deserves a second look for anyone budgeting across categories. It moved $3,826 in two weeks. Whether it continues widening or compresses again in the next round is worth watching.
Next round of bidding: 4 June 2026.