How does bidding of COE work?

[Freshmaker]

as above, how does bidding of coe work?

 

and how to see if we manage to successfully bid for it or not?

[Kokanadan]

visit http://ocoe.lta.gov.sg and key in ur NRIC

[Ccssgm]

I also want to know it.......How ??......Any Bro Advise..........

[Kokanadan]

visit http://ocoe.lta.gov.sg & key in ur NRIC

[Ccssgm]

I'm asking........How the COE $$$$ Increase........

[Zze121]

?????? Just bid lah.

[Kokanadan]

bidders will submit the premium, once the quota has met, those who submitted a lower premium gets booted out.

hence this is how the premium increase, as the min. bid value is transparent, those who wanna get the COE will outbid the min. and therefore the next lowest bid will become the min.

[Ahyoo2002]

actually a bit confusing to understand/explain.

 

Let's us take the number of COE available (quota) to be X.

 

At the beginning, bidders (Y) start to key in their reserve price such as said $10,000.

 

As long as Y did not > X, the COE will remain at $1.

 

If Y greater than X, then COE price will be $1 + the highest bid of the top X + 1 ( bidders). So if the X + 1 reserve price is $100, COE will be at $100.

 

However, if everyone put in $10,000, and the X + 1 put in $9604, COE price will be at $9605 even though the total number of bids received is low.

 

Confused ????

[Karebu]

Eh, yes, confused.

 

Let me rephrase it, (according to what i understand)

 

Let quota be Q

Let no. of bidders be B

 

if B

if B>Q, COE = $1+ highest bid ($100) = $101

 

"However, if everyone put in $10,000, and the X + 1 put in $9604, COE price will be at $9605 even though the total number of bids received is low. "

--> what do you mean? Who/what is X+1? Highest bidder?

--> Total no. of bids low doesn't that mean B

 

 

If there's a consensus, everyone bids $1, can COE be $1 even if B>Q?

[Freshmaker]

thanks for explaining.

 

i remember there was once coe was at think it was $100, how come?

 

if thats the case we can pa kat (gang up) with everyone who's going to buy car and bid at $100 no?

 

hee a bit blur sorry...

 

so let's say im getting a car january or february 2007, roughly how much should i bid?

[Karebu]

eh.. i wasn't really explaining

 

i'm just rephrasing Ahyoo2002 .. i'm probably as lost as you are

[Ccssgm]

Only LTA .......Decided.....No One Know the Amount ?........

[Ccssgm]

[Ccssgm]

?????? Just bid lah.[/reply]

 

[Kokanadan]

The system now is transparent, you can always see the min. COE through that website that I've given.

Hence, if you found that your reserve price has been outbid, just revise your bid upwards and tat's how the COE price increases.

[Ccssgm]

[Ahyoo2002]

Eh, yes, confused.

 

Let me rephrase it, (according to what i understand)

 

Let quota be Q

Let no. of bidders be B

 

if B

if B>Q, COE = $1+ highest bid ($100) = $101

 

"However, if everyone put in $10,000, and the X + 1 put in $9604, COE price will be at $9605 even though the total number of bids received is low. "

--> what do you mean? Who/what is X+1? Highest bidder?

--> Total no. of bids low doesn't that mean B

 

 

If there's a consensus, everyone bids $1, can COE be $1 even if B>Q?

 

Very hard to explain this is word.

if B this is right.

 

if B>Q, COE = $1+ highest bid ($100) = $101 actually, not the highest bid $100, it depend on the reserve bid of the next Q + 1 bidder. It means if Quata is Q, the Q numbers of bidders with the higher reserve bid will not be outbid. AND the COE price at the point of time will depend on the next highest bid + $1 in order to outbid the next highest bid.

 

If my example, if Q is 1000, the 1st 1000 bidder with reserve price higher than the 1001 bidder will not be outbid. Assume the 1st (1st mean their reserve price is the highest 100) 1000 bidders bid at $10000 and the 1001 bidder bids at $5000, the COE price at that point of time is $5001.

 

 

If there's a consensus, everyone bids $1, can COE be $1 even if B>Q? For this case, no one get the COE as no one ever outbid others. That is why sometime we can see that there are some unused bids carry forward to next round.

 

Still confused? Anyone can understand and rephrase for me

[Karebu]

alright it's so much clearer now. ty!