Enquiry on ownself COE bidding

[Kingbowler]

need help some bros here

 

if i were to bid for upcoming COE myself, eg. i bid 1000 and the result is 900, will i get 100 back?

 

2nd eg. if i bid 1500 and the result is 1550, will i get the COE?

 

tks all and feel free to input any info i hav missed. tks

[Leepee]

You will have to deposit $10,000 to the gov for the bidding.

Any amount you bid, you have to pay $10,000 deposit to the gov. The gov says this is to cut out frivolous bidders. Make sure you have $10k in your ATM. Oh, the ATM will charge you $2 for admin fee to process your bid each time!

 

If you bid $1000 and the COE final price is $900. Yes you won the bidding.

You will get back the $9100 AFTER you have register your car with LTA.

If you do not register any car in your name after 6months, gov makan your $10,000!!!

 

Don;t be a fool...if you bid $1500 and the final COE price is $1550...of course you will not get it lah!

 

But I think I suggest you to try CatB for the next 4 rounds.

No point to chase CatA, as it will 100% raise back to $10k above!

[Derek_phua]

eg. i bid 1000 and the result is 900, will i get 100 back?

Yup you will get it.

 

2nd eg. if i bid 1500 and the result is 1550, will i get the COE?

Nope as the cut-off based on quota is at 1550. So suay suay, you will miss by 50 bucks.

 

For example, there is 8 COEs available and 10 persons bidded as shown below.

 

A - 50,000

B - 40,000

C - 40,000

D - 30,000

E - 40,000

F - 20,000

G - 10,000

H - 60

I - 40

J - 10

 

Hence, based on quota, A to H will get it as the quota is given first to the highest bidder to the lowest bidder. As there are only 8 COEs, the cut off will be at H. Since, H is the cut-off, all from A to H will received the COE at 60 bucks. So all 'tua tang', like kena 4D BIG BIG.

 

Hope it helps and i am not wrong....

[Mok_]

No, you will not get back the difference in the COE price and the $10,000 in cash.

 

The difference will be kept by LTA to offset the payment for ARF and RF during registration.

 

http://www.onemotoring.com.sg/publish/onem...le/bid_coe.html

[Ahyoo2002]

I think you can save the money, wait at least 2 more months before you try your luck again

[Ahyoo2002]

Ithought you just say all Cats will up

[Astrochucky]

i think you are right.

 

anyone who has got their own coe, please take note of this when you negotiate the car price.

 

e.g. if you got you own $2 cat A coe, you still have a balance of $9,998 with LTA. The car dealer will get to pay $9,998 less when he registers car in your name. So you got to make sure your purchase price is nett of this $9,998 which you have already paid to LTA during your coe bidding.

 

i would not be surprised at PIs who will conveniently pocket this amount if you fail to raise it.

[Klinz]

So if i have $2 COE, can I just walk in to the showroom and said ok base on OMV of 10K:

 

* Price of the new car = reg fee + [ARF - coe rebate] + Excise duty (20% of OMV) + COE + OMV

= 140 + 1002 + 2000 + 2 + 10000

= $13,142

 

So plus whatever cost incur (salesman commission, transport cost, etc), I should not pay >10k from this price am I right? However, in reality, are AD/PI willing to selling at the above pricing +/- 5% profit? Anyone has the experience maybe can share....

 

 

* The above calculation is base on onemotoring info, I might be wrong so any bro/sis can correct...

[Leepee]

Yes you can ask the PI what is the OMV of the interested car, provided the car is in Singapore and the chassie number is already available.

(Don't ever negotiate for an indent car as the OMV can never be FIXED before the car reaches Singapore)

Work out the car taxes + PI profits, then negotiate with PI on the car price alone. Its very clear cut and transparent once you got the chassie number and OMV figure confirmed by the PI. There will not be dispute or disagreement, because you walk in with your eyes fully open.

 

My goof friend bidded for her own COE this year, and has gotten a car thru a PI. Without taking any bank loan, car fully paid thru Cashier orders, she got her dream car on the road within 3 days of placing order!

 

I should say most PI will be more than happy to quote you a bare car price without COE, ins,road tax,etc. If you are taking bank loan, I am sure the PI will be most happy to accept your deal!

 

Its very very easy. Just as easy as going to wet market to buy one piece of meat and negotiate with the butcher/salesman!

 

I am not too sure it will be worth while to buy thru AD or not, as most are not willing to give good base car price.

 

Go on....I encourage anyone who is interested (in PI cars) to bid for your own COE. Its definately more fun and worth it.

 

PM me if you need to ask more detailed information.

Edited November 25, 2008 by Leepee

[Skxly]

You can also bid for the COE via Citibank Internet Banking if you cannot access an ATM eg. overseas or you are at your workplace when you see #bids is way below quota. The admin fees is higher at $10.

 

ADs do have the form to authorize the release of the balance to register your new ride; you have to be more cautious with PIs.

 

KAH motor reduced the price by $10K from the old selling price of $72K to $62K for the Civic 1.6 for those who have own COE so they still have the same margin (new price including COE was $68,800 but rebate is down to $3,500 instead of $10K). So you can try the other ADs ... the price is definitely not $10K off the new price.

 

skxly

Visit my blog http://singaporemotoring.blogspot.com/

Edited November 25, 2008 by Skxly

[Cymagnus]

So for those that have unpleasent encounters with their PIs technically cannot just take pay the $2 COE to the PI and buy car elsewhere, Cos in the first place the 10K deposit is paid by the PI?

You have to pay the additional $9998 to the PI first before you can redeem the $2 COE?

[Karebu]

bump this thread up.

 

ive been reading up over at http://www.onemotoring.com.sg/publish/onem...le/bid_coe.html

 

may i verify that

 

1) you can bid as many times as you want. there is no expiry date to your 10k deposit/your 10k will never be forfeited. just a $2 transaction fee every time you bid?

 

plus, the 10k -transaction fees is recredited back to you after every round?

 

2) TCOE means 'confirmed/won' COE, just that it has yet to be tagged to a car? so TCOE can expire, but if ive not won the coe/tcoe the 10k deposit will not, so I can bid for a dollar every single time till the end of time?

 

thanks

Edited January 7, 2011 by Karebu