COE Bidding – 1st & 2nd Round of July 2020

[dwn11807]

1 hour ago, Spring said:

BM is Borneo Motors?

Years back, a good friend of mine bought an Altis. Borneo didn't book for 4-5 bids. The SE claimed that his car not in yet hence they skipped bidding. The other explanation is that Borneo has alot of bookings hence they have a system of booking x number of bids each bidding else they alone being the top AD may inadvertently cause the COE to go up if they submit all their bids at one go. Not sure if this is true or not but sounds logical and possible.

Anyway, they did get the COE on the 5th or 6th attempt without top up. Of course the situation years ago may be different from today so just sharing on my part. Good luck on your bidding and wish u success to get your car soon!

Yup it's Borneo.

Yes, they told me before that AD don't want to submit all bid so to avoid push up the coe price. Perhaps ur fren pattern are similar as for now. Coz they got a lot of bookings I believe.

Thanks, hope to get the car by 6th bid 😄

[disr]

27 minutes ago, dwn11807 said:

Cat A trend for Round 2/Jul20 on D-day. Try to enlarge it if you can't view it clearly 😉

wondering if u also tracked it for the last bidding?

[Plasticpapercans]

Hi all, want to seek your expert advice.

Bought a car with 1-bid guaranteed COE 2 weeks ago. Supposed to secure the COE yesterday. But dealer said they did not manage to revise my bid in time, and so kena outbid by a little bit. I checked and final bid came in at 3:58pm. 

Because of this, he said will loan me a car until my COE is secured at the next bidding.

Don't think he was trying to buy time for COE to drop further, and I do believe it was a genuine mistake. My worry is that I will lose out if COE price drop a lot at the next bidding. My deal has no COE rebate, no top up also. Also, how do I know this won't repeat itself a few more cycles?

What do you all think? Overreaction or cause for concern? Not sure how I can "guarantee" will secure COE at the next bidding also... 

[Jamesc]

3 minutes ago, Plasticpapercans said:

Hi all, want to seek your expert advice.

Bought a car with 1-bid guaranteed COE 2 weeks ago. Supposed to secure the COE yesterday. But dealer said they did not manage to revise my bid in time, and so kena outbid by a little bit. I checked and final bid came in at 3:58pm. 

Because of this, he said will loan me a car until my COE is secured at the next bidding.

Don't think he was trying to buy time for COE to drop further, and I do believe it was a genuine mistake. My worry is that I will lose out if COE price drop a lot at the next bidding. My deal has no COE rebate, no top up also. Also, how do I know this won't repeat itself a few more cycles?

What do you all think? Overreaction or cause for concern? Not sure how I can "guarantee" will secure COE at the next bidding also... 

You will know in the next couple of weeks.

[dwn11807]

3 minutes ago, disr said:

wondering if u also tracked it for the last bidding?

no le.. i only observed but never recorded for round 1/Jul20. First time seeing this COE, donno what was going on 🙄

[Batmanbee]

2 hours ago, hungryjack said:

Haha which AD?

kmc, booked car the day before first jul bidding haha

[Batmanbee]

1 hour ago, RF7 said:

Top up and change to G-COE?

Actually they didn’t say it’s g coe. Just said increase chances of securing coe at next bidding. So I said no, without any doubt haha

[Batmanbee]

22 minutes ago, Plasticpapercans said:

Hi all, want to seek your expert advice.

Bought a car with 1-bid guaranteed COE 2 weeks ago. Supposed to secure the COE yesterday. But dealer said they did not manage to revise my bid in time, and so kena outbid by a little bit. I checked and final bid came in at 3:58pm. 

Because of this, he said will loan me a car until my COE is secured at the next bidding.

Don't think he was trying to buy time for COE to drop further, and I do believe it was a genuine mistake. My worry is that I will lose out if COE price drop a lot at the next bidding. My deal has no COE rebate, no top up also. Also, how do I know this won't repeat itself a few more cycles?

What do you all think? Overreaction or cause for concern? Not sure how I can "guarantee" will secure COE at the next bidding also... 

Did u try asking if they have any open cat coe? If it’s a 1bid guarantee, they should rightfully give u the open cat if they failed to bid cat a/b for u.

[Bandai]

28 minutes ago, Plasticpapercans said:

Hi all, want to seek your expert advice.

Bought a car with 1-bid guaranteed COE 2 weeks ago. Supposed to secure the COE yesterday. But dealer said they did not manage to revise my bid in time, and so kena outbid by a little bit. I checked and final bid came in at 3:58pm. 

Because of this, he said will loan me a car until my COE is secured at the next bidding.

Don't think he was trying to buy time for COE to drop further, and I do believe it was a genuine mistake. My worry is that I will lose out if COE price drop a lot at the next bidding. My deal has no COE rebate, no top up also. Also, how do I know this won't repeat itself a few more cycles?

What do you all think? Overreaction or cause for concern? Not sure how I can "guarantee" will secure COE at the next bidding also... 

dude good what got free car to drive no need to pay for depreciation yet, come down come down la.. lugi simi.. if cheong ley.. if drop 5k coe, u lose 5k meh. still depreciate over the years. by year 3-4 u lose like wat 3k, depreciation ard 1k. no much diff.. unless u tell me u going to drive for 1 year only.. 

over reaction

[Jtbc]

7 hours ago, oceanicmanta said:

From TNP article :
https://www.tnp.sg/news/singapore/coe-prices-end-mostly-lower-0?utm_term=Autofeed&utm_medium=Social&utm_source=Twitter#Echobox=1595470642

"Mr Raymond Tang, managing director of Yong Lee Seng Motor, said yesterday that the slight dip in prices was due to a correction after prices surged in the last cycle.

But he expects COE prices to rise again in the next three months. This is due to an expected lower quota for the bidding period from August to October, and more people turning to cars as a safer transport option amid the Covid-19 pandemic.

Mr Tang, who is honorary secretary at the Singapore Vehicle Traders Association, added: "A lot of agents are worried about a second wave of Covid-19 infections, which could mean that COE bidding and businesses might stop again.

"So now, whenever there are any orders in hand, they will want to clear them as soon as possible." 

I thought qouta for Jul to Sep is 30% larger from the 3 months of suspended bidding ... hmmm 😒

 

If  he don't say things that benefits his own trade, he wouldn't be the honorary  secretary.

As a consumer, judge by yourself.

[Plasticpapercans]

8 minutes ago, Batmanbee said:

Did u try asking if they have any open cat coe? If it’s a 1bid guarantee, they should rightfully give u the open cat if they failed to bid cat a/b for u.

I did, but don't have... Suay lor. 

 

1 minute ago, Bandai said:

dude good what got free car to drive no need to pay for depreciation yet, come down come down la.. lugi simi.. if cheong ley.. if drop 5k coe, u lose 5k meh. still depreciate over the years. by year 3-4 u lose like wat 3k, depreciation ard 1k. no much diff.. unless u tell me u going to drive for 1 year only.. 

over reaction

That's what I thought, that I'm probably overreacting. I guess I just no longer have the peace of mind that this can be settled quickly. Which is why I decided to get the 1-bid guaranteed in the first place.

But thanks for your perspective, appreciate it!

[Pooty]

10 minutes ago, Plasticpapercans said:

I did, but don't have... Suay lor. 

 

That's what I thought, that I'm probably overreacting. I guess I just no longer have the peace of mind that this can be settled quickly. Which is why I decided to get the 1-bid guaranteed in the first place.

But thanks for your perspective, appreciate it!

Loan car = must pay money? Or free? If free good what.

[JWeiL]

My experiences have always been getting the COE in the first bid, even though the car has not arrive. But this time my 10 NG COE deal already failed 2 attempts. Does anyone experience that did not get the COE after the number of NG bids? Because what I usually hear is that sure will get within those numbers of NG bids.  

[Lightbringer]

I seriously don't understand people who actually paid to top up their COE during such turbulent times. COE prices WILL fall going forward - it's just a matter of how long more the knock-on effects of the stimulus packages granted by the Govt wear off. Look around the world - the entire global economy is in decline, including the all-impt USA (where the situation is reaching a new peak and worsening as we speak) and European economies. What makes people think we will be fine and get by unscathed, especially with a 40-% drop in GDP for Q1 this year?  We are heading right for a off-the-cliffs type of economic recession once the easy money runs out worldwide.

I only committed to a purchase on the Tues before the close of 1st round July COE bidding, when the SE called me up offering to nego further if I signed on the dotted line. Threw out a pretty ridiculous figure which I thought was pretty impossible to get based on total cost of the car (yes I did my homework before and worked out the cost to the dealer), and actually managed to end up pretty close to it at a COE rebate of 25k (Cat B) which I felt was sufficient to protect me from any sudden plunge in the COE.

And even then I was undecided, as my existing car had the COE till Nov 2020 so I had plenty of time to wait it out, and I'm the type who like to stretch my rides to the very end (plus I had just renewed my road tax for a few k's earlier in June and I was reluctant to let the dealer makan it). In the end, I calculated the rough profit margin of the car based on  a 25k COE and realised it's pretty unlikely I would get this specific car I wanted at a similarly low price because the margins were already pretty thin for the marquee and similar brands. So I took the plunge, with the downside being that I had to trade in my existing ride at a pretty unfavourable price.

COE bidding at the first round, they bidded aggressively for me and I missed out on the COE by only $1. I was pretty surprised coz at that COE price the profit margin for the marque was unprecedentedly low considering all the included freebies.I was happy to wait it out to the last 2 bids of my NG 6 bids cycle as I expected the COE to drop below 20k by then. But alas, in the recent second round of bidding, they set the reserve bid at the same level and I secured the COE comfortably. 

So for those still waiting for their COEs - if you're in no urgent need to replace your ride, just be patient and ignore the noise and speculation and try to exercise some self-control and restrain that FOMO swelling up from your bellies. It is going to be even more of a buyer's market going forward and you will be spoilt for choice. Don't pay thousands (or tens of thousands) more than what you could have paid just because somebody sold you a fear-monger story or you couldn't control your base instincts for immediate gratification. And always do your sums and homework so you know exactly how much the actual cost of the car is to the dealer and the buffer space you have to negotiate within.

Hopefully my account will help to calm some of the more anxious buyers here and educate new prospective car buyers lurking in the forums. And oh, don't be that guy who was looking to purchase a car with a $1600 take home salary....... 

[Fitmugen]

Yeah just wait for it to drop. But don’t expect 20k la. There is some truth in marginal buyers finally diving in due to the safety for their families vs taking Grab.

If really need car, can shop around for long term rental deals. Drive Lah has many private owners willing to rent out their car. Guess they are wfh and no need car for now

[hungryjack]

14 minutes ago, Lightbringer said:

I seriously don't understand people who actually paid to top up their COE during such turbulent times. COE prices WILL fall going forward - it's just a matter of how long more the knock-on effects of the stimulus packages granted by the Govt wear off. Look around the world - the entire global economy is in decline, including the all-impt USA (where the situation is reaching a new peak and worsening as we speak) and European economies. What makes people think we will be fine and get by unscathed, especially with a 40-% drop in GDP for Q1 this year?  We are heading right for a off-the-cliffs type of economic recession once the easy money runs out worldwide.

I only committed to a purchase on the Tues before the close of 1st round July COE bidding, when the SE called me up offering to nego further if I signed on the dotted line. Threw out a pretty ridiculous figure which I thought was pretty impossible to get based on total cost of the car (yes I did my homework before and worked out the cost to the dealer), and actually managed to end up pretty close to it at a COE rebate of 25k (Cat B) which I felt was sufficient to protect me from any sudden plunge in the COE.

And even then I was undecided, as my existing car had the COE till Nov 2020 so I had plenty of time to wait it out, and I'm the type who like to stretch my rides to the very end (plus I had just renewed my road tax for a few k's earlier in June and I was reluctant to let the dealer makan it). In the end, I calculated the rough profit margin of the car based on  a 25k COE and realised it's pretty unlikely I would get this specific car I wanted at a similarly low price because the margins were already pretty thin for the marquee and similar brands. So I took the plunge, with the downside being that I had to trade in my existing ride at a pretty unfavourable price.

COE bidding at the first round, they bidded aggressively for me and I missed out on the COE by only $1. I was pretty surprised coz at that COE price the profit margin for the marque was unprecedentedly low considering all the included freebies.I was happy to wait it out to the last 2 bids of my NG 6 bids cycle as I expected the COE to drop below 20k by then. But alas, in the recent second round of bidding, they set the reserve bid at the same level and I secured the COE comfortably. 

So for those still waiting for their COEs - if you're in no urgent need to replace your ride, just be patient and ignore the noise and speculation and try to exercise some self-control and restrain that FOMO swelling up from your bellies. It is going to be even more of a buyer's market going forward and you will be spoilt for choice. Don't pay thousands (or tens of thousands) more than what you could have paid just because somebody sold you a fear-monger story or you couldn't control your base instincts for immediate gratification. And always do your sums and homework so you know exactly how much the actual cost of the car is to the dealer and the buffer space you have to negotiate within.

Hopefully my account will help to calm some of the more anxious buyers here and educate new prospective car buyers lurking in the forums. And oh, don't be that guy who was looking to purchase a car with a $1600 take home salary....... 

Very true explanation bro. But I think another side of story is really about the profit appetite of the AD/PI. Certain ADs have image or policy to uphold and they might not always give in to low profit margin or contented to just break even. So I feel whether to top up or not, is really about calculating math and viewing things from both side. Just my inexperienced feeling.

[Mustank]

22 minutes ago, Lightbringer said:

I seriously don't understand people who actually paid to top up their COE during such turbulent times. COE prices WILL fall going forward - it's just a matter of how long more the knock-on effects of the stimulus packages granted by the Govt wear off. Look around the world - the entire global economy is in decline, including the all-impt USA (where the situation is reaching a new peak and worsening as we speak) and European economies. What makes people think we will be fine and get by unscathed, especially with a 40-% drop in GDP for Q1 this year?  We are heading right for a off-the-cliffs type of economic recession once the easy money runs out worldwide.

I only committed to a purchase on the Tues before the close of 1st round July COE bidding, when the SE called me up offering to nego further if I signed on the dotted line. Threw out a pretty ridiculous figure which I thought was pretty impossible to get based on total cost of the car (yes I did my homework before and worked out the cost to the dealer), and actually managed to end up pretty close to it at a COE rebate of 25k (Cat B) which I felt was sufficient to protect me from any sudden plunge in the COE.

And even then I was undecided, as my existing car had the COE till Nov 2020 so I had plenty of time to wait it out, and I'm the type who like to stretch my rides to the very end (plus I had just renewed my road tax for a few k's earlier in June and I was reluctant to let the dealer makan it). In the end, I calculated the rough profit margin of the car based on  a 25k COE and realised it's pretty unlikely I would get this specific car I wanted at a similarly low price because the margins were already pretty thin for the marquee and similar brands. So I took the plunge, with the downside being that I had to trade in my existing ride at a pretty unfavourable price.

COE bidding at the first round, they bidded aggressively for me and I missed out on the COE by only $1. I was pretty surprised coz at that COE price the profit margin for the marque was unprecedentedly low considering all the included freebies.I was happy to wait it out to the last 2 bids of my NG 6 bids cycle as I expected the COE to drop below 20k by then. But alas, in the recent second round of bidding, they set the reserve bid at the same level and I secured the COE comfortably. 

So for those still waiting for their COEs - if you're in no urgent need to replace your ride, just be patient and ignore the noise and speculation and try to exercise some self-control and restrain that FOMO swelling up from your bellies. It is going to be even more of a buyer's market going forward and you will be spoilt for choice. Don't pay thousands (or tens of thousands) more than what you could have paid just because somebody sold you a fear-monger story or you couldn't control your base instincts for immediate gratification. And always do your sums and homework so you know exactly how much the actual cost of the car is to the dealer and the buffer space you have to negotiate within.

Hopefully my account will help to calm some of the more anxious buyers here and educate new prospective car buyers lurking in the forums. And oh, don't be that guy who was looking to purchase a car with a $1600 take home salary....... 

Some people got marnie

jokers like me just take whichever price and press renew coe 😞

[SedanFTW]

25 minutes ago, Lightbringer said:

I seriously don't understand people who actually paid to top up their COE during such turbulent times. COE prices WILL fall going forward - it's just a matter of how long more the knock-on effects of the stimulus packages granted by the Govt wear off. Look around the world - the entire global economy is in decline, including the all-impt USA (where the situation is reaching a new peak and worsening as we speak) and European economies. What makes people think we will be fine and get by unscathed, especially with a 40-% drop in GDP for Q1 this year?  We are heading right for a off-the-cliffs type of economic recession once the easy money runs out worldwide.

I only committed to a purchase on the Tues before the close of 1st round July COE bidding, when the SE called me up offering to nego further if I signed on the dotted line. Threw out a pretty ridiculous figure which I thought was pretty impossible to get based on total cost of the car (yes I did my homework before and worked out the cost to the dealer), and actually managed to end up pretty close to it at a COE rebate of 25k (Cat B) which I felt was sufficient to protect me from any sudden plunge in the COE.

And even then I was undecided, as my existing car had the COE till Nov 2020 so I had plenty of time to wait it out, and I'm the type who like to stretch my rides to the very end (plus I had just renewed my road tax for a few k's earlier in June and I was reluctant to let the dealer makan it). In the end, I calculated the rough profit margin of the car based on  a 25k COE and realised it's pretty unlikely I would get this specific car I wanted at a similarly low price because the margins were already pretty thin for the marquee and similar brands. So I took the plunge, with the downside being that I had to trade in my existing ride at a pretty unfavourable price.

COE bidding at the first round, they bidded aggressively for me and I missed out on the COE by only $1. I was pretty surprised coz at that COE price the profit margin for the marque was unprecedentedly low considering all the included freebies.I was happy to wait it out to the last 2 bids of my NG 6 bids cycle as I expected the COE to drop below 20k by then. But alas, in the recent second round of bidding, they set the reserve bid at the same level and I secured the COE comfortably. 

So for those still waiting for their COEs - if you're in no urgent need to replace your ride, just be patient and ignore the noise and speculation and try to exercise some self-control and restrain that FOMO swelling up from your bellies. It is going to be even more of a buyer's market going forward and you will be spoilt for choice. Don't pay thousands (or tens of thousands) more than what you could have paid just because somebody sold you a fear-monger story or you couldn't control your base instincts for immediate gratification. And always do your sums and homework so you know exactly how much the actual cost of the car is to the dealer and the buffer space you have to negotiate within.

Hopefully my account will help to calm some of the more anxious buyers here and educate new prospective car buyers lurking in the forums. And oh, don't be that guy who was looking to purchase a car with a $1600 take home salary....... 

I agree with your assessment, and I think any rational person should agree as well..
But when I see the stock market increasing like crazy, I really wonder how many rational people are there..
I still don't think there's a need for top-up though, as COE is very unlike stock market. Car is an expense, not an investment opportunity. Though, I just feel that while rationally, we shouldn't expect COE to increase, and should drop to at least the level pre-Covid (~30k), I'm not sure if this world is rational anymore...