COE Bidding – February 2023

[BanCoe]

42 minutes ago, BanCoe said:

must be those super high end cars wanting it so as to save on new ARF's regime kicking in  

Also new PARF capped at $60k 

[Kennethoka]

1 hour ago, BanCoe said:

must be those super high end cars wanting it so as to save on new ARF's regime kicking in  

no need to be super high end. Tesla also kena left right centre. OMV $80K. Whoever want to buy, but now because they have update the new tax structure yet. eventhough the new ARF kick in from next COE bidding.

 

Model Y lagi worse anything above $80K is 320%

Edited February 15, 2023 by Kennethoka

[Jamesc]

Old salesman trick.

Buy now or miss out!

[Kennethoka]

12 hours ago, Jamesc said:

Old salesman trick.

Buy now or miss out!

old saleman trick but it is still works. even private housing also like that. 40 transaction was made before the new tax kick in.

 

To me there is no old or new salesman trick. As long as the trick works it is a good trick.

 

Even those young, tech savvy and financial sound people also got scammed right.

[Jamesc]

This is how us old timers boh tak chek

can survive with these university educated

young punks who think they know everything.

I call it the AIDA model

Attention

Interest 

Desire 

Action

11 minutes ago, Kennethoka said:

old saleman trick but it is still works. even private housing also like that. 40 transaction was made before the new tax kick in.

 

To me there is no old or new salesman trick. As long as the trick works it is a good trick.

 

Even those young, tech savvy and financial sound people also got scammed right.

 

[Jamesc]

24 minutes ago, Kennethoka said:

Even those young, tech savvy and financial sound people also got scammed right.

I wouldn't call it a scam because we take their money and they get their car.

Its only a scam if we take their money and then close shop the next day and they never get their car.

But fraudsters like this is few and far between because its not sustainable.

SG is so small and people know their face and they cannot keep doing this.

Anyway my secret is to charm them to part with their money and not scam them.

Charm them and you see them smiling as they hand you their money

and its that smile that motivates me in the used car biz and especially in the young ladies physio therapy business. 

Edited February 16, 2023 by Jamesc

[Kennethoka]

54 minutes ago, Jamesc said:

I wouldn't call it a scam because we take their money and they get their car.

Its only a scam if we take their money and then close shop the next day and they never get their car.

But fraudsters like this is few and far between because its not sustainable.

SG is so small and people know their face and they cannot keep doing this.

Anyway my secret is to charm them to part with their money and not scam them.

Charm them and you see them smiling as they hand you their money

and its that smile that motivates me in the used car biz and especially in the young ladies physio therapy business. 

i am not saying the car sales is a scam. I just want to refer to the recent report about last year scam cases, more than 50% are young people.

[Jamesc]

1 hour ago, Kennethoka said:

i am not saying the car sales is a scam. I just want to refer to the recent report about last year scam cases, more than 50% are young people.

Absolutely true.

I also want to start scamming them especially good looking young ladies.

Must think of a way how to rub them the right way so they song song happily pass their money to me.

You have any ideas for me?

[DOBIEMKZ]

2 hours ago, Jamesc said:

I wouldn't call it a scam because we take their money and they get their car.

Its only a scam if we take their money and then close shop the next day and they never get their car.

But fraudsters like this is few and far between because its not sustainable.

SG is so small and people know their face and they cannot keep doing this.

Anyway my secret is to charm them to part with their money and not scam them.

Charm them and you see them smiling as they hand you their money

and its that smile that motivates me in the used car biz and especially in the young ladies physio therapy business. 

I’ll nominate you for Good Car Salesman Of The Year award.😁

[Jamesc]

1 hour ago, DOBIEMKZ said:

I’ll nominate you for Good Car Salesman Of The Year award.😁

Good? Good?

[DOBIEMKZ]

34 minutes ago, Jamesc said:

Good? Good?

More charming customers come to buy cars from you! ☺️

But I hope you also dish out same good service to male customers. 👌

[Jamesc]

5 minutes ago, DOBIEMKZ said:

More charming customers come to buy cars from you! ☺️

But I hope you also dish out same good service to male customers. 👌

When it comes to selling cars I never see male or female, young or old, black or white I will do exactly the same to everyone to charm them of their money.

I say no to discrimination.

Everyone's money is most welcome.

[yishunite]

Long story

Quote

Open category COEs traded by dealers at premium after vehicle tax hike

SINGAPORE – The price of Open category certificates of entitlement (COE) secured by motor traders in past tenders has risen by more than $100,000 on the resale market, as luxury car buyers can use them to avoid the higher vehicle taxes announced on Feb 14.

Industry sources told The Straits Times that Open category COEs are in hot demand, with traders asking for premiums upwards of $100,000.

Since COEs are transferable, using them to register an expensive car such as the Rolls-Royce Phantom, for example, would mean saving $434,431 in taxes as it would not come under the new additional registration fee (ARF) structure.

The changes, which will take effect from the next round of COE bidding, will impose higher taxes on cars with an open market value (OMV) of more than $40,000. Luxury cars will incur an ARF of 320 per cent for the portion of OMV above $80,000, up from 220 per cent.

Open category COEs are valid for three months. The oldest ones that can be used to avoid the higher ARF would have been secured in December and have to be used by March, while those secured in the first tender exercise in February will be valid until May.

One trader that ST contacted on Thursday said he had two Open category COEs from January and would not take offers below $150,000, while a luxury car dealer said he would buy an Open category COE for anything below $100,000, “no questions asked”. Both declined to be named.

Assuming a resale premium of $100,000, buyers would be paying upwards of $207,000 for an Open category COE, which would have been secured at between $107,000 and $110,524.

While most new cars are sold with COEs and are often ready to be registered within a week or two, the very high-end luxury models tend to be built to order. It takes months before they arrive in Singapore. As such, these custom-made cars are usually sold without a COE.

The buyer will pay the dealer the COE cost when the car is finally ready for registration. Currently, it means that the buyer will also have to bear the outsized premiums for the traded Open category COEs.

The newer COEs are most valuable since they can be kept for a car that may arrive in country later.

Car dealers said that they have to sell whatever they can before they run out of older Open category COEs, as they expect sales to slow down significantly as higher taxes and prices bite.

At a luxury car dealership that ST visited, sales personnel were seen talking animatedly on the phone, explaining the impact of the tax changes to customers.

The premium charged for Open category COEs had similarly risen in February 2022 when the ARF was revised, but to a far smaller extent. Back then, the premium charged for Open category COEs was said to be between $2,000 and $20,000.

Industry insiders said the resale value of existing Open category COEs is higher this time round because there are fewer of them in the market.

One industry veteran who has been in the trade for 20 years said that most of the earlier Open COEs have been used during the Singapore Motorshow in January, leaving few for trading.

Dealers said another factor driving up the value of these COEs is the fact that there may be more ultra-luxury cars that are either ready for registration or expected to arrive in Singapore in the next few months than in 2022, when carmakers were still struggling with supply disruptions stemming from the global semiconductor shortage.

Ms Chow Yi Ling, the general manager at Wearnes Automotive for Bentley, said in 2022, it was like a game of chance on whether there would be cars arriving in time.

The magnitude of the changes is the biggest push to for buyers to register luxury cars before the next round of COE bidding, dealers noted. On top of having to pay three times the OMV when registering limousines and supercars, such buyers will also get much less money back when they deregister their cars as the scrap rebate is now capped at $60,000.

For instance, the Rolls-Royce Phantom would have been entitled to a rebate of $513,876 under the previous preferential additional registration fee (PARF) structure. But with the higher upfront tax and lower rebate, the owner of a Phantom registered with a post-Feb 22 COE would be worse off by $888,307 than one registered with a COE secured earlier.

The opportunity to net this sizeable “saving” has two immediate effects: The sales of such cars would go up, and used car dealers will raise prices on cars that are not subjected to the changes.

After vehicle taxes were raised at around the same time last year, brands such as Bentley, Porsche and Rolls-Royce registered significantly more cars than usual between February 2022 and May 2022.

Rolls-Royce, for example, put 34 units on the road in those four months – a mix of cars from the official dealer as well as parallel importers. Registrations slowed subsequently. In the last six months of 2022, the brand sold 39 units.

Mr Chong Kah Wei, managing director of Mazda and McLaren, said prices of used cars will also be increased to mirror new car prices, depending on supply.

On vehicle trading portal Sgcarmart, the price of a six-month-old BMW M3 Sedan Competition was bumped up by $31,000 to $538,988 on Feb 15, a day after the announcement. The list price for a new model is $579,888.

This year’s tax hike also covers many premium car models, such as the BMW 318i and Toyota Harrier 2.5 Hybrid. The ARF for the portion of OMV between $40,000 and $60,000 will be 190 per cent from Feb 22, up from 140 per cent.

Motor dealers said the prices for such models will have to be upped to cover the ARF increase.

However, things are less cut and dried for undelivered cars that were sold at earlier prices but require a fresh COE from the Feb 22 bidding exercise or later.

Typically, the customers would have to pay the higher taxes, but there are dealerships which told ST that they would likely cover the difference. One sales manager, who was not authorised to be quoted, said: “It is no point to insist for a few-thousand-dollar top-up and face an angry customer.”

Other dealerships have contacted their customers to ask for top-ups.

Mr Mark Lim, 66, was asked by his salesman to make a $9,000 top-up for the Lexus RX SUV that he ordered in January. The car is scheduled to arrive in April. He said that a friend who is waiting to take delivery of a Lexus ES 250 was asked for $6,000.

“It is unfair that the dealer asked us to top up. They would have the margin to cover this and the car that I’m trading in would also be worth more anyway,” he said.

A Borneo Motors spokesman said it was only complying with the “government stipulation”.

Dealers’ expectations are mixed for the upcoming COE tender, with some expecting demand for Open category COEs as those secured earlier would already be used or reserved for ultra-luxury cars.

On the other hand, demand for cars in the premium segment – those with OMVs above $40,000 – may be weakened.

 

[Benarsenal]

Wow, Tesla PARF value increase

[Lethalstrike]

On 2/16/2023 at 10:20 AM, Jamesc said:

This is how us old timers boh tak chek

can survive with these university educated

young punks who think they know everything.

I call it the AIDA model

Attention

Interest 

Desire 

Action

 

😁

[Jamesc]

My new sales training video at jamesc used cars.

 

AIDA model

Attention

Interest 

Desire 

Action

44 minutes ago, Lethalstrike said:

😁

 

Edited February 18, 2023 by Jamesc

[Mockngbrd]

Hearsay open cat coe 200k

[Wildfaye29]

13 minutes ago, Mockngbrd said:

Hearsay open cat coe 200k

U hear I say who confirm?

Hehehehe