COE Bidding – October 2025

[Theoldjaffa]

On 12/4/2025 at 11:02 PM, Jp66 said:

Haha, somehow it didn't cross my mind at all. I'm not the adventurous type. I don't have confidence on any new technology product, maybe because of my IT background. I know for sure one day I will accept EV, it is a better of time. It took me more than 10 years to accept hybrid car. 😀

I have been in tech for half my life and I largely agree with you on new technology.

However, while EVs are relatively new compared to ICE, they are not “new” new per se.
 

Tesla for example, has been making EVs for 10 over years, and they started ground up as an EV maker, putting focus on SW/HW integration unlike some manufacturers who just shoehorn batteries and motors into existing ICE chassis.

After reading your post, it sort of corroborates my experience with people I know.

Those who “don’t like” EVs or are naysayers of it never gave themselves the chance to experience an EV (by test driving).

It’s roughly the same attitude people have towards Alfa Romeo’s when they have neither driven nor owned one. The “misguided” notion.

70% of people I know who have test driven an EV, bought an EV when they are ready to change. I believe there is no equivalent ICE or hybrid car in terms of price/performance/equipment ratio at the same class and price range of an EV.

The 30% didn’t buy because of road tax and/or lack of charging at their home. Edit: or they travel up north regularly and need the range.

EVs can do everything an ICE does, and largely better. The only thing is the lack of visceral feel, and the emotions of motoring.

But for point A to point B folks, visceral feel and emotions mean nothing. A car is just an appliance to them to bring them around, and EVs fit the bill perfectly. 

I was one of those on a high horse (not saying that anyone of you here are) but I totally eat my words and makan the humble pie after trying the Model Y Juniper. 

I have no vested interest in any EVs nor am I asking everyone to buy EVs now.

I also don’t care about justifying my own purchase nor the fact that some people won’t buy Tesla because of EM. They do they I M me.

It’s just that I’m perplexed at the fact that EVs offer so much on the practical front and they really don’t deserve the flak they’re receiving.

Granted that to some, the TCO can be higher for those low mileage drivers and people may not be comfortable with 0 PARF.

Edited Friday at 03:45 PM by Theoldjaffa

[Wildfaye29]

追加

[Rickster]

On 12/5/2025 at 11:18 PM, Theoldjaffa said:

I have been in tech for half my life and I largely agree with you on new technology.

However, while EVs are relatively new compared to ICE, they are not “new” new per se.
 

Tesla for example, has been making EVs for 10 over years, and they started ground up as an EV maker, putting focus on SW/HW integration unlike some manufacturers who just shoehorn batteries and motors into existing ICE chassis.

After reading your post, it sort of corroborates my experience with people I know.

Those who “don’t like” EVs or are naysayers of it never gave themselves the chance to experience an EV (by test driving).

It’s roughly the same attitude people have towards Alfa Romeo’s when they have neither driven nor owned one. The “misguided” notion.

70% of people I know who have test driven an EV, bought an EV when they are ready to change. I believe there is no equivalent ICE or hybrid car in terms of price/performance/equipment ratio at the same class and price range of an EV.

The 30% didn’t buy because of road tax and/or lack of charging at their home. Edit: or they travel up north regularly and need the range.

EVs can do everything an ICE does, and largely better. The only thing is the lack of visceral feel, and the emotions of motoring.

But for point A to point B folks, visceral feel and emotions mean nothing. A car is just an appliance to them to bring them around, and EVs fit the bill perfectly. 

I was one of those on a high horse (not saying that anyone of you here are) but I totally eat my words and makan the humble pie after trying the Model Y Juniper. 

I have no vested interest in any EVs nor am I asking everyone to buy EVs now.

I also don’t care about justifying my own purchase nor the fact that some people won’t buy Tesla because of EM. They do they I M me.

It’s just that I’m perplexed at the fact that EVs offer so much on the practical front and they really don’t deserve the flak they’re receiving.

Granted that to some, the TCO can be higher for those low mileage drivers and people may not be comfortable with 0 PARF.

Well said! 

I'd like to add that for those who always talk about the emotive "feel of the engine", my guess is that is is true only for the minority.

Honestly speaking, unless one is driving a high performance ICE car of which the sound and vibration of the engine is part of the emotive experience (e.g. M3s, Type Rs, 720S). I don't think they would miss the buzz and vibration of a typical ICE engine much.

Afterall, isn't "smooth (minimal vibration) engine" and "quiet ride" highly desired traits of a typical ICE car? 

 

 

[inlinesix]

On 12/6/2025 at 11:55 AM, Rickster said:

Well said! 

I'd like to add that for those who always talk about the emotive "feel of the engine", my guess is that is is true only for the minority.

Honestly speaking, unless one is driving a high performance ICE car of which the sound and vibration of the engine is part of the emotive experience (e.g. M3s, Type Rs, 720S). I don't think they would miss the buzz and vibration of a typical ICE engine much.

Afterall, isn't "smooth (minimal vibration) engine" and "quiet ride" highly desired traits of a typical ICE car? 

Drive GR Yaris also can feel it.

It does not make $$$ to buy it.

[Ake109]

On 12/6/2025 at 11:55 AM, Rickster said:

Well said! 

I'd like to add that for those who always talk about the emotive "feel of the engine", my guess is that is is true only for the minority.

Honestly speaking, unless one is driving a high performance ICE car of which the sound and vibration of the engine is part of the emotive experience (e.g. M3s, Type Rs, 720S). I don't think they would miss the buzz and vibration of a typical ICE engine much.

Afterall, isn't "smooth (minimal vibration) engine" and "quiet ride" highly desired traits of a typical ICE car? 

 

 

I dunno if its cos I getting older or what. But the problem is that there are times I want nice and quiet and times where I want berserk mode.

Like when I had the supercharged S4, remove the intake resonator, the SC whine is damn shiok in a tunnel, but only occasionally. If it was like that everytime I accelerate, would have sold the car after a month. 

There is also the 'socially' concious part. If from traffic stop, you zip from 0-60kph fast fast in 2 or 3 seconds in an EV, it seems quiet and normal, you do it in a Fong Kim Special R, whole road thinks you are bengster cock.

Conclusion : Singapore sucks, too expensive to own both types of cars at same time.

Edited Saturday at 05:30 AM by Ake109

[Alfc]

https://www.straitstimes.com/singapore/courts-crime/police-block-srs-auto-from-disposing-of-their-vehicles-as-probe-into-car-leasing-firms-widen

Pte hire, leasing has no impact on high COE at all?

If COE full cash don't allow loan will not have this issue or loophole to exploit.

 

[Wildfaye29]

Police block SRS Auto from disposing of its vehicles as probe into car leasing firms widen

Published Dec 07, 2025, 05:00 AM

Updated Dec 07, 2025, 05:41 AM

SINGAPORE - The police have issued 121 prohibition of disposal orders against vehicles registered under SRS Auto amid a multi-agency probe into possible money laundering activities in the car leasing business.

The order blocks the sale and transfer of vehicles owned by the car leasing firm.

Investigations had started in 2024, after police received financial intelligence from the Suspicious Transaction Reporting Office regarding 

Cambodian businessman Chen Zhi and his associates.

The 38-year-old tycoon, who chairs real estate and financial services conglomerate Prince Group, was later indicted in the US on Oct 14, 2025, over alleged wire fraud and money laundering conspiracy, and for allegedly directing the operation of forced-labour scam compounds in Cambodia.

The probe in Singapore involves the police and member agencies of the Anti-Money Laundering Case Coordination and Collaboration Network, including the Monetary Authority of Singapore (MAS) and intelligence agencies.

The Straits Times understands that police investigators are speaking to a number of industry insiders, including Ms Chen Xiaoxuan.

Ms Chen is the daughter of Mr Tan Yew Kiat, the owner of SRS Auto. Mr Tan was arrested following a raid at his firm’s office in Kung Chong Road in late November.

The 49-year-old was arrested for his suspected involvement in money laundering services.

Ms Chen, who is assisting police with their investigations, is listed as a director of Supreme Cars Financial Services, Rolls Platform, and Cars and Coffee Leasing.

They are all registered to a commercial property at 2 Jalan Kilang Barat, which Ms Chen owns through her fourth company, 2JKB.

Mr Tan and Ms Chen previously had links to two other firms in the auto trade – Supreme Cars Financial Services and SRS Auto Capital.

Chen Zhi appears to be the central figure in the probe.

The authorities are looking into his many business interests in Singapore, investments in sectors such as the auto trade, and individuals he had dealings with.

ST previously reported that the commercial property also known as 2 Jalan Kilang Barat is directly linked to 11 Singapore-based companies owned by Chen Zhi, and another three linked to his close adviser Chen Xiuling, or Karen Chen.

Mr Tan and his close associate and former schoolmate Quek Teng Guan are also directly linked to Chen Zhi.

The Singaporeans were directors in TGC Cambodia, a “pawnshop” in Phnom Penh chaired by a shadowy individual named Chhay Guy, who was sanctioned by the US Treasury along with Chen Zhi for their alleged ties to online scams and money laundering.

Unregulated loans

Motor vehicle loans granted by financial institutions must abide by the MAS’ motor vehicle financing restrictions, which place limits on the amount of loans that can be given out.

The maximum loan-to-value limit is based on the vehicle’s open market value (OMV). For cars with an OMV above $20,000, the loan is capped at 60 per cent of the purchase price, while for those with an OMV below or equal to $20,000, the cap is 70 per cent.

Car leasing companies are known to offer lease-to-own schemes that fall outside of MAS regulations.

These schemes include unsecured personal loans, with higher interest rates, that can account for 100 per cent of the value of the car.

In a reply to a parliamentary question in October, Acting Minister for Transport Jeffrey Siow said that such alternative financing arrangements extended by car dealers are not regulated by MAS.

“Buyers are strongly advised to obtain loans through regulated arrangements instead of unregulated ones, as they will have no protection if there are problems with the loan arrangements,” he added.

Industry insiders had previously sounded a note of caution over the rampant use of such financial arrangements by vehicle owners who register their cars as private-hire or corporate vehicles.

Used-car marketplace Carro previously revealed that up to eight in 10 of its customers had registered their cars this way to secure a loan of up to 100 per cent of the vehicle’s cost.

According to Land Transport Authority figures, the number of chauffeured private-hire cars surged from 614 to 46,477 between 2013 and 2022, while the pool of privately owned cars fell from 582,296 to 542,145.

A spokesperson for MAS told ST that although the regulatory body does not regulate vehicle leasing companies, Singapore’s anti-money laundering laws apply whether or not an entity is licensed and regulated.

INSEAD’s associate professor of finance Ben Charoenwong said motor vehicle financing is governed by the Ministry of Law for licensed moneylenders, under the Hire-Purchase Act for hire-purchase arrangements, and by MAS for financial institutions.

In-house financing provided by car leasing companies falls outside of the regulatory environment.

Prof Charoenwong said: “Regulated financial institutions must actively prevent and report – conducting know-your-customer (checks), monitoring transactions, and filing suspicious activity transaction reports.

“Car leasing firms face no such preventive requirements. They are liable only if caught laundering.”

He said the lack of regulatory oversight presents structural weaknesses that could be exploited.

“When a car leasing firm receives a ‘business loan’ from an offshore entity, the firm’s bank sees incoming funds with commercial documentation.

“The bank cannot easily verify whether the offshore source is legitimate,” said Prof Charoenwong.

This is one area currently being looked at in the car leasing probe.

SRS Auto was found to have taken an unspecified loan involving an undisclosed sum from Chen Zhi’s sanctioned Singapore investment vehicle – Skyline Investment Management – some time in May 2017.

Prof Charoenwong noted that the source of funds in SRS Auto’s case was uncovered only years later.

“Why would a Cambodia-linked entity provide revolving credit to a Singapore car lessor?

“The absence of a coherent commercial rationale should itself be a red flag,” he said.

Singapore University of Social Sciences transport economist Walter Theseira said current arrangements that limit vehicle financing are intended to promote consumer prudence and manage risk for financial institutions.

He added that a secondary objective is that they also help to manage “COE (certificate of entitlement) market froth”.

However, these arrangements are rendered ineffective for consumers willing to take the risk of unregulated loan arrangements.

Prof Charoenwong said there are no easy fixes.

“Regulators have several options, but it is also not immediately obvious the response to the scandal should be more regulation.

“Better enforcement of existing rules – sure, but we don’t necessarily need much heavier-handed solutions,” he said, adding that tightening car leasing may push money launderers to other high-value assets, including boats, watches and art.

“Global shadow banking assets grew from US$28 trillion (from 2009) to US$63 trillion (S$81.6 trillion) by 2022. The same dynamic applies here. Bad actors don’t disappear when disciplined. They migrate,” he added.

Sale allowed

A police spokesperson said car dealers who have financed vehicles through SRS Auto can submit documentation to sell or redeem these loans.

“SPF (Singapore Police Force) will verify and assess the requests on a case-by-case basis. SPF will also seize any loan redemption amounts that are payable to SRS Auto,” the police added.

A loan redemption refers to the settlement of the outstanding loan, which would include both the principal sum borrowed and interest collected.

A car dealer ST contacted said he was informed that cars he had purchased through SRS Auto’s financing have not been blocked.

Mr Ng Lee Kwang, managing director at Octagon Motors Group, said he had taken a loan of around $80,000 from SRS Auto to fund the purchase of a Kia Cerato and Honda City to resell them.

He was informed by SRS Auto in late November that the loans for the two cars are not subject to any restrictions, so he can sell the cars and redeem the loans.

This is known as a floor stock loan, which is a form of short-term financing that motor dealers like Octagon Motors Group use to buy cars for reselling. Such loans are typically given in three-month blocks. Motor dealers have to repay the sum owed before they can transfer ownership of the car to the next buyer.

[daffodilistic]

On 12/5/2025 at 11:18 PM, Theoldjaffa said:

I have been in tech for half my life and I largely agree with you on new technology.

However, while EVs are relatively new compared to ICE, they are not “new” new per se.
 

Tesla for example, has been making EVs for 10 over years, and they started ground up as an EV maker, putting focus on SW/HW integration unlike some manufacturers who just shoehorn batteries and motors into existing ICE chassis.

After reading your post, it sort of corroborates my experience with people I know.

Those who “don’t like” EVs or are naysayers of it never gave themselves the chance to experience an EV (by test driving).

It’s roughly the same attitude people have towards Alfa Romeo’s when they have neither driven nor owned one. The “misguided” notion.

70% of people I know who have test driven an EV, bought an EV when they are ready to change. I believe there is no equivalent ICE or hybrid car in terms of price/performance/equipment ratio at the same class and price range of an EV.

The 30% didn’t buy because of road tax and/or lack of charging at their home. Edit: or they travel up north regularly and need the range.

EVs can do everything an ICE does, and largely better. The only thing is the lack of visceral feel, and the emotions of motoring.

But for point A to point B folks, visceral feel and emotions mean nothing. A car is just an appliance to them to bring them around, and EVs fit the bill perfectly. 

I was one of those on a high horse (not saying that anyone of you here are) but I totally eat my words and makan the humble pie after trying the Model Y Juniper. 

I have no vested interest in any EVs nor am I asking everyone to buy EVs now.

I also don’t care about justifying my own purchase nor the fact that some people won’t buy Tesla because of EM. They do they I M me.

It’s just that I’m perplexed at the fact that EVs offer so much on the practical front and they really don’t deserve the flak they’re receiving.

Granted that to some, the TCO can be higher for those low mileage drivers and people may not be comfortable with 0 PARF.

Ya man, some of my naysayer friends who don't like EV never even test-drove one, not even the BlueSG BlueCar/Corsa-e or GetGo EVs. Some even harp on the financial aspect of it, or are too emotionally attached to the purr of an ICE engine.

For me is a matter of practicality, I'll wait a bit longer for the EV charging network to have more charging points before I switch to an EV car (maybe another 2 to 5 years?). Most likely going with western, korean or japanese brands, I don't really trust chinese-made vehicles lol

[inlinesix]

On 12/8/2025 at 8:35 AM, daffodilistic said:

Ya man, some of my naysayer friends who don't like EV never even test-drove one, not even the BlueSG BlueCar/Corsa-e or GetGo EVs. Some even harp on the financial aspect of it, or are too emotionally attached to the purr of an ICE engine.

For me is a matter of practicality, I'll wait a bit longer for the EV charging network to have more charging points before I switch to an EV car (maybe another 2 to 5 years?). Most likely going with western, korean or japanese brands, I don't really trust chinese-made vehicles lol

No need wait la. It is everywhere now and expanding.

Just make sure either your home or office has charging stations.

You can’t run too far away from China as CATL is 1 of world biggest battery manufacturers.

[Ake109]

On 12/8/2025 at 8:35 AM, daffodilistic said:

For me is a matter of practicality, I'll wait a bit longer for the EV charging network to have more charging points before I switch to an EV car (maybe another 2 to 5 years?). Most likely going with western, korean or japanese brands, I don't really trust chinese-made vehicles lol

EVs are being added to the roads faster than charging points (as a %). So no point waiting. But if you want wait for better batteries or architecture, sure. China moving damn fast. 400v is ancient tech now.

[inlinesix]

On 12/8/2025 at 11:09 AM, Ake109 said:

EVs are being added to the roads faster than charging points (as a %). So no point waiting. But if you want wait for better batteries or architecture, sure. China moving damn fast. 400v is ancient tech now.

800v is still not that common.

Next leap in Battery may be another 5 years with solid-state.

However, CATL is going to commercialise Sodium-Ion.

Maybe a cheaper EV is coming.

 

[13177]

On 12/8/2025 at 8:51 AM, inlinesix said:

No need wait la. It is everywhere now and expanding.

Just make sure either your home or office has charging stations.

You can’t run too far away from China as CATL is 1 of world biggest battery manufacturers.

Ya, no need to wait. There are many EV charging points all around, only see if you want to use or not.

Currently if you drive an EV, actually not that difficult for charging. If 3-5 years down the road, then not sure if charging is enough when more EVs on the road.

[TurboSkyHawk]

On 12/8/2025 at 11:58 AM, inlinesix said:

800v is still not that common.

Next leap in Battery may be another 5 years with solid-state.

However, CATL is going to commercialise Sodium-Ion.

Maybe a cheaper EV is coming.

 

the tech sure get advanced, however the price (cheaper EV). don't think will happen here in SG

[Lethalstrike]

On 12/5/2025 at 11:18 PM, Theoldjaffa said:

EVs can do everything an ICE does, and largely better. The only thing is the lack of visceral feel, and the emotions of motoring.

But for point A to point B folks, visceral feel and emotions mean nothing. A car is just an appliance to them to bring them around, and EVs fit the bill perfectly. 

I will just like to comment a little bit more on the point 😂

I ever had people telling me EV cannot la, no engine sound, no transmission shifting feel, no passion. Then I ask ok bro, what are you driving now? They tell me they driving some 1.5L NA jap eco box or some detuned Cat A 1.3/1.5 German 4-banger. Then I kept quiet...🤫 

I mean, such ICEs got passion meh? Got soul stirring engine and exhaust note meh? EVs are better anytime in terms of smoothness & torque delivery for daily driving vs these everyday cars. If you say you driving V8 NA Ferrari 458, V12 Aston Martin I totally get your point. But for F's sake, a freaking detuned GLB got what emotions to be stirred? 

I also agree with what you said above. If you're ready for EV, you're ready. The rest of us no need to talk or convince so much. 

[13177]

On 12/9/2025 at 7:23 AM, Lethalstrike said:

I will just like to comment a little bit more on the point 😂

I ever had people telling me EV cannot la, no engine sound, no transmission shifting feel, no passion. Then I ask ok bro, what are you driving now? They tell me they driving some 1.5L NA jap eco box or some detuned Cat A 1.3/1.5 German 4-banger. Then I kept quiet...🤫 

I mean, such ICEs got passion meh? Got soul stirring engine and exhaust note meh? EVs are better anytime in terms of smoothness & torque delivery for daily driving vs these everyday cars. If you say you driving V8 NA Ferrari 458, V12 Aston Martin I totally get your point. But for F's sake, a freaking detuned GLB got what emotions to be stirred? 

I also agree with what you said above. If you're ready for EV, you're ready. The rest of us no need to talk or convince so much. 

Aiya, some people like to hear engine and exhaust sound even the car bo luk.

EVs confirmed better anytime in terms of smoothness & torque delivery, driving an EV so easy and relax. Lol.

[Volvobrick]

On 12/9/2025 at 8:24 AM, 13177 said:

Aiya, some people like to hear engine and exhaust sound even the car bo luk.

EVs confirmed better anytime in terms of smoothness & torque delivery, driving an EV so easy and relax. Lol.

You referring to those who change their exhaust pipes to irritate their neighbours? Yeah totally agree! 

They should just pipe the exhaust straight into the cabin for maximum noise. For themselves to enjoy.

 

[inlinesix]

On 12/9/2025 at 8:50 AM, Volvobrick said:

You referring to those who change their exhaust pipes to irritate their neighbours? Yeah totally agree! 

They should just pipe the exhaust straight into the cabin for maximum noise. For themselves to enjoy.

Ppl driving aston martin valkyrie is doing that.

It is same for Porky GT product.

[Ake109]

On 12/9/2025 at 7:23 AM, Lethalstrike said:

I will just like to comment a little bit more on the point 😂

I ever had people telling me EV cannot la, no engine sound, no transmission shifting feel, no passion. Then I ask ok bro, what are you driving now? They tell me they driving some 1.5L NA jap eco box or some detuned Cat A 1.3/1.5 German 4-banger. Then I kept quiet...🤫 

I mean, such ICEs got passion meh? Got soul stirring engine and exhaust note meh? EVs are better anytime in terms of smoothness & torque delivery for daily driving vs these everyday cars. If you say you driving V8 NA Ferrari 458, V12 Aston Martin I totally get your point. But for F's sake, a freaking detuned GLB got what emotions to be stirred? 

I also agree with what you said above. If you're ready for EV, you're ready. The rest of us no need to talk or convince so much. 

But But... its a 1.6 NA Fong Kim SS Special.

 

Back on the serious topic. After 3 mths, even with chargers at MSCP 100m away from my block, its definitely not as convenient as pumping petrol. Everything else is swee, power delivery not losing much from previous 3.0 Turbo (lose some on top, gain on bottom). Do miss the start-up rumble from the open wastegate (stock- for cat warm up) a bit.

Edited 9 hours ago by Ake109