$1 C.O.E ?
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Will there be a day , the COE is $1 ?
I always confuse about COE , who bid for those certificate ?
Buyer or car-dealer ?
Why all buyers wanna bid so high , must bid at $20,000 , cannot bid $2000 ?
Last few years , a chap got a COE at $50 ? How he did it ?
I thought those ATM allow us to bid , how the system goes ? Like...If i bid $50 for a COE , if don't kana , the $50 forfeited ? Or the $50 remains in my account ?
Now if I bid $50 , and got it , is it I go to any dealer , present the certificate , and buy a car , prices at without COE ?
Got any cases like that ? -
http://www.lta.gov.sg/ocoe/ltaobw_demo.pdf
Go read.... if you're lazy...
here's a summary....
Update on COE BIDDING
You will need to bid for a Certificate of Entitlement (COE) to register a new vehicle. There are five categories of vehicles:
Non-Transferable
Category A Cars (1600cc and below) & Taxis
Category B Cars (1601cc and above)
Category D Motorcycles
Transferable
Category C Goods Vehicles, Cement Mixes and Buses
Category E Open (for any type of vehicle)
Bids may be made during the first week of every month through the Automatic Teller Machines (ATMs) of DBS, OCBC, OUB, POSBank and UOB; other electronic COE bidding services provided by DBS, OUB and UOB; or via the OUB Phonebank. The bidder must be above the age of 16 years and he/she needs to use her own personal bank card. The name and identification number must be the same as that appearing on the NRIC (for Singaporean and permanent residents) or Passport (for foreigners) or the Company Certificate (for Companies) as follows:
Singapore IC S1234567/A
Malaysian IC (old) M2345678
Foreign Passport P2345678
Company A01234/1988M
Partnership/Sole Proprietorship B123456/78-W
Each person is entitled to make only ONE application in each tender exercise and bids submitted cannot be amended or withdrawn. A company may make more than one application. The minimum bid is $1 and the bid amount must be in multiples of $1. A deposit for half the bid amount (rounded to the next dollar) will be deducted from the bank account automatically when the bid transaction is committed. The deposit will be utilised for the Quota Premium (the lowest successful strike price) at the time of registration.
A temporary COE will be issued within a week after the announcement of the results for vehicle registration. All successful bidders will be notified by post from the LTA. This COE is not transferable for Category A, B and D and valid for six months. For Category C and E, it can be transferred only once and valid for three months. Companies are not permitted to transfer their temporary COEs. A COE of 10 years will be issued once the vehicle is registered. -
COE Open Bidding System To Replace Closed Bidding System
From April 2002, the Certificate of Entitlement (COE) Open Bidding System will fully replace the Closed Bidding System. The last closed bidding exercise for COEs will be in March 2002, from 1 March to 7 March 2002.
The Open Bidding System was developed in response to the recommendation of the Government Parliamentary Committee (GPC) of Communications in 1999 that such a system would provide a greater degree of transparency and better access to real time information for car buyers during the bidding exercise.
Under the Open Bidding System, two tender exercises will be held each month on alternate fortnights:
The first exercise will start on the first Monday of the month at 9.00 am and end two days later on Wednesday at 4.00pm;
The second exercise will start on the third Monday of the month at 9.00 am and end two days later on Wednesday at 4.00pm.
If a public holiday falls within the three-day bidding exercise, the bidding period would be extended accordingly. The monthly quota for each category will be divided equally for each exercise.
COE Open Bidding System
The COE Open Bidding System has provided a greater degree of transparency to the COE bidding exercise, by offering bidders better access to information on the prevailing bidding situation during the bidding process. The system has been implemented as a trial for more than six months since its launch in June 2001. During this trial period, the closed bidding exercise and the open bidding exercise were held on alternate fortnights.
The trial has allowed the Land Transport Authority (LTA) to test the COE Open Bidding System in a "live" setting, assess usersÂ’ behaviour and the possible impact on the system. Based on the last seven open bidding exercises, the COE Open Bidding System has proven to be robust, reliable, safe and secure. The LTA has also received feedback that the COE Open Bidding System is easy to use and provides useful information during the bidding process. The COE Open Bidding System has also resulted in less volatility in COE prices.
The LTA has therefore decided to replace the COE Closed Bidding System with the COE Open Bidding System.
The system of having two tender exercises a month will be retained as this gives bidders a shorter wait between bidding exercises.
Click here for the latest COE prices. For information on how to bid for a COE using the COE Open Bidding System, members of public can refer to the web-based user guide on www.lta.gov.sg or request for a copy of the instructional handbook by phoning 1800-CALL LTA (1800-225 5582). A copy of the handbook is also available from our customer service counters at 10 Sin Ming Drive.
Background
The Ministry of Transport (then Ministry of Communications) formed a Task Force in 1999 to look into the setting up and implementation of the COE Open Bidding trial. An LTA Working Group was also formed to work out the detailed mechanics and to manage the tenders and contracts for the setting up of the system.
In November 1999, the contract for the design and development of the on-line bidding system was awarded to Stratech Systems Pte Ltd. The first open bidding exercise was conducted in June 2001.
Under the COE Open Bidding System, bidders are able submit their bid for a COE, monitor the Current COE Price, enquire about their bid and revise the reserve price for their bids. The system provides bidders with real time information during the bidding exercise so that they could check the Current COE Price and use it as a reference when they submit or revise their bid.
In addition, bidders are able to make use of the following multiple channels to submit, enquire and revise their bids:
Access Channels
Submit Bid
Revise Bid
Enquire Bid
DBS ATM
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Citibank Internet Banking
www.citibank.com.sg
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Citibank Phone Banking
Tel: 1800 883-1118
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OCBC Phone Banking
Tel: 1800 363 3333
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LTA Open Bidding Phone System
Tel: 362 1465
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LTA Open Bidding Website
http://ocoe.lta.gov.sg
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Upon submitting a bid, the bidder is required to pay a bid deposit. This is set at $200 for the motorcycle category (Category D) and $10,000 for all other vehicle categories. In addition, an administrative fee of $2 per bid is charged for each transaction – submission of bid or revision of reserve price. -
Originally posted by Poolman:Will there be a day , the COE is $1 ? Possible
I always confuse about COE , who bid for those certificate ?
Buyer or car-dealer ? Both, mostly car dealers
Why all buyers wanna bid so high , must bid at $20,000 , cannot bid $2000 ? Supply and demand of the market, its an open auction(can bid as many times as you want), hence if you really need a COE badly, you will bid as much as you can afford or make a profit on...
Last few years , a chap got a COE at $50 ? How he did it ? There were less bidders than the Quota of COEs
I thought those ATM allow us to bid , how the system goes ? Like...If i bid $50 for a COE , if don't kana , the $50 forfeited ? Or the $50 remains in my account ? $2 admin fee is charged for each bid. However, you will also need to put a deposit of $10k for a car to bid.
Now if I bid $50 , and got it , is it I go to any dealer , present the certificate , and buy a car , prices at without COE ? READ WHAT I POST -
$10,000 deposit ? So as to say , if I wanna bid for myself , i need to be $10,000 richer ? Right to say that ?
As if the car-dealer bid , we need not have to pay that $10,000 deposit > all would be done by those car dealers ? -
Um... well you have expect to pay at least COE $20+k for a open cat car based on the previous biddings the last 10 months. In order to bid, you first need to $10,002.Originally posted by Poolman:$10,000 deposit ? So as to say , if I wanna bid for myself , i need to be $10,000 richer ? Right to say that ?
As if the car-dealer bid , we need not have to pay that $10,000 deposit > all would be done by those car dealers ?
Car-dealers bid for their own sales, they know that say this month they can modestly sell 10 - 20 cars so they buy 20 COEs, for the big time dealers like C&C they buy like 200+ COEs a month... there's TONS of dealers in the market hence the demand... -
What if the highest bid price from a xx dealer need only 50 COE, do the second lowest yy dealer pay their initial bid amount, or still follow pay the same highest bid price? in order get the COE.
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not possible to have $50 COEs anymore, cos last time closed bidding system... now open bidding system..Originally posted by : -
Originally posted by Poolman:Will there be a day , the COE is $1 ?
YES. For Motorbike.
I always confuse about COE , who bid for those certificate ?
Buyer or car-dealer ?
Anyone.
Why all buyers wanna bid so high , must bid at $20,000 , cannot bid $2000 ?
Try to bid $2000 now for cars, u will NEVER get the COE.
Last few years , a chap got a COE at $50 ? How he did it ?
This moron is a god-damned lucky fellow, and b'cos of this case, LTA is losing lots of $$$$$. So after this case, no one can get so cheap COE liao.
Why? Simple.
In open bidding system now, everyone can see what's the lowest price ... if u see a $50 COE, everyone will definitely start bidding and the quota is met. So if u want it, u need 2 bid higher, say $2,000. But $2k is still cheap, so everyone see it & start bidding higher, & u lose out again. So how? u desparately want the COE otherwise u got no car. So u start to bid at $20,000 ... and finally u got it. That's how COE is arga-arga always around this range for cars.
Not convineced? Good, try your $50 luck at your ATM, I guarantee u will NEVER get the COE for the rest of ur life.
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frankly, the authorities make use of the kiasu, kiasee, kiaboh mentality to wring us..
if everyone just said: i'm bidding $1 come hell or high water, the COE would be $1
guess we're not united enough.. -
Ya man , Bear has the point there , if the open cat we can see , like is $50 , why hijack this price ? Remains at $50 la ? Since you can see , we can see , everybody can see !
Guess it's all those dealer's scheme for sales !
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don't believe the media, they are talking nonsense about $1 COE. There are big players in the COE game esp. dealers who can whack the price last minutes.
There is no way to stop people from bidding small and as long as this continue, the #bidders will burst the quota and the COE will begin to jump be the thousands.
So you see, the demand is not really a genuine demand. It is because of those who thought bidding COE is like Toto and 4D.... -
Bless we can see this coming COE bid at $50 only.. thats good!
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so actually if whole of singapore unite n agree to bid like say $1, dealer also bid $1 (then the price of car lower, more demand generate more sales, both win-win) then we all can enjoy lower depreciation if price of car = regist fee $140, coe $1, 110%+20% of omv, n dealers profits.
but of course even if singapore so united, sure got sum LTA people will go n spoil market by bidding high n huge quantities (so they got bonus for yr end mah) haiz singapore everything pay pay pay
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not too sad... we have 30% more luck tis round... $50
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Yes...for bike. I renewed my scrambler's COE for $1 in March 2003. can ride till 2013Originally posted by Poolman:Will there be a day , the COE is $1 ? -
friend kept track of the price...
it was $50 until the last 3 minutes.. where it rose to over $20k
there are huge players in there.. most of them are car dealers..
i say take the COEs away from the dealers, let them sell cars to whoever has a COE.. let the ordinary man in the street bid for the COE...
if they wanna sell the damned thing to someone else, they're allowed to, if they can find some sucker to buy it from them... or just make it non-transferable to kill that secondary market...
currently, the system is insane..Originally posted by PaulQ: don't believe the media, they are talking nonsense about $1 COE. There are big players in the COE game esp. dealers who can whack the price last minutes.
There is no way to stop people from bidding small and as long as this continue, the #bidders will burst the quota and the COE will begin to jump be the thousands.
So you see, the demand is not really a genuine demand. It is because of those who thought bidding COE is like Toto and 4D....