Bid COE yourself - I tried it!

[dsman]

10k was deducted from our account the moment we bid? if so, how long does it take to get this deposit back shd we be unsuccessful in securing a coe?

[Fruit-tart]

  On 1/18/2016 at 1:33 PM, Boringchap said:

Anybody tried before? I just tried this evening. Yeah. Try for fun, see whether can get or not. How much did I bid for? Check out this video for the experience.

 

 

Take note, once you bid, the deposit is $10,000. The non-refundable fee is $2. If I get the COE, I will have 6 months to register the car. LTA only collects the rest of the COE when I register the car. Sounds cool to me.

Wahh!! So fun right!! XD shiok lehh!! Hope u get ur coe this round at 39k! :) some dealers alr hv coe rebate at 37k, so 39k coe this round, quite possible..hahaha..

  On 1/18/2016 at 1:59 PM, Boringchap said:

Yes, looks easy. But only DBS ATM. I think other bank ATMs cannot. Got to check LTA website to see.

Yupp..only dbs/posb atm can.. hahaha..ocbc is phone banking..then uob is internet banking(not for individuals, only for corporates)..

  On 1/18/2016 at 2:46 PM, dsman said:

10k was deducted from our account the moment we bid? if so, how long does it take to get this deposit back shd we be unsuccessful in securing a coe?

Yes. 10k deducted from account the moment we bid. Admin charge 2bucks. If bid unsuccessful, they return deposit back within few days. I always self bid..hehehehhee.. Edited January 18, 2016 by Fruit-tart

[Thaiyotakamli]

Interesting, will try to do this but most likely can only get PI cars

[kennytansk]

  On 1/18/2016 at 3:14 PM, Thaiyotakamli said:

Interesting, will try to do this but most likely can only get PI cars

 

Yah,

I asked a few of the ADs oredi and they all say don';t sell car to you, if you have own COE. Anyone else got this reply too?

 

Believe the AD earns more with COE system than you bid your own.

 

PI some can sell you the car and some oso don't sell to you.

[Thaiyotakamli]

  On 1/18/2016 at 3:27 PM, kennytansk said:

Yah,

I asked a few of the ADs oredi and they all say don';t sell car to you, if you have own COE. Anyone else got this reply too?

 

Believe the AD earns more with COE system than you bid your own.

 

PI some can sell you the car and some oso don't sell to you.

I saw in sgcarmart, some PI put car price without COE

 

 

I think porsche maybe can self bid haha

[Atrecord]

If i'm not wrong, among the ADs, Kah Motors is likely to be the most receptive/welcoming if you walk in with your own COE to buy a car w/o COE. KM doesn't even charge a penalty for not taking loan, so should be least particular - my guess.

 

And the other dealers will not likely turn you away, but will likely charge a higher price than what you calculate to be the price. Eg. if they are selling a car at $100k normally, and last COE is $45k (gives you impression car is $55k). If COE drops to $30k and you tell them to sell you at $55k so that your cost is total $85k, that will not happen.

 

Oh, my wife said years ago, one of her colleagues was a regular punter for COEs, and he actually got the $50 COE for big cars, and the $101 COE for small cars during the closed bidding period!!! I was shocked got people actually do this...

[Jungus]

  On 1/18/2016 at 2:46 PM, dsman said:

10k was deducted from our account the moment we bid? if so, how long does it take to get this deposit back shd we be unsuccessful in securing a coe?

 

Next day. I'm surprised at all the interest on this. Would have thought everyone would have tried at least once by now. I did, early last year, twice. No success.

[Kusje]

  On 1/18/2016 at 1:56 PM, Yeobt said:

does it mean that every bids received would generate into the number of bids and it eventually

driving up the COE final price if one was doing it just for fun? or just trying to win a $1 COE?

 

correct me if i am wrong.

 

Why would the number of bids drive up COE price?

[Vinceng]

  On 1/18/2016 at 1:46 PM, minion said:

Is it true that if you bid your own coe, some AD will be very hostile when you want to buy a car from them or won't even entertain at all?

AD will simply mark up the price of the car, making it more expensive to bid the COE on your own, as compared to buying the car packaged with COE.

[7hm]

  On 1/18/2016 at 4:12 PM, Vinceng said:

AD will simply mark up the price of the car, making it more expensive to bid the COE on your own, as compared to buying the car packaged with COE.

 

most of them just cut off an amount equal to their COE rebate level, which is many times much lower than actual COE turns out to be

[Fcw75]

  On 1/18/2016 at 2:04 PM, Boringchap said:

yeah, will let you know.

 

 

The most important point for me is that if the final COE price is above my reserve price, it means that I won't get the COE.

 

So the reserve price I put in is the max that I will pay for the COE, for this round of bidding. If the final price goes above my reserve price, it means no COE for me lor.

 

My friend told me that all the bidding action is usually the last hour, or even last 30 minutes. So don't have to keep monitoring the website. Apparently, the bidders all go in at the last minute to bid one.

The bidders are simply the ADs.

[minion]

  On 1/18/2016 at 4:12 PM, Vinceng said:

AD will simply mark up the price of the car, making it more expensive to bid the COE on your own, as compared to buying the car packaged with COE.

I still see people claim in the forum that AD doesn't want coe to be high, does not collectively control/push for high coe price. I firmly believe otherwise, at least for most ADs.

Hope someone can get a bid by self bidding and share car buying experience. In those dinosaur ages, the bidding was a closed system or coe was low at 1k level. But those times are not really relevant for today's references.

[BenTong]

Car price $100K with $50K COE. You bid yourself and got COE @ $40K. AD sell car to you without COE $65K. What can you do? You can walk away. But after awhile you will be walking away.. Go PI.. Maybe, possible...what I am saying .. We consumers are screwed whichever way...

[Kangadrool]

Self bidding is more for those who ownself import own car. 

[Imac]

A few of my friends bidded their own COE, only save a couple of $k for COE. But unable to get any car from AD. End up getting less popular car model from PI.

 

Is it against the laws if AD refuse to sell car to you if you have COE?

 

Any legal experts care to share?

 

Can we go to Motor Association to compliant since they put up white paper to gov for OCS? I just feel it is unfair to consumers.

[Blueray]

For me would find out which ADs/PIs would sell me car at what price w/o COE first before I do self-bidding.

 

 

[Soya]

  On 1/18/2016 at 11:48 PM, BenTong said:

Car price $100K with $50K COE. You bid yourself and got COE @ $40K. AD sell car to you without COE $65K. What can you do? You can walk away. But after awhile you will be walking away.. Go PI.. Maybe, possible...what I am saying .. We consumers are screwed whichever way...

AD always claim they 'subsidise' ur COE. Package price w COE 100k. Non-Pkg price 80k. Simply profiteering.

 

Onli way out of this is to ban ADs from bidding n packaging COEs. Don't see why it's that difficult for LTA to implement. I mean, when someone buys BTO direct from hdb, can one appoint property agent buy on their behalf at the price quoted by the agent?

[Enye]

Those who are thinking of trying

 

Make sure you are able to pay full cash for the new car to avoid any further complications in the buying process and put yourself at the mercy of car dealers

 

 

Edited January 19, 2016 by Enye