Bid COE yourself - I tried it!

[yo2020]

  On 1/19/2016 at 3:01 AM, Luckcent said:

You forgot the 70% preferred them to do what they want.

 

 

 

wrong.

 

in the most recent public consultation on coe issue in 2013, 57% (included me ) actually wanted to ban AD frm bidding.

of the 43% whom said they wanted agt to bid for them, some of the reasons r i) dont know how to bid, ii) no time to bid.

 

:omg:

 

[Sturtles]

  On 1/19/2016 at 12:43 AM, Wormee said:

The CCP (Current COE Price) will be the highest unsuccessful bidding price + $1. So the COE will be at $2 and not $1. The one successful bidder will get his coe as his reserve price is equal or higher than the CCP.

 

 

Guess my understanding as well...

[Boringchap]

Oh wow!  I never expected this post to garner so much attention and my youtube video has hit 350 views since posting it last night.  Not bad.  Anyway, this shows how much interest there is in COE and bidding.  I learnt a lot reading through the posts, thanks. 

 

I decided to put this up on my blog as well - http://guitar123foodandtravel.blogspot.sg/2016/01/coe-bidding-do-it-yourself-my-experience.html

 

For now, let me wait for the COE results.  If I get a COE, then we will go car shopping.  If not, I will try again.  Cheers everybody and have a great day. 

  On 1/19/2016 at 3:06 AM, VW0619 said:

hv a question, if you happend to secure a coe say $35k, does it deduct automatically from your bank account? if not, how and when must you pay up the coe fee?

 

The answer is no, they won't deduct immediately.  Upon application at ATM, you have to pay a deposit of $10K.

 

Thereafter, if you get the COE, the rest of the payment is due when you register the car with LTA.  You have 6 months to register. 

 

If you don't win the COE, then they will refund the $10K, probably quite quickly. 

[AthlicSky]

  On 1/19/2016 at 5:08 AM, Boringchap said:

Oh wow!  I never expected this post to garner so much attention and my youtube video has hit 350 views since posting it last night.  Not bad.  Anyway, this shows how much interest there is in COE and bidding.  I learnt a lot reading through the posts, thanks. 

 

I decided to put this up on my blog as well - http://guitar123foodandtravel.blogspot.sg/2016/01/coe-bidding-do-it-yourself-my-experience.html

 

For now, let me wait for the COE results.  If I get a COE, then we will go car shopping.  If not, I will try again.  Cheers everybody and have a great day. 

 

The answer is no, they won't deduct immediately.  Upon application at ATM, you have to pay a deposit of $10K.

 

Thereafter, if you get the COE, the rest of the payment is due when you register the car with LTA.  You have 6 months to register. 

 

If you don't win the COE, then they will refund the $10K, probably quite quickly. 

 

the next day you will get your 10k back (Thursday). this part is super efficient, thumbs up to LTA.

Edited January 19, 2016 by AthlicSky

[Fruit-tart]

Its like so fun to self bid for coe..hahaha...so interesting...but TS one shot bid 38k..hahahaha.. i bid max only 500 bucks so far...lol.. hope TS get his/her coe.. *cheers*!! :)

[Chrispie]

I don't quite understand what is the coe rebate part..

 

Say altis at 100k, rebate at 40k coe.

 

So if u bring your own coe, the car price bm will sell to you is at 60k is it?

 

But if you secured your coe at 45k,won't u end up paying more at 60+45k?

[Galantspeedz]

  On 1/19/2016 at 2:47 AM, kennytansk said:

Any members or on-lookers here from CASE?

 

Remembered sometime back when oil prices shoot to $2.40+ and they came out to control the "profiteering" from the big oil co.

 

Now with the oil prices so low how can our pump prices still so high and not coming down in tandem? 

Also on the COE drop and car prices NO drop or smaller than COE dip, differential issue?

 

Can we file these 2 matters to CASE to take action?

 

Nowadays seems not much "noise" issue raised by them. Complacency or All's well and dandy??? Everyone's happy with it?

edited

 

Edited January 19, 2016 by Galantspeedz

[BenTong]

  On 1/19/2016 at 3:01 AM, Luckcent said:

You forgot the 70% preferred them to do what they want.

 

Oi don't bring politics into this discussion la.

[Wondertree]

  On 1/19/2016 at 7:29 AM, Chrispie said:

I don't quite understand what is the coe rebate part..

 

Say altis at 100k, rebate at 40k coe.

 

So if u bring your own coe, the car price bm will sell to you is at 60k is it?

 

But if you secured your coe at 45k,won't u end up paying more at 60+45k?

 

That's pretty much the case. The price tag of 100k is always worst case scenario of let's say 50k coe. Any lower between 50k to 40k considered bonus to dealer. 

 

So given that you have your own coe and basically ripped them off their shot at a potential bonus, of course they dulan and chop whoever walks in with coe..

[Chrispie]

  On 1/19/2016 at 7:51 AM, Wondertree said:

That's pretty much the case. The price tag of 100k is always worst case scenario of let's say 50k coe. Any lower between 50k to 40k considered bonus to dealer. 

 

So given that you have your own coe and basically ripped them off their shot at a potential bonus, of course they dulan and chop whoever walks in with coe..

 

 

wah lao...

 

then it makes very little sense to bid your own COE.

 

I always thought that if you have your own COE, they will just charge you basic car price plus their premium (intended profit margin), and Not list price minus COE rebate,

 

seriously.. damn chao (smelly). 

[Wondertree]

  On 1/19/2016 at 7:55 AM, Chrispie said:

wah lao...

 

then it makes very little sense to bid your own COE.

 

I always thought that if you have your own COE, they will just charge you basic car price plus their premium (intended profit margin), and Not list price minus COE rebate,

 

seriously.. damn chao (smelly). 

 

yea.. unless the bidding pulled a black swan and we secure own coe at a very low amount. then can confidently walk in any showroom 

[Kangadrool]

Most of our government organisations are quite efficient especially concerning $$$

 

Now, I don't mean to suan them.

 

You name it, COE bidding refunds, HDB carpark refunds..., you get it back very fast.

 

This is not something you can with private enterprises like car insurance, car booking deposits, etc. You need to spend a lot of time chasing, exhausting your energy and time before you see something is done which is most likely after 2 months.

 

 

  On 1/19/2016 at 6:19 AM, AthlicSky said:

the next day you will get your 10k back (Thursday). this part is super efficient, thumbs up to LTA.

 

[Fruit-tart]

  On 1/19/2016 at 7:55 AM, Chrispie said:

wah lao...

 

then it makes very little sense to bid your own COE.

 

I always thought that if you have your own COE, they will just charge you basic car price plus their premium (intended profit margin), and Not list price minus COE rebate,

 

seriously.. damn chao (smelly).

Should be: it makes alot of sense to bid own coe.. some dealers wont charge extra if u self bid... if let dealers bid, its at their advantage, n they of cuz will bid at whatever price as long as their advantage. Eventhough coe drop, dealers benefit. If coe rise, they ask consumers topup... so self bid coe best..lol..

[Zeally]

  On 1/19/2016 at 8:38 AM, Fruit-tart said:

Should be: it makes alot of sense to bid own coe.. some dealers wont charge extra if u self bid... if let dealers bid, its at their advantage, n they of cuz will bid at whatever price as long as their advantage. Eventhough coe drop, dealers benefit. If coe rise, they ask consumers topup... so self bid coe best..lol..

 

Terrible logic with only 20% truth.

 

1. True that dealers won't charge extra. (they already charge selling price - coe rebate) why do they even need to charge more? Maximum profit regardless of coe fluctuations.

    **Disclaimer: Some AD actually charge slightly better (I only know one) but... a small different like selling price - rebate - 1k

 

2. False that dealers bid whatever price they want. Dealers won't anyhow bid. Their objective is to make decent profit. Car will only sell if they secure COE, so won't bid too low. But bid too high, can't profit at all. 

 

3. False regarding top-up. All consumers must sign on the dotted line with care. If dealer offer guaranteed COE without top-up, then it means no top-up whether price up or down. If COE drop, dealer benefit? Yes. Who ask consumer to sign so early? If COE up, then customer gained isn't? All top-up cases is either done by rogue dealers or dumb consumers who didn't read carefully. For non-guaranteed, many SE will say, next round sure get... believe their words and you are doom-ed. Saying those words doesn't cost them a cent. They can take 3 months to bid and finally return back your deposit after 3 months without a car. So end up, wasted 6 months. So its a gamble on consumer part anyway, accept it if you didn't win.

 

Conclusion. Self-bid COE only helpful if you managed to secure a unexpectedly low COE like the recent 45k. but even so, the benefit is so lasted as COE supply are ramped up. Can consider putting in 30k COE for both CAT after May for good chance of securing.

[BenTong]

  On 1/19/2016 at 7:55 AM, Chrispie said:

wah lao...

 

then it makes very little sense to bid your own COE.

 

I always thought that if you have your own COE, they will just charge you basic car price plus their premium (intended profit margin), and Not list price minus COE rebate,

 

seriously.. damn chao (smelly).

No la. They need their commission. From their perspective the person who bring in his/her own also smells

[Yeobt]

  On 1/19/2016 at 2:36 AM, Jellandross said:

It looks like the ADs are using the COE as a hidden mechanism to squeeze more profit from customers right? When COE goes up 5K, selling price increase by same amt. But when COE drop 5K, maybe selling price drop only 1K for the same car model. I'm not an expert in auto industry but this legal way of profiteering looks pretty obvious to me.

 

 

learnt from our govt. (like prices for gas and power)  

[Chrispie]

  On 1/19/2016 at 8:38 AM, Fruit-tart said:

Should be: it makes alot of sense to bid own coe.. some dealers wont charge extra if u self bid... if let dealers bid, its at their advantage, n they of cuz will bid at whatever price as long as their advantage. Eventhough coe drop, dealers benefit. If coe rise, they ask consumers topup... so self bid coe best..lol..

Like what was discussed earlier.. You might end up paying more unless you find a dealer that will support your deal.

 

But chances are, you end up having to compromise on your choice of car. Maybe in the end only Cherry QQ dealer will help you since they might be very hard up for some profit.

  On 1/19/2016 at 9:28 AM, BenTong said:

No la. They need their commission. From their perspective the person who bring in his/her own also smells

I get it that they need to profit. But if charge basic car price plus the mark up they usually charge, it's fair to both parties already. Isn't it?

[BenTong]

  On 1/19/2016 at 9:30 AM, Chrispie said:

Like what was discussed earlier.. You might end up paying more unless you find a dealer that will support your deal.

 

But chances are, you end up having to compromise on your choice of car. Maybe in the end only Cherry QQ dealer will help you since they might be very hard up for some profit.

I get it that they need to profit. But if charge basic car price plus the mark up they usually charge, it's fair to both parties already. Isn't it?

you are right so are they