Monday, November 10, 2008

COE Prediction - November 2008 2nd Bidding Exercise

The current economic state is not encouraging - Singapore in technical recession, DBS Bank will retench 900 employees, Las Vegas Sands' loan repayment difficulty and many others. The lack of positive news does not help to restore confidence. The pump price has even been adjusted down several times over the past few weeks.

I had gone for a test drive over the weekend and got a pleasant surprise that the offer can go below the printed list price. It seems orders are no longer rolling in and the sales folks need to meet their quota. I think demand will remain flat although there are some buyers who want to have a new ride for the Chinese New Year in January.

Is it a good time to buy? I would think so if your job is secured or your pocket is deep. Most important of all is that you have done your sums and feel comfortable with the purchase - do check out the tools on this blog to help in your analysis.

Prediction on November 10:
Category A: $9,000-10,000
Category B: $9,000-10,000

Verdict on November 19:
Category A: $2
Category B: $4,889

Note on November 19: There are 1,852 bids for the quota of 1,851 certificates. So my last-minute bid has driven up the COE by 100% from $1 to $2. Now I got to figure out what to do with the $2 certificate of entitlement...


~ said...
This comment has been removed by the author.
skxly said...

Category A certificate is non-transferable. The practice used some time ago is double-transfer i.e. register the new car with the COE bidder and then do the transfer of ownership (there is a fee to be incurred) shortly after. There is a 6-month period to register the vehicle with a successful bid.

~ said...

oh um, so i get it that i can't just get the coe from you?

skxly said...

Well, it is a rare opportunity to buy a car with a $2 COE and my current ride is over 6 years old, so I will use the certificate. I am just trying to decide which make and model to buy .....