Wednesday, February 4, 2009
Bid for your own COE
The bidding exercises are conducted from Monday noon to Wednesday 4pm on the first and third Mondays each month. Bids can be submitted through the DBS/POSB ATMs, Citibank Internet Banking facility or via OCBC and Citibank phone banking services. Remember that you need to have $10,000 in your banking account for the deposit and will also incur a banking service charge.
During the bidding exercise, you can check on the status of the bids and revise the reserve price using these banks' services, the LTA Open Bidding website (http://ocoe.lta.gov.sg/), or by calling the LTA Open Bidding Phone System at telephone number: 6362 1465.
The rest of us can watch the bidding on the One.motoring website (http://www.onemotoring.com.sg) or on Teletext (pages 521-523).
Why bid for your own COE? You are in total control over how much to pay and do not get yourself into conflict over COE rebate with the dealer. However, you should visit the showrooms of those makes that you are interested in buying so as to know the selling price, COE rebate, etc. Upon a successful bid, you have up to six months to bargain and negotiate for the best deal with either the Authorized Distributors/Dealers or Parallel Importers on the car of your choice. You should take note of which COE category (A or B) does your preferred make and model belong to bid for the right certificate.
The best recommended option is to use either the Citibank Internet Banking or the Phone Banking since you can revise your reserve bid price from the comfort of your office or home. It is certainly a pain to miss getting the COE by just a small quantum - example is that you are willing to pay $500 and put in your reserve bid price accordingly. At 3:55pm, the quota premium is bidded up to $510 and with little time left, the winning bid will not be much higher. Thus, you can raise your bid to $600 and secure your COE in the current bidding exercise rather to wait till the next exercise.
Good luck and may you win your bid!
Related posts: Cheaper to Bid?, Lucky Bid Price