Today is an exciting day for many car-buyers. In the previous COE bid, the price for Cat A fell almost 50% to $8118. Car prices fell across the board, resulting in a sudden rush for the car purchases (myself included).
I was told that one can see the latest COE bid price on the LTA website, so I went in to check it out in the morning. As the number of bidders were lower than the quota, price stayed at $1. Then at 12pm, the quota was breached, and so starts the excitement. Price? $15000+. That was rather expected, if the rumours were true, that last COE price fall was due to a system glitch rather than genuine fall of demand.
But the price did not stop there. It kept going up, and up, until it went past $16000 at around 2pm. At around 3pm, it hit $17000. I told myself to prepare for the worst, that I wasn't going to get the COE bid for this round. Indeed, my car agent SMSed me that it's unlikely to get it due to the steep increase. I then informed my wife about the news and told her to wait for another 2 weeks.
Then, 5 minutes before the bid ends, my agent called me. I answered quickly and he informed me that his boss has just topped up the COE to ensure that the customers get the COE this round, even though it meant a loss. True or not, I'm just happy that Alpine Motors went the extra mile to reach a win-win situation: customers get the cars and the dealer gets more cars registered for the month.
Cat A for this round: $17,999, almost a $10,000 jump from the last round, and $1000 from the previous. Over 1000 bidders were not successful in the COE bid, one of the highest rejections in months.
Actually, the LTA website, OneMotoring.com.sg, is really an informative portal for car owners. Not only you can check your car value, you can also check the car plates available for bidding, check the car plate number range that are to be assigned if you register now. It also contains a lot of historical data including the number of cars registered according to models. And it seems Toyota is the number 1 car seller with almost twice as many cars sold for the year 2006 against the second-place Honda. As for Chevrolet, it was 11th top-selling brand in 2006. and my dad's Opel is one niche brand with an average of just 200 cars sold per year.
I'm quite glad that I do not have to go through all these anxiety again in 2 weeks time, or for the next few years.