With the recent 2 cooling measures to curb the exorbitant COE prices, I have learnt more about COE bidding.
4 Participating Banks
There are 4 banks that each provide different means, for different audience, and charges different prices.
- DBS - $2 (ATM)
- OCBC - $10 (Call 1800 363 3333)
- UOB - $10 (Internet, Corporate customer only)
- Citibank - $10.70 (Internet, but will terminate on April 1, 2013)
Since Citibank will terminate and UOB is for corporate only, the individual is left with 2 traditional choices - DBS ATM or OCBC phone banking..
Most will use DBS ATM as it charges the lowest at $2 per bid.
There is a demo of how you bid.
COE bidding date
- 2 COE Open Bidding exercises in a month.
- Start on 1st Monday and 3rd Monday of the month at 12pm
- End on Wednesday in the same week at 4pm.
Sometimes, there are exceptions. For example with the 2 new measures, the bidding exercise is delayed by 1 week for both March and April. From May, it will resume as per normal.
Results - Live & Historical
The live result can be viewed on LTA website.
ST701 Cars provides a nice graph of COE trend every year from 2007-2012. Or sgcarmart to display trend in a 6 months period.
Still in the work, but I have a Python script that crawls the LTA website every minute during bidding. With that, you can see how biddings spike up in the last few minutes.
OMV: Open Market Value
You can find out about a car’s OMV from onemotoring.
I have also consolidated a Google Spreadsheet for 2012 OMV.
When you scrape your car..
When you scrape your car and deregister your COE, you will get 2 rebates:
- COE Rebate: Linearly calculated with the unused months
- PARF Rebate: Rebate a portion of ARF paid. 75% if below 5 years, thereafter % drops every year
Refer to onemotoring guide.
If you have any car related questions in Singapore, it is best to head over to MyCarForum.