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What are the essential facts you need to know should you choose to purchase COE or COE renewal on your own? A step-by-step guide.
Category: Car Buying Advice
For most drivers, bidding for a Certificate of Entitlement (COE) can be one of the most stressful processes ever. This guide will walk you through the process of submitting, enquiring, and revising your COE bids, as well as the renewal of your COE.
5 things to know before bidding for COE
The purpose of the COE system is to control the growth of Singapore's vehicle population by limiting the number of COEs available annually. With a valid COE, you can drive your car on the roads for 10 years before deciding to deregister it or continue with a COE renewal.
1. There are two bidding exercises a month
The Land Transport Authority (LTA) holds two Open Bidding exercises a month on its website. Before any exercise, the bidding period, and the number of COEs available for each category will be announced online as well.
The bidding starts on the 1st and 3rd Monday of the month (12pm) and ends on Wednesday (4pm) of the same week, given that there is no public holiday in between.
2. Not all banks participate in the COE bidding process
Currently, drivers can bid for their COEs at an ATM with any of these three partner banks: DBS, POSB and Maybank. Ensure that you have an account with any of these three banks and that there are sufficient funds for the bid deposit and administration fees.
3. Companies can bid for COEs too
Non-individual bidders include drivers who place COE bids under the name of an organisation, company, business, club or association. To place a bid, non-individual bidders can do so through Internet banking with any of these three banks: DBS, UOB and Maybank. It is important to note that any COEs awarded to non-individuals are non-transferrable, no matter the category that it belongs to.
4. There is a limit to the number of bids you can place in one exercise
For individual bidders, only one bid is allowed in each exercise, whereas non-individual bidders are permitted to place more than one bid in each exercise.
5. Know which category you are bidding for
Under the Vehicle Quota System (VQS), there are five COE categories for all vehicles in Singapore.
|Category A||Cars up to 1,600cc & 97kW (130bhp)|
|Category B||Cars above 1,600cc or 97kW (130bhp)|
|Category C||Goods vehicle and bus|
|Category E||Open (all categories except motorcycle)|
COEs awarded in Categories C, and E are transferable if you bid for them as an individual, while COEs in Categories A, B and D are non-transferable at all.
How to bid for COE
- Prepare the necessary information
The administration fees range from $2 to $10, depending on the respective banks.
|A, B, C, E||$10,000|
- Indicate reserve price
If the current COE price exceeds your reserve price, you must revise your bid or else you will not be in the running for a COE.
- Receive acknowledgement code
Every time you adjust or submit a COE bid, you will receive a 6-digit acknowledgement code, which you will use to enquire about your current bid or make a revision.
Enquiring about your bid
Throughout the bidding process, you can check on your bid status through two different methods.
Individuals can check through LTA's Open Bidding website. You will need to enter your bank account ID and the latest acknowledgement code.
There will be two vital pieces of information you need to note - the current bid price and your bid status.
'Out-bid' means your current bid is no longer in the running.
'Accepted' means that you are still in the running for the COE.
Non-individuals can check through the LTA Open Bidding website or on the Internet banking platform of their corresponding bank. Enquiries made through Internet banking can only be made by directly contacting the bank.
Revising your bid
If you decide to revise your bid, you can do so anytime during the bidding period. Revisions of bids must be in multiples of S$1 and can only be revised upwards. Bid revisions and bid submissions go through the same facilities.
For every successful revision, the bank will impose an administrative fee. If you revised your bid through the LTA's Open Bidding Website, you would make payment for the administration fee during vehicle registration or COE transfer, whichever is earlier.
While there is no limit on the number of revisions, drivers are highly encouraged to submit the maximum amount they are willing to pay for the COE to avoid frequent revisions.