Find Out More about the COE Bidding Exercise

By: MoneyMax01 comments

If you are looking to register a vehicle, you must first bid for a certificate of entitlement (COE). During the open bidding exercises conducted twice a month, you can bid for a COE. But how should one strategise to bid for COE and optimise his spending? Find out more by reading on!

LTA will announce the vehicle quota of COEs available for each category, before the start of each COE bidding exercise. You can register a vehicle and use it for 10 years when you secure a COE from the bidding exercise.

Open Bidding Exercises

BCOE Bidding exercises usually start at 12 pm on the first and third Monday of the month, and last for 3 working days. The exercises end in the same week, at 4 pm on Wednesday, if there is no public holiday in between.

See the results for past bidding exercises at https://www.lta.gov.sg/content/ltaweb/en/publications-and-research.html.

COE Bidding Procedure

How should one start to bid for a COE? Learn more by reading our step-by-step instruction manual.

1. Sufficient Funds In Your Bank Account

Ensure that there are sufficient funds in your bank account for the bid deposit and administration fee charged by the bank (this usually ranges from $2 to $10 depending on the respective banks) before joining the COE bidding exercise. The bid deposit for each vehicle category is as follows:

CategoryBid Deposit
A, B, C and E$10,000
D$200


2. Format of Bidder ID

Your ID used to bid for a COE can be in the following format:

Bidder ID typeSample ID Type
Singapore NRICS1234567D
Foreign Identification Number (FIN)F1234567D, G1234567D
ACRA No. (Business / Company registered under the Accounting & Corporate Regulatory Authority)198912345K, 51234567M
Unique Entity Number (UEN) (Other non-individual entities, e.g. Foreign Company, Association, Club, Organisation)T09FC4567X

It is important to submit your bid with the correct ID. If your bid is successful, the vehicle can only be registered under this ID.

3. Indicate your Reserve Price
Enter the maximum amount you are willing to pay for your COE. This is called your reserve price. The minimum reserve price is $1. When the Current COE price exceeds your reserve price, you must revise your bid, otherwise, you will be out of the running for a COE.

4. Pay Admin Fee and Bid Deposit
Once you have submitted your bid successfully, your bank automatically deducts the bid deposit and administration fee from your bank account.

5. Receive your Acknowledgement Code
You will receive a 6-digit Acknowledgement Code every time you successfully submit or revise your bid. You can use this code to enquire about your bid or revise it.

Where to submit your bid

There are 2 ways to submit your bid for COE — via DBS or POSB ATMs, or Internet banking services offered by DBS, UOB or Maybank. You must have a bank account with these banks to participate in the bidding exercise. You cannot submit a bid on behalf of others using your own bank account. You will know if your bid is successful when the bidding results are announced.

What happens at the end of the 10-year COE period?

At the end of the 10-year COE period, you can choose to deregister your vehicle or renew the COE by paying the Prevailing Quota Premium (PQP).  If you choose to deregister your vehicle before its COE expires, you may be eligible for rebates from the unused portion of your COE.

If you need a financial institute to renew your COE or further clarification about how to bid for COE, feel free to contact us.

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    […] renewal process to buying a brand new car. When you are one among them and are seeking to perform coe bidding, it is recommended for you to a few things. They are as […]

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