COE for beginners

COE for beginners

BEFORE you buy a car in Singapore, you need to have a Certificate of Entitlement (COE) to do so.

And because there are various ways of securing a COE, it means the car buyer can choose between different ways to buy a car.

You can go with any of the packages offered by car dealers, or obtain a COE yourself. And it can mean that different buyers pay different prices for the same car.

These are the main choices for buyers.

1. Get your new car right away

MOST dealers have an 'immediate delivery' deal, which means they will use an Open Category COE, rather than a COE from the car's rightful category.

This means that if there's a car available in your choice of colour, you just sign on the dotted line and get it as soon as the documentation is done and the number plate is ready.

The attraction: No need to wait. And since Open Category COEs are valid for only three months, dealers will sweeten the deal if the expiry date draws near for COEs they have in hand.

The downside: You may collect less of a rebate when you scrap the car. This is because the 'leftover' value of an Open COE will not be based on its price, but on the price of the COE for the car's rightful category, if the latter is lower.

For example, you use a $12,000 Open Category COE to buy a 1.6-litre car when the COE for 1.6-litre cars in the same tender is $5,000. If you scrap the car by the fifth year, you get back $2,500 in unused COE, not half the price of the Open Category COE.

Offers: Practically every dealer has Open COEs for urgent registrations. The deals for cars packaged with an Open COE can be anywhere from among the priciest to the cheapest.

2. Get your new car within six weeks

THE dealer guarantees that he will get you a COE within two tenders - that's normally four weeks, because bidding is done fortnightly.

The attractions: Aside from the Immediate Delivery deal, this is the fastest, surest way to get your car. Also, you get the rightful COE for your car, not an Open Category one. If stock is available, you get your car within six weeks.

The downside: This is pricey. To secure that guaranteed COE, dealers bid more aggressively. Some sales contracts may say that if the seller fails to get the correct-category COE for your car, he will use an Open Category COE instead. If you are not agreeable, tell the dealer from the start.

Offers: Most dealers offer this. If you are buying a high-end car like a Porsche or a Jaguar, this is the default deal.

For mass market cars, the guaranteed deal also comes with the highest rebate level, which matters if the COE price falls. The higher the rebate level, the better your chance of getting some money back if COE prices fall.

3. Wait for the right-price COE

THE dealer offers to keep trying to get you a COE at the price you're prepared to pay. So a package deal may say that the dealer will bid four or six times in successive COE tenders to get you your COE.

The attraction: It is cheaper than other package deals, and that's why this is popular with buyers who are prepared to wait. If COE prices go down, you could save money.

Reputable distributors of top brands will almost always land a COE - even if they tell you there's no guarantee. If all goes well, you get your car within four months, often sooner.

The downside: If the dealer does not get your COE after six bids - and that means three months - things become uncertain. COE prices may stay beyond your reach, and you end up waiting longer. Or, along the way, you may start feeling anxious and agree to fork out more money to top up the price of your package and secure the COE.

Also, some dealers may not start bidding right away as you expect. They do so only in the fourth to sixth rounds. It means you wait. So it may be wise to hold on to your current set of wheels if you choose this deal.

Also, rebate levels tend to be low for multiple bidding packages. So if COE prices fall, this deal does not offer the best money-back promise.

Offers: Dealers of most popular brands offer this package. The premium marques avoid this because their customers mostly do not want to wait. Not all dealers ask buyers to top up the package price if COE prices keep rising. Among them:

Borneo Motors (Toyota), Kah Motor (Honda), Performance Motors (BMW), and high-end marques like Jaguar, Porsche and Bentley. Parallel importer Richburg Motors also does not ask for top-ups.

4. Do it yourself

YOU get yourself a COE, and then shop for your car. Very few buyers - an estimated 1 per cent - do it this way, even though the process is easy enough.

You can bid for a COE at an ATM, as long as you have $10,000 in your bank balance. This method works best for people who do their homework and track COE price changes, and want to make sure they pay the price they are willing to pay.

The attraction: If you are savvy enough, you can land yourself a cheap COE. No worrying over whether the dealer will give you money back if the COE price falls, or ask for a top-up if prices rise. Some people who are not in a hurry keep bidding very low amounts repeatedly and sometimes get lucky when the COE price plunges. It feels like winning a lottery, they say.

The downside: Dealers set different prices for cars sold to buyers with their own COE and those who take one of the package deals. The difference is not a simple matter of deducting the COE price from the package deal price. Sellers of less popular cars are more open to negotiation on this front.

If you are not familiar with COE trends, you might waste time and effort trying to get a COE the DIY way. There is no advantage if COE prices are creeping upwards. It is worthwhile only if you see prices sliding.

Offers: Most dealers will sell you a car if you turn up with your own COE. But don't expect the best price, especially from sellers of popular brands. The reason: They give priority to releasing stock to customers with a package deal.

Before starting on your DIY journey, shop around, check prices and waiting time for delivery. Your COE is valid for six months before it expires.

COE BIDDING PROCESS OPEN AND TRANSPARENT: LTA

THIS is what Land Transport Authority director Maria Choy says about the COE bidding system:

"Vehicle buyers can bid for the COE themselves or buy it as part of a package deal offered by the motor dealer.

"Many vehicle buyers opt for package deals for convenience and also because dealers compete to offer attractive terms and financing arrangements as part of the package.

"If vehicle buyers feel that motor dealers are not offering them a fair package, they can bid for COEs on their own. The COE Open Bidding System was designed specifically to ensure that individuals are not at a disadvantage when they do so.

"There are many avenues to submit a COE bid. DBS/POSB account holders can use the ATMs, while Citibank and UOB customers may use the banks' Internet banking facilities, and Citibank and OCBC customers may go though phone banking.

"The bidding process is open and transparent. Bidders can see the going COE price, number of bids received and the status of their bids through their banks' systems, LTA's OCOE website, one.motoring and Teletext. The prices are adjusted on a real-time basis, according to the bids received.

"If a bidder finds that he has been outbidded, that is, his bid is below the going COE price, he may increase his bid, through LTA?s OCOE website or through the facilities of participating banks.

"Bidders can decide to drop out if they feel that the quota premium is higher than what they are prepared to pay. Unsuccessful bidders receive their deposits in their bank accounts the following day.

"All successful bidders pay a uniform price for the COE, based on the lowest successful bid. Therefore, an individual can bid exactly as high or as low as he wishes, without regretting it later, or accidentally paying too much if he succeeds. This is in contrast to a 'pay-as-you-bid' tender system, in which bidders are more likely to over-estimate the value of the COE, and thus end up over-paying.

"Once a bidder has successfully secured a COE, he can purchase a vehicle from a motor dealer."

COE system kicked off in 1990

NOWHERE else in the world does it work like this. Before you buy a car in Singapore, you have to get yourself a certificate that entitles you to make the purchase.

It is all about controlling the number of cars on the road, so that traffic keeps moving.

Instead of continually raising taxes to discourage vehicle buyers, Singapore sets a quota on the number of vehicles that can be put on the road at any time, and then leaves it to market forces via a fortnightly auction of COEs - certificates of entitlement to buy a vehicle.

Five categories of COEs are available: two for passenger cars, one each for motorcycles and commercial vehicles, and an Open category COE that can be used to buy any vehicle but is mainly used for cars.

Bidding for a COE can be done by motor dealers, or buyers can do it themselves. Nine out of 10 buyers let the motor dealers bid for their COE.

The number of COEs released every fortnight is fixed before the start of a quota year in April. The supply is adjusted in October, if necessary.

From all bids received, the lowest successful bid in a tender is the price everyone in the same category pays.

So if there are 100 COEs available in a category, and bidders make bids from anything between $1 and $50,000, the 100th successful bid from the top becomes the COE price.

Car COEs have ranged from as low as $50 in December 1997 to as high as $110,500 in November 1994. Currently, they hover around $14,000.

This is a history of the scheme:

May 1, 1990: The Government implements the Vehicle Quota or COE System, with the promise of reductions in other car taxes. There were as many as eight categories at first.

Nov 1, 1990: Reduction of the Additional Registration Fee (ARF) for cars, from 175 to 160 per cent of Open Market Value (OMV), or roughly their cost price.

Feb 1, 1991: Further reduction of ARF for cars, from 160 to 150 per cent of OMV

Sept 1, 1991: Car and motorbike COEs are made non-transferable. Commercial vehicle COEs and Open COEs remain transferable.

Feb 20, 1995: Residual value of COE for vehicles registered using Open COEs to be based on COE of the vehicle's rightful category - if it was lower.

Residual value of COE for vehicles deregistered within two years after registration for export is capped at 80 per cent of premium. These are to discourage speculation in Open COEs.

Nov 1, 1995: Introduction of the electronic COE bidding system.

April 1, 1998: ARF for cars reduced further, from 150 to 140 per cent of OMV. Registration fee for cars also reduced from $1,000 to $140.

May 1, 1999: Annual COE supply formula revised. A mid-year adjustment for any huge under or over-supply is also introduced. Also, four car COE categories are merged to become two.

April 1, 2002: Launch of the Open Bidding System, which allows bidders to see the going rate 'live', so they do not bid blindly. Before this, bidders could not see what others were bidding. ARF currently stands at 110 per cent of OMV.

-from Land Transport Authority

OMG OMG OMG!

best xmas present so far!

iPHONE 4!!!

din know my mum can be so generous...lol~

Grandmaster Yip Man - Sil Lim Tao, Chum Kiu, Biu Zhi

Wing Chun 3 basic forms

随缘-太极张三丰

刀光劍影 不是我門派 天空開闊自有我風采

雙手一推 非黑也非白 不好也不壞

沒有勝又何來敗 沒有去那有來

手中無劍心中無爭 才是我胸懷

隨月而去乘風而來 才是我胸懷

唇槍舌劍 不合我姿態 天空開闊才是我風采

雙手一推 非曲也非直 不好也不壞

沒有勝又何來敗 沒有動那有靜

手中無劍心中無爭 才是我胸懷

隨月而去乘風而來 才是我胸懷

Why Winners Win and Losers Lose

Winners VS Losers

-from the blog Marc and Angel Life Hack

1 Year Lo!!!! ALL HAIL L.E.A!!!

I still remember 1 year ago the excitement, anxiety, hope and pride I felt as I stepped into the EY training room for the first time.

Many familiar faces but even more unfamiliar ones.

I always believe that those who chose this line is not here by chance. Knowing very well the sacrfices and agony one might have to endure...yet this brave group stick to their beliefs whatever they may be.

This 1 year had been a humbling experience but I definitely had fun. Although there are times that are so frustrating and scary, I am glad I have a strong network of friends to tide me through those dark hours and also share the sunshine together!

Looking forward, I hope the subsequent years will only become better and better.

Finally, let us all hail this League of Extraordinary Auditors!

Preserved it...

I keep my office cold. Just because my dreams have died doesnt mean they shouldnt be well preserved.

- HJC

Need Vs. Want

Tit: My iPhone’s screen is too small.
Tat: So?
Tit: I need an iPad!
Tat: When did you realise this?
Tit: When iPad was launched!
Tat: So, you didn’t need it before?
Tit: Er…
Tat: A ‘need’ that comes from comparison is usually a ‘want’!

- from The Daily Enlightenment

Words of encouragement from a friend

"Do not give up until you succeed or till someone else does"

- CCD

Go ahead and gamble if...

Go ahead and gamble if 3 conditions are met,

1.) You have the necessary skills
2.) You have the luck
3.) There are suckers at the other end

Once these 3 conditions are met, winning is almost certain

Every Light Cast A Shadow

One of the greatest lessons we get to learn in life is that we are often attracted to a bright light in another person. Initially, this light is all we see. It’s so bright and beautiful. But after awhile, as our eyes adjust, we notice that this light is accompanied by a shadow – and usually a fairly large one.

When we see this shadow, we have two choices: We can either shine our own light on the shadow or we can run from it and continue searching for a shadowless light.

If we decide to run from the shadow, we must also run from the light that created it. And we soon find out that our light is the only light illuminating the space around us. Then, at some point, as we look closer at our own light, we notice something out of the ordinary. Our light is casting a shadow too. And our shadow is a bigger and darker than some of the other shadows we’ve seen.

If, on the other hand, instead of running from the shadow, we decide to walk towards it, something amazing happens. We inadvertently cast our own light on the shadow, and likewise, the light that created this shadow casts its light on ours. Suddenly, both shadows begin to disappear. Not completely, of course, but every the part of the two shadows that are touched by the other person’s light illuminate and disappear.

And as a result, we each find more of that bright beautiful light in the other person – which is precisely what we have been searching for all along.

- from 1 of Marc and Angel Life Hack blog entry

Hong Kong Here I Come!

My long awaited leave has finally come!

Will be going to Hong Kong with some gd friends in less than 36 hours!

After 8 months of hard work...I am going to have a gd rest this 2 weeks.

Think its also time to take a look at what I have did in the past 8 months and consolidate what I have learnt and what I need to improve on.

Thats all for now...time to do some packing =)

詠春 小念頭

Part 1
Part 2
Part 3
Part 4
Part 5
Part 6
Part 7

UnTitled

善知识，今发四弘 愿了，更与善知识授无相三归依戒。
善知识，归依觉，两足尊。归依正，离欲尊。归依净， 众中尊。
从今日起，称觉为师，更不归依邪魔外道。以自性三宝常自证明。劝善知识，归依自性三宝。
佛者，觉也。法者，正也。僧者，净也。
自心归依觉，邪迷不 生，少欲知 足，能离财色，名两足尊。
自心归依正，念念无邪见，以无邪见故，即无人我贡高贪爱执著，名离欲尊。
自心归依净，一切尘劳爱欲境界，自 性皆不染 著，名众中尊。
若修此行，是自归依。凡夫不会，从日至夜，受三归戒。若言归依佛，佛在何处？若不见佛，凭何所归？ 言却成妄。善知识，各自观察，莫错用心。经文分明言自归依佛，不言归依他佛。自佛不归，无所依处。今既自悟，各须归依自心三宝。内调 心性，外敬他人，是自归依也。

-六祖坛经第六品(忏悔)

A weekend well spent!

It was a weekend well spent.

Looking at them....I am grateful for what I am and what I have today....

Looking at them....I felt angry for what nature has done to them....

Looking at them.... I was touched by their effort to live like any others....


"Do not let others do what you can do for yourself"

-someone

Who stands in your way?

Just because people treat you
like a villain, or an ogre or just some loser
doesn’t mean you are one.

What matters most
is what you think
of yourself.

If there’s something you really want,
or someone you want to be,
the only person standing in your way is you.

- Arty in Shrek 3

when its time to go...

kid: doc..why do you smoke? isnt it bad for health?
doc: kid....i have seen enough cases...when its time to go.....its time to go..
kid: ...

-contributed by LHJ

*INSPIRED*

today i am really inspired by 2 ppl ...

one make the extra effort to make life much much easier for others....all the while maintaining her cheerfulness and grace

the other sacrfifice his own time to guide the lost one back on track.....doing so with such wit and patience

...

these are the people that motivates me to become better and to believe that there is still fun regardless of how stressful the situation is

...

RESPECT!

=)

"just quit la..."
............
"this is inhumane..."
.........
"no life leh...."
............
"you are so stupid to persist in this...."
..............
"dun act as if you are very determined...."


I only know that since I have made a choice...I shall stick to it
because this is how I thought it should be

Some may say that it is stupid to persist in something which one know its not the best decision made in the first place.................but is that really so?....

wise or stupid.......always changing

if one is to constantly seek out a better choice, will there be an end to it?
always looking for a better job...
always looking for a better spouse...
always looking for a better deal...
always looking for a better life...

always assuming that there is a better one out there....never believing in making effort to create the best from whatever there is

and so...

always looking...but forever missing the point....which is NOW

in now there is no good or bad...it just is
in now there is no hope or despair...there is only 1 breathe at a time
in now there is no room for nonsense...there is only 1 task at a time



Just want to remind myself that no one is really right or wrong...
there is no need to put too much emphasis on that bullshit...
just let go and flow...

silly?....but difficult....yet possible


=)

Advice from Uncle Ben and Aunt May

Uncle Ben: Peter… you’ve never been in a fight in your entire life.
Peter: So. Have you?
Uncle Ben: A few times.
Peter: Bet you were a regular Bruce Willis, huh? Kicking butt and taking names.
Uncle Ben: I was a young idiot who learned the hard way that violence is a dead end.
Peter: What do you mean?
Uncle Ben: Peter… these stories are for fun. A way for me to put my troubles aside and spend a few hours in fantasyland. But is the real world? The world we have to deal with every day? It’s nothing like what you see in the movies. Being a hero isn’t about punching someone or blowing up the bad guy. It isn’t about revenge – or who’s got the biggest muscles. It’s about putting other people first. About trying – even when you know… that you’re going to fail. Most of all it’s about doing the right thing – no matter what anyone else thinks.



Peter: Aunt May… What’s fear?
Aunt May: That’s a big question, Peter. Fear is a lot of things. Sometimes, it’s a protective mechanism that keeps us safe from danger. Other times, it paralyzes us – keeps us from moving ahead with our lives. People often feel fear for their lives, or for loved ones. Sometimes those fears are rational, sometimes not. It’s hard to face your fears… but sometimes, you must. Then, you can be at peace with them.

time for some reflection (2)

6 months lo!!

time flies...

this 6 months have been an interesting one

get to interact with many people from different walks of life...from toilet cleaner to the head of a company....

saw many different faces....some angelic...some demonic

sometimes everything seems so meaningful but sometimes all seem nonsensical

some days i feel so motivated yet some day i feel so dejected

one thing for sure ...

the road ahead is long...

so let me discard all the nonsense and move forward 1 step at a time!

the Will and the Word

...gather the will....speak the word...and all shall be done

sad....

everthing seems different now...

so sad...

how long more...

Rainbow Camp 2009

first meeting today

turn out rate was better than expected

lets see what will come out from all these =)

its a Projection and not a Reflection

"...opinions, perceptions, judegments of others on us are most of the time projections of the concerns and character weakness of those giving the input rather than a reflection of us..."

-somewhere

Impressed!

The ability to handle large amount of data and turn them into useful information is a valuable skill!

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Decision Making

Life is filled with times when we have to make decisions.
Very often, many hesitate when the need arises due to fear of making a bad one.

The fear of making a bad decision arises from the reluctance to face the consequences.

However...

The important thing is not how good or bad a decision is....but whether any decision is made at all. We paused to think only when there are incoming evidence that could assist us in making a better decision.

So let us not fear the consequences....instead...we should make the best effort to follow through our decisions.

Life has always been such....isnt it?....not knowing what lies ahead...put in the best effort and see where we end up.....for every day is a new hope!

Its the time of the year again!

LETS GET INTO THE HUAT CHOY SPIRIT!

WHOLE LOT HUAT AR!!!!!

Funeral Blues - Stop All the Clocks

Stop all the clocks, cut off the telephone,
Prevent the dog from barking with a juicy bone,
Silence the pianos and with muffled drum
Bring out the coffin, let the mourners come.

Let aeroplanes circle moaning overhead
Scribbling on the sky the message He is Dead.
Put crepe bows round the white necks of the public doves,
Let the traffic policemen wear black cotton gloves.

He was my North, my South, my East and West,
My working week and my Sunday rest,
My noon, my midnight, my talk, my song;
I thought that love would last forever: I was wrong.

The stars are not wanted now; put out every one,
Pack up the moon and dismantle the sun,
Pour away the ocean and sweep up the woods;
For nothing now can ever come to any good.

- W.H.Auden

委屈...

sometimes some ppl just have the aura to make others feel bad...
sometimes some position does not allow you to speak freely...
sometimes you just feel like letting it all go and dont give a damn anymore...

but this is only sometimes...

most of the time, there are still nice ppl ard...nice happenings...

so.....

FORWARD MARCH! let the rotten stay behind and rot!

another parting...

had a farewell dinner for a friend today...
happy and sad ...

sad because,

is one of the first few friends i made in EY...
time together may be short but have been through quite a bit as a team...
always friendly and showing concern for others...

happy because,

has found a direction in life...
has found the courage to work towards it...



All the best to you , my friend...
May you fare well in whatever you do

The 3 Magic Phrase

These 3 magic phrase strung together with a genuine level of sincerity can work miracles,

"I am sorry"

"I was wrong"

"It was my fault"

- adapted from a book

Developing Basic Trust

Having basic trust is about allowing our life to flow gently down the stream.
Trust that whatever happens to us is exactly what is suppose to happen.
Things may not be good but trust that it is necessary, due to past actions.
It doesnt matter how bad something is, trust that it will eventually pass.

- adapted from a book