The Rise in The COE Bidding Helps To Increase The Demand For Used Cars

For registering a vehicle, you need to bid for the Certificateof Entitlement (COE). It works according to the corresponding category. With successful bidding, you get the ownership right. The rights remain for ten years. The latest COE bidding took place in April 2021.

Due to the COVID situation, the COE is progressively increasing. The second Certificate of Entitlement shows the increasing trend that is affecting the car market. 

Category	Previous COE  (1st tender)	Current COE  (April) (2nd tender)
A - Car (1600cc & below)	$ 45,600	$ 49,640
B – Car (above 1600cc)	$ 52,309	$ 61,190
C - (Goods vehicle & Bus)	$ 36,134	$ 44,001
E – open all except Motorcycle	$ 52,200	$ 62,100

The surprising rise in the COE can help the car dealers and buyers to opt for the used vehicle. The new car is costlier than the used car. The buyer takes a vital decision while buyer cars.

Higher COE helps to increase demand for a used vehicle

The increase in the COE helps to increase the demand for selling the used car. The car owners can get a better option from the dealers to sell their used vehicles. The dealers are eager to sell the used to the buyers. 

The buyer can’t afford to buy a new car due to the rise in COE bidding. They think of buying an old vehicle with a lower COE will help. It will get them budget vehicles from the dealers. I was willing to sell my car and was looking for several options online.

Few convenient options in Singapore will guide the car owners to sell their used vehicles from the car dealers. 

The owners can choose the reputed dealers to sell their used vehicle or find individual buyers. There are many online car trading companies to guide the owners. It helps them to sell their used vehicle at a higher price.

It is essential to get higher value from selling the used vehicle. The owners can visit few dealers around your place. The dealers are attracted to the used car with low COE. They want to purchase the old vehicle at a lower price and sell it to the buyers at a higher profit. For this reason, when the COE gets higher, the dealers and buyers search for the used vehicle with a lower COE.

Individual buyers are a suitable option for selling the used vehicle. They can verify the used car on their own and give instant payment to the owners. Sometimes it can become the opposite. The owners find it hard to collect the amount from the buyers. 

The technical process becomes tough for the owners when buyers make it late for the ownership transfer. The LTA follows the rules within seven days, the ownership transfer is necessary. The paperwork takes longer. For this reason, it is more convenient for car owners to sell their used vehicles to reputed dealers.

There are several agents to guide the owners in selling their vehicles. They can take the used car and showcase it in their showroom and when the customers get in touch with them. They get to contact the owners for the paperwork and make payment. 

The owners also face some issues as they have to hand over the used car to the agents for the test drive. The buyers come to the agent and ask to see the used vehicle over and over again. The car owners need to keep their used vehicle at the agent’s place for sale.

The convenient option for the owners is to sell their used vehicles to the car traders. It helps them get the highest market price from the used car market. They can visit few dealers to verify the price and choose the highest bidder. It helps them with hassle-free paperwork and ownership transfer. I will sell my car to the reputed dealers. You can also visit the dealers and finalize the deal to get the highest price.