For a Singaporean, when the time comes to renew an existing or create a new Certificate Of Entitlement (COE), it is a must for him to check on the latest COE bidding results. A person has to renew his COE of the existing vehicle and has to create a new COE while acquiring a new vehicle. This is because it helps him to see whether he is financially eligible to own a car or not.
What is actually a COE?
In Singapore, there is a system where a person has to obtain a certificate of the ownership of any vehicle from the government which lasts for a period of 10 years. They prefer this system in order to control unnecessary number of cars and vehicles on the road. So after the period of the certificate ends, the person has the option to either retain the ownership by renewing or deregister himself from the ownership of the vehicle.
How does this system work?
This system of Certification of Entitlement works on an open bidding system. This means that the owners of the vehicles can submit a bid an amount for the quota premium which is to be required for theCertificate of Entitlement (COE) during the open bidding timing. This timing starts usually on the first and third Monday of each month. The bidding starts from 12pm of the Mondayand closes at 4pm on the Wednesday of that particular week.
Also the system allows the owners to monitor the COE bidding results from time to time.