Admin for Purchase of Second Hand Bikes

[Dvtn00]

Hi all, 

Please pardon noob questions. 

I intend to purchase a second hand bike from Carousel. 

Q1. Can I know what are the admin follow ups required? I would imagine there is a need to transfer the ownership of vehicle as well as COE. How do I do so?

Q2. Also, if I intend to extend the COE (because the COE will expire in less than a year), do I need to bid for COE on my own? 

Q3. Is there anything else to settle? For example, is it even possible to transfer the third party risk insurance? Is such insurance pegged to the bike? 

Much appreciate your help and advice!

[SBF]

@Dvtn00 Do you have Singpass? Now *EVERYTHING* is online. No more forms and no more going to LTA.

1) You meet the buyer in person will be best. Pass him deposit, usually 1k. He logs into his OneMotoring via SingPass, under "Assets", click on the bike to transfer, and transfer to your NRIC.

You log into OneMotoring via SingPass, there will be a pending asset waiting to transfer, click on accept and pay the $13 transfer fee.

The transfer of ownership of the bike + coe (it's together) will be instant.

Pay him the remaining money that is owed. Done.

If there is trust between you 2, don't even need to meet, everything can be done virtually.

2) Log into OneMotoring via SingPass again, under "Vehicle Ownership", there is an option to extend COE for either 5 years or 10 years. If you renew for 5 years, you cannot renew afterwards anymore. The bike has to be exported or scraped. If you renew for 10 years, you can renew again after that. The COE PQP will be the average of the last 3 bidding.

3) No. There is no transfer of insurance from him to you.

You will need to purchase your insurance BEFORE the bike is transferred. If you are transferring the bike on 1st Feb 2022, the insurance must be active on 1st Feb 2022.

Please support the site sponsors that support SingaporeBikes, you can purchase your insurance through DirectAsia, they have one of the lowest premiums in the industry and are awesome people! You can check insurance prices here.

 

Good luck and enjoy your biking journey!

14 hours ago, Dvtn00 said:

Hi all, 

Please pardon noob questions. 

I intend to purchase a second hand bike from Carousel. 

Q1. Can I know what are the admin follow ups required? I would imagine there is a need to transfer the ownership of vehicle as well as COE. How do I do so?

Q2. Also, if I intend to extend the COE (because the COE will expire in less than a year), do I need to bid for COE on my own? 

Q3. Is there anything else to settle? For example, is it even possible to transfer the third party risk insurance? Is such insurance pegged to the bike? 

Much appreciate your help and advice!

 

[poorboii]

direct owner or shop

[Dvtn00]

11 hours ago, SBF said:

@Dvtn00 Do you have Singpass? Now *EVERYTHING* is online. No more forms and no more going to LTA.

1) You meet the buyer in person will be best. Pass him deposit, usually 1k. He logs into his OneMotoring via SingPass, under "Assets", click on the bike to transfer, and transfer to your NRIC.

You log into OneMotoring via SingPass, there will be a pending asset waiting to transfer, click on accept and pay the $13 transfer fee.

The transfer of ownership of the bike + coe (it's together) will be instant.

Pay him the remaining money that is owed. Done.

If there is trust between you 2, don't even need to meet, everything can be done virtually.

2) Log into OneMotoring via SingPass again, under "Vehicle Ownership", there is an option to extend COE for either 5 years or 10 years. If you renew for 5 years, you cannot renew afterwards anymore. The bike has to be exported or scraped. If you renew for 10 years, you can renew again after that. The COE PQP will be the average of the last 3 bidding.

3) No. There is no transfer of insurance from him to you.

You will need to purchase your insurance BEFORE the bike is transferred. If you are transferring the bike on 1st Feb 2022, the insurance must be active on 1st Feb 2022.

Please support the site sponsors that support SingaporeBikes, you can purchase your insurance through DirectAsia, they have one of the lowest premiums in the industry and are awesome people! You can check insurance prices here.

 

Good luck and enjoy your biking journey!

 

Omg. Thank you very much for the detailed guide! May you strike 4D/ Toto/ Lottery/ Mahjong/ Blackjack! Have a good week ahead!

 

4 hours ago, poorboii said:

direct owner or shop

Thank you for helping out. I'm likely to buy from direct owner.

Edited January 2, 2022 by Dvtn00