could i buy a auction COE car?

[wenrong]

Hi All,

 

as mention above, could i buy a auction COE car?

 

the ADs i saw on SGcarmart by GE for auctions was very seducive due to its low pricing, but i was thinking if ita advisable to buy such a car...

as the deai is wat u see is wat u get, i'm was seriously thinking of the repair fees.

 

could any 1 advise if i should buy a auction coe car? its less than 10k.. so seuctive.

 

by the way, is it very troublesome to buy from an auction?

 

thanks,

[Lmodel]

For the above mentioned Auction cars, most of these cars are repossessed. The estimated value are usually the balance amount owed of which, anything auctioned lower will be recovered via the loan defaulter.

 

i. you can make a trip down to their mentioned location to view the vehicle. Take note that some do have keys while others might not have. For those that do not have keys, you will need to get a locksmith to unlock if you are the successful bidder.

 

ii. there are no guarantee for these cars (other than those still under warranty). If you do not manage to get to start the vehicle (due to whatsoever reason) but subsequently placed a bid and won, you are responsible for your bid. Whether the car has any major problems is your responsible and legal action can be taken upon you should you fail to fulfill the conditions of the contract (e.g. refusal to make good of your bid).

 

iii. unless you are able to fork out full settlement for these vehicles, you do not have the luxury of time to do a bank loan. Payment terms are clearly stated under the "terms and conditions" and failing to make good, again be classified under "Breach of Contract".

 

iv. if you think you should have no problems meeting to their terms and conditions, the deal are usually very straightforth. Processing of documentation can be done at LTA within a day.

 

Hope it helps.

 

Cheers

[jia_yvon]

dealer would snatch b4 u . but u still can try ur luck, place ur highest bid.. the price they put is sexy enough to attract u .. but that is mINI bid amount ley.. not their selling price.. so .. wats the point..

[nhyone]

dealer would snatch b4 u . but u still can try ur luck, place ur highest bid.. the price they put is sexy enough to attract u .. but that is mINI bid amount ley.. not their selling price.. so .. wats the point..

If no one bids against you, it's yours. Or would you rather buy it later when the car is in some dealer's lot? Same car, but a few k more.

[Xenophobia07]

Its not possible to see what are the other bids right?

 

Also, what's a PARF Car? And the difference between that and a COE car?

[jia_yvon]

A parf car meaning it still have parf value. meaning end of 10 yr coe, u have no coe money back, but u still gt money back for parf.. usually is 55% of ur OMV. thats called MINIMUM parf value.

 

but for COE car, no more parf value.. end of 10 yr, no more paper value.. onli body for scrap or export..

[jia_yvon]

If no one bids against you, it's yours. Or would you rather buy it later when the car is in some dealer's lot? Same car, but a few k more.

 

yes u can try it. no1 say can not n impossible. but the chance are very low..

[Lmodel]

I'd say chances are higher if you are bidding against dealers.

 

E.g. 08/2011 Toyota Corolla.

 

Most dealers are selling at $11,800 now and the start bid price for this auction is $7,800. Dealers are willing to pay only up to $9,500 as anything more will not be profit beneficial.

 

Therefore, private buyer usually stand a higher chance if one has the money to cash out the vehicle.

[jia_yvon]

ok. good luck to u .