Buying or Bidding a car plate number?
Bidding or Buying a car plate number from the open market can be a very different approach to getting a car plate number although both allow an individual to get a car plate number. Buying a car plate from the open market/ resales market allows access to vintage numbers, past prefix series whereas bidding a car plate number allows the individual to get new/fresh number release.
1. Bidding the number from LTA website,
When a new bidding series is available, the main bidding exercise will be announced online and via fax to motor dealers. The bidding starts on a Friday and ends the following Wednesday. The close Bidding System is used to award car plate numbers to the highest bidder.
- As the system is a close bid system, the bidder can bid for the number at his desired price range within his budget and if there are no other bidders, the minimum bid of $1000 can allow the bidder to secured his desired number.
Vehicle Registration Number Bidding
- As there are no offer/ selling prices for the number plate the bidder might overbid the car plate number. Assuming the individual is the only bidder that means he could have placed a minimum bid of $1,000 instead of any amount higher than $1,000 higher to secure the number.
- No access to Vintage number as they are past series they are not available on the LTA bidding system.
2. Buying the number from the open market
The individual can purchase the car plate number from the open market, channels like sgCarMart, and our website carplatemart.sg offer car plate numbers for sale.
- Selling price of the car plate is disclosed. This means that the buyer knows exactly how much they need to fork out for the car plate number.
- Buyer gets access to secured vintage car plate numbers on the open market.
- Transfer of the car plate number can be completed on the same day.
- Transfer fees and replacement fees are involved adding on to the cost of purchase.
- Number might cost higher than bidding from LTA website.
In summary, if a buyer is looking for a vintage or past car plate series, his only approach would be buying from the open market. If the buyer has time and wants to secured a new number series then his approach would be bidding on the number from LTA system.
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