This will work if supply is higher than demand.
Looking at the latest COE results and assuming everyone place a $1
bid.
Available COE: 1,261
Number of Bids: 1,386
Now, how do you decide who gets the COE?
Ltes look at how prices of COE are determined.
"Lowest successful bid price" = COE price.
If you must buy a car.. say very urgent, die die must have by next
month. What would you do?
This month COE $9001.. would you bid higher or lower? You should
bid higher to ensure you are one of the higher bidder so u get the
COE. If you really despriate, you just bid 100K lah.. sure get your
COE.. but do you pay 100K?
NO! you pay the "Lowest successful bid price" can be.. $9000!
In fact, I like to thank the car dealers for "regulating" coe
prices.. if they leave it to car buyers to bid themselves, coe
prices will go out of control! Imaging everyone trying to outbid
each other and thinking they will not be paying for their bid
amount anyway.
In my opinion, a more accurate way is to ensure bidders "PAY FOR
WHAT THEY BID". This will encourage more responsible bidding.
However, the government is unlikely to adopt this. Coz all
singaporeans (including me) very KS.. will try to bid as low as
possible.. (coz dun wan to "lose" out to the next buyer by paying
more mah..) Den, COE price 50 cents.. we very happy but government
no year end bonus... cannot lah.. 
