The Straits Times understands this is the first time that the company has asked customers to top up payments.

Data from the Land Transport Authority shows that more than 1,700 bids were unsuccessful in last week's tender.

Kia agent Cycle & Carriage (C&C) said it has not decided on a formal top-up scheme, but that some customers had agreed to do so to the tune of $17,000.

C&C Kia senior manager Chin Kee Min said the company has offered these customers a COE rebate level of $32,000, meaning if the COE falls below that, the customer gets a refund of the difference.

At Borneo Motors, the rebate is $27,000 for those who top up by $11,000.

At Hyundai agent Komoco, managing director Teo Hock Seng said the company will use Open COEs in hand to deliver cars to customers for whom it failed to secure COEs.

He said Komoco still had Open COEs at above $20,000, far lower than the last price of $42,001.

Amid the anxiety are some happy campers, glad to have secured their cars before prices shot up by as much as $22,000 last week.

Freelance graphics designer Chan Wai Lin, 36, for example, just took delivery of her Chevrolet Optra 1.6, which she bought for $51,000 early this month.

"I'm very happy. The deal is really worth it," she said of the car, which now costs about $60,000.

Consumers Association of Singapore president Yeo Guat Kwang said motor firms should draw up sales contracts which are fairer and more transparent.

He said: "Some of these firms made it seem like (prices of) COEs were falling, when in fact, they were going to rise.

"And sales contracts today tie the buyer down to a particular dealer for three months, but they don't seem to place any obligation on the part of the dealer.

"I think if you are selling a car at a certain price, you should let buyers know what is the COE level you have in mind for you to deliver the car."

Meanwhile, fresh car sales have withered since last week's price hikes. Komoco's Mr Teo said bookings over the weekend were just 10 per cent of usual sales.

Singapore Vehicle Traders Association secretary Raymond Tang said business was 'very quiet', and that if this were to go on for another month, COE premiums would stabilise.

christan@sph.com.sg

This article was first published in The Straits Times.

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