It is frustrating. Tell you why.
For those who booked their cars already, most likely the
COE rebate is pegged at $55K or less. So even at present
COE of $57K, you wont get any discount from your dealer.
For those wishing to enter now, the dealer cannot guarantee you the
COE at $57k or lower for the next few biddings. They will probably set the new
COE rebate at $50k or lower. After CNY, the
COE will likely creep up again. Then after a few rounds of bidding, the dealer will tell you to top up if not, they let the contract lapse after 6 biddings.
The above is my experience. And it is with a established dealer for a top brand car. End up I lost 2 precious months waiting and in between had to scrap my 10 yr old car. No car for a while. Damn frustrating.