COE renewal is always the most economical choice if your vehicle is well maintained, with wear & tear components fixed, and you are confident of continuous driving for a few more years.
What is a COE?
Certificate of Entitlement or better known as COE gives you the right to own and use a vehicle in Singapore based on classification. For a new vehicle, it carries a validity of 10 years, upon registration. Bidding for COE takes place every 2 weeks.
Why does it expire?
The Land Transport Authority (LTA) sets a cap of a maximum of 10 years for newly registered and a further optional renewal of either 5 or 10 years, thereafter. This allows the regulator to regulate the number of new and pre-existing vehicles on the road, to stem congestion.
When to renew your COE?
You can renew anytime before your existing COE expires, or even up to one month after the initial COE expiry date (Subject to a late renewal fee) which ranges from $50 to $250, subject to vehicle classification.
How much does COE Renewal cost?
For example if your vehicle COE Expires on 15th Oct 2022
For early renewal – take the past three-month average of COE premiums, also known as Prevailing Quota Premium (PQP). For example, you can find the PQP for Sept 2022, after the second bidding exercise in Sept 2022. Thereafter your new COE will start from 1st Oct 2022.
* Note: Any unused portion of your COE will be forfeited, including COE rebates.
For renewal in the month of COE expiry – find the Prevailing Quota Premium (PQP) for Oct, after the second bidding exercise in September 2022. You will have up to the 15th of October to renew (which is the date of your COE Expiry). If your COE has already expired, you can still pay the late renewal fees to have it validated
Renew 5 or 10 years COE?
5 Years – You will not be eligible to renew your COE any further, and you will have to deregister your vehicle when it expires. For Cat C category vehicles, you are allowed to renew the 5 years COE twice, for a maximum period of 20 years. After which the vehicle must scrap or export out. However, you only need to pay 50% of the PQP.
10 Years – Commercial Vehicles (Category C) have a maximum cap of 20 years, for all passenger vehicles, there’s no limit to how many times you wish to renew your COE. However, you will need to pay 100% of the PQP for each 10 years renewal.
One of the best ways to continue usage of a well-maintained vehicle is really to revalidate either 5 or 10 Years, and now with SKYLINK, you can pick a full-loan package of the COE Renewal. Receive an $800 Cashcard when you renew a 10-year COE package with a 7-year term loan today at attractively low-interest rates. (T&C applies)