Car owners can encash PARF and COE rebates from Sept

[Jc777]

By Channel NewsAsia | Posted: 01 July 2008 1419 hrs

 

SINGAPORE: Car owners will now have the option to exchange their Preferential Additional Registration Fee (PARF) and the Certificate of Entitlement (COE) rebates for cash.

 

The change follows a government review of the rebates to make it easier for motorists to give up their cars and switch to public transport.

 

From September 1, registered owners of un-used and valid PARF/COE rebates can apply to the Land Transport Authority for encashment.

 

Once their applications are processed, they will receive a refund equivalent to the rebate amount.

 

To facilitate the implementation of this change, PARF/COE rebates with expiry dates between July 1 and September 29 will be extended to the end of September.

 

Those affected will be informed of the revised expiry dates within the next two weeks.

 

Motorists who wish to use their PARF/COE rebates to offset the upfront taxes for a new vehicle can continue to do so.

 

The LTA says it will continue to issue rebates to car owners upon de-registration of their vehicles.

 

The rebates will remain transferable and valid for 12 months to provide flexibility to vehicle owners.

 

Transport Minister Raymond Lim had announced in March this year that the government would be reviewing the PARF and COE rebates.

 

This was to tie in with the overall effort to make public transport a choice mode for all commuters, including car owners.

 

- CNA/yb

 

http://www.channelnewsasia.com/stories/sin.../357513/1/.html[/b]

 

at last some good news for car owners giving up on their rides.

[Friendstar]

WAH THIS NEWS IS GOOD NEWS!!!

 

and u'r very fast to post it here!

[Marquee]

Hooray.......who say's govt is not listening?

 

Let the dealers suck thumb, typically taking 4-7% off paper value when scrap the car.

Edited July 1, 2008 by Marquee

[Nhyone]

Seems worth it to convert to OPC now if you are an infrequent driver. You (really) get back $2,200 every year now.

[Corgan]

finally, at least some solid action from the authorities.

[Jc777]

chance upon it as i was browsing through the site. thought it is a good news, so share with the rest.

 

you are not slow to reply too

[Ccssgm]

Next Round COE will be Higher

[Davidklt]

Realistically..i doubt this would make much difference.

Edited July 1, 2008 by Davidtkl

[Ahyoo2002]

No effect on COE one lah

[Ahyoo2002]

Good news and less one source of income for car dealers

[Shull]

hmmm..alot of car owners are stuck with 10yr loan..even scrap car for cash, still need to top up to settle loan..

[Ccssgm]

Why Today No COE ?

[Gnoikj]

Hmm...if no tied down conditions, maybe I scrap my car now, get cash and buy new car..!!! hooray!

[Route88]

Loopholes

[Tomcat]

shiii....

[Gnixer]

have to wait for the final calculation before doing it

cos end up might doing more harm than benefit

 

*ps: don't forget the T&C

[Galantspeedz]

Got difference if they give you paper rebate meh? Difference is only rebate can buy new car only but cash can buy 2nd hand car.

 

But beware of 'admin' fees by LTA Later tell you 3%

 

You should know any way to make money is good business for them

[Ody_2004]

If the paper value too high you cannot "downgrade". For eg yr paper value is 40k (PARF) you cannot buy a NEW car with an OMV of say 15k. So in the past you need the middle man to trade such papers.

 

So now with Cash rebate you can pocket the difference and can downgrade!