Why more people are renewing COE?

[Volvobrick]

He meant if you scrap the renewed car before exactly 10 year old, the "old" COE would not have any rebate. Only the new COE premium would be refunded pro rated.

[Johnson28]

 

What do you think of the following?

 

Source 1: https://www.onemotoring.com.sg/content/onemotoring/home/owning/coe-renewal.html

 

Your new COE period starts from the 1st day of the month after you renew your COE. You will forfeit any unused portion of your previous COE.

 

For example, if your COE expires on 5 August 2017, you can find out the PQP for July 2017 after the 2nd bidding exercise ends in June 2017. Assuming there is no public holiday the week of the bidding exercise, you can renew your COE using the July 2017 PQP on the Friday immediately after the 2nd bidding exercise in June 2017. Your new COE period starts on 1 August 2017. The unused portion of your previous COE from 1 to 5 August 2017 will be forfeited. This includes any COE rebate your vehicle may have enjoyed from a previous lay-up period.

 

In this case, suppose the 2nd bidding exercise in June 2017 ends on 21 June 2017. You can renew your COE using the July 2017 PQP anytime from 23 June 2017 until the end of July 2017. Check the timeline below. 

 

 

 

Source 2: https://www.sgcarmart.com/news/writeup.php?AID=313&GASRC=dy

 

7. You will forfeit the remaining balance of your COE rebate upon renewal

 

Aside from the PARF value, the LTA also offers a rebate on any 'unused' value of your current COE if you deregister it before the full 10-year tenure is up. However, should you renew your COE before it reaches its expiry date, you will forfeit any COE rebate that you are eligible for.

 

 

It is for this reason that most people tend to renew their COEs very close to the expiry date, or even on the day itself, in order to minimise the 'loss' of this rebate. However, as mentioned on point 6, you can also choose to renew your COE after it has expired as well.

 

 

 

https://www.onemotoring.com.sg/content/onemotoring/home/buying/rebates/parf-coe-rebate.html

Its the age of the car, not the age of old COE that determine PARF rebate

Don't confuse with COE rebate which the old one will be forfeited upon renewed COE

 

Edited April 28, 2019 by Johnson28

[Simplecar]

https://www.onemotoring.com.sg/content/onemotoring/home/buying/rebates/parf-coe-rebate.html

Its the age of the car, not the age of old COE that determine PARF rebate

Don't confuse with COE rebate which the old one will be forfeited upon renewed COE

think we are referring to two different things.

I was referring to PQP and COE rebate and you to PARF

[Johnson28]

think we are referring to two different things.

I was referring to PQP and COE rebate and you to PARF

 

then you quote someone talking about PARF rebate and talk COE rebate??

anyway, once renewed coe, will forfeit the remaining unused of old coe, so its a calculated decision.. that one choose to renew 6-18 months before old COE expiry.

One expects COE/PQP to go up a lot a lot more, hence sacrificing the unused portion and renew now

 

[Ct3833]

One more reason why more people are renewing COE, other than higher dealer margin, higher ARF, higher VES etc, that is Baby boomers. The baby boomers make up a huge proportion of car driving population, they have reached the age of 60s now, nearing retirement or some have retired, their priority is to save up or to keep their saving, not to spend on large ticket write off items like car. Moreover , they have driven new car before, there is no more desire for them to drive new car. Of course there could be other reasons but I believe this is one of the key contributors as well.

I am speaking based on my own experience , I am in this group and many of my friends do likewise.

Edited June 16, 2019 by Ct3833

[Hamburger]

One more reason why more people are renewing COE, other than higher dealer margin, higher ARF, higher VES etc, that is Baby boomers. The baby boomers make up a huge proportion of car driving population, they have reached the age of 60s now, nearing retirement or some have retired, their priority is to save up or to keep their saving, not to spend on large ticket write off items like car. Moreover , they have driven new car before, there is no more desire for them to drive new car. Of course there could be other reasons but I believe this is one of the key contributors as well.

I am speaking based on my own experience , I am in this group and many of my friends do likewise.

Agree heartily bro.

 

Gone is the desire to drive new car. Been there done that. YOLOed.

 

Now is the need to try different cars, better one or even more YOLO type, eg sports car

 

 

Of course, cannot afford such used ones as new is one compelling reason.

[Ct3833]

Agree heartily bro.

 

Gone is the desire to drive new car. Been there done that. YOLOed.

 

Now is the need to try different cars, better one or even more YOLO type, eg sports car

 

 

Of course, cannot afford such used ones as new is one compelling reason.

Hmm, looks like we are of the same thought in some way. At one point i was thinking to get a old SLK to renew COE or a 10 year old boxster, they are both affordable but because of the two seats constraints I gave up that consideration after a while.

[Hamburger]

Hmm, looks like we are of the same thought in some way. At one point i was thinking to get a old SLK to renew COE or a 10 year old boxster, they are both affordable but because of the two seats constraints I gave up that consideration after a while.

Even our thoughts are alike!!!!!

 

We must have kopi and ask carbon along.... Hahahaha

 

Thats why I am looking flipping pages of 6er.

[Turboguy]

singaporeans are rich, the renewal stats is bulls**t in my opinion, judging at all the new cars with new plates all around the streets and carparks.

[Ct3833]

singaporeans are rich, the renewal stats is bulls**t in my opinion, judging at all the new cars with new plates all around the streets and carparks.

New car will continue to exist, every month there is a fixed number of new cars on the road depending on COE quota allocation. Last few years happened to have a bumper crops of COE, which explains why there are more new cars.

 

The April revalidation figure is out, the 4 months total of 5 and 10 years revalidation of both Cat A and B are all match or more than whole year of 2018 in their respective groups.

[riot168]

On 6/16/2019 at 1:24 PM, Ct3833 said:

 

digging out an old thread... but my reason for renewing my 2010 pre-facelift E class was because it has low mileage and the design is not outdated to me and still look very nice to me.  I paid full cash for the PQP renewal.

It's not about the money because at the same time, I bought a GLC 250 Coupe brand new from C&C as well as another new Mitsubiship Eclipse X  ... no loan for both as well.

 

Edited November 7, 2019 by riot168

[Ka_kia]

For me, i renew cat B coe at about $17k for 2008 Impreza hatch. It was upfront payment and i dont have to worry about loans/getting comprehensive insurance cus its on loan

Also if buy new car, really has to down like $40k and service loans and will be more dependent on having a job. Such is really mind F*** if kena out of job. Thus renew COE 5yrs more "logical" for me. Since also along the way, has change out the spoil parts.

I think its about VALUE ba. Get new one is shioke but unless I can say repay loan in 3 yrs, else better play safe lor.

Get used/renew coe is cheaper and the car can drive without much reliability issue okie le la

[Kusje]

COE drop to $1. i will change my 13 yr old car for a new one.

[Ct3833]

13 minutes ago, Kusje said:

COE drop to $1. i will change my 13 yr old car for a new one.

$2 I will change mine ahead of you 😅

[RogerNg_185295]

51 minutes ago, Ka_kia said:

For me, i renew cat B coe at about $17k for 2008 Impreza hatch. It was upfront payment and i dont have to worry about loans/getting comprehensive insurance cus its on loan

Also if buy new car, really has to down like $40k and service loans and will be more dependent on having a job. Such is really mind F*** if kena out of job. Thus renew COE 5yrs more "logical" for me. Since also along the way, has change out the spoil parts.

I think its about VALUE ba. Get new one is shioke but unless I can say repay loan in 3 yrs, else better play safe lor.

Get used/renew coe is cheaper and the car can drive without much reliability issue okie le la

Your thinking is right.  Retrenchment may come anytime to anyone. 

[Beehive3783]

41 minutes ago, Kusje said:

COE drop to $1. i will change my 13 yr old car for a new one.

For me, no need drop to $1.. drop to $5k enough for me to change. Haha

[Roh96]

Haha..are we competing whose limit is higher or whose is lower?

[Ct3833]

4 minutes ago, Roh96 said:

Haha..are we competing whose limit is higher or whose is lower?

There are two groups of people here, one is those who are very rich,  buy both new car and coe car at the same time. The other group is poor people like me, competing for cheap COE with others but need to be Kia su  mah, so  if bro @Beehive3783 goes in at $1 I must go in at $2  ahead of him before goes up again 😄😄.hope my dreams  will come true lah. 

Edited November 8, 2019 by Ct3833