Question on 5 year COE renewal

Dlapio

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Hi all, my car is reaching its 10 year mark soon, and I am seriously considering renewing the COE for 5 years. Reason being the car is still generally in good running condition with regular preventive maintenance done. I have worked out the math and seems like renewing is the best option for me right now (with a reasonable PQP, hopefully).

Only 1 big question is this: Assuming I renew for 5 years, lets say I decide to scrap the car after 3 years, do I get back the balance pro-rated 2 years of unused COE?

I searched around and only got the info for 10 years renewal. Would appreciate if any one has knowledge/experience in this matter for 5 year renewal... Thank u! :angel:
 

stylechap

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You will get back the unused COE
Depending on vehicle, you might lose more from forfeiting PARF
 

myviowner

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Hi all, my car is reaching its 10 year mark soon, and I am seriously considering renewing the COE for 5 years. Reason being the car is still generally in good running condition with regular preventive maintenance done. I have worked out the math and seems like renewing is the best option for me right now (with a reasonable PQP, hopefully).

Only 1 big question is this: Assuming I renew for 5 years, lets say I decide to scrap the car after 3 years, do I get back the balance pro-rated 2 years of unused COE?

I searched around and only got the info for 10 years renewal. Would appreciate if any one has knowledge/experience in this matter for 5 year renewal... Thank u! :angel:

Get back unused COE. Maybe, couple of hundreds for the body.
 

LouisSaha

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If not maybe can sell on sgcarmart. Maybe can fetch few k more plus your remaining coe.
 

Evolver

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if you can, go for the 10-year COE renewal. Your PARF foregone is depreciated over 10-years rather than 5. And there is always the option to renew again at the end of the 10-years.
 

sigeena

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OP already made decision to renew 5 instead of 10. And his thinking already shows he intend to change car before the 5 years is up. Probably waiting for coe to fall further before going in.
 

bboyirving

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yes u will get back pro rated pqp u paid for. but i think its a better option to sell to dealer or direct owner posting in sgcarmart or wherever u deem fit.
 

cybermall2003

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if you can, go for the 10-year COE renewal. Your PARF foregone is depreciated over 10-years rather than 5. And there is always the option to renew again at the end of the 10-years.

If the car condition and reliability is good should go for 10 rather than 5 years. I should have went for 10 years COE renewal for my Lancer CS3, next year May 2021 end of 5 years COE and the car still in very good condition. My workshop guy said CS3 can easily last another 10 years with proper maintenance and parts wear and tear replacement.
 

hachi

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I used to have a one owner Suzuki carry 1.3 from my late fathe, at its 16 years @ 210k km, keep having issues until I give up and scarp it. So I would renew 5 years simple as that. Unless those classic cars you want to keep, if not it will be a drag.
 

Assault

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Even if you renew 10 years and scrap at the 16th year, you’ll still get back the prorated remaining COE value left. No reason to renew 5 years unless cash is really an issue since you’ll lose the ARF once you renew your COE in either case
 

EJB

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Gahmen only wants your $, they don't need you to agree with their policy

10 year COE you need to take loan. 5 years mostly can get by without loan.

TS should also factor in if he is taking loan.
 

Dlapio

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Thank you all for the insights! TBH, I did consider 10 year renewal initially, but I think 5 year will be sufficient for time being, cause I really can't say if I'll drive my car beyond the 15 year mark. I am comfortable with the current PQP... but am I waiting to see how will the fresh rounds of bidding be like and PQP in the coming few months? Definitely yes. My regular mechanic also told me too hard to say what will the COE pricing be like in the coming months... I am just hoping that the prices will hold steady.
 

Stallone

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LTA dun allow multiple renewals for 5yr is due to the fact tt they do not want too many old cars on the road. pollution perhaps?

they know not many can afford a 10yr COE renewal in cold hard cash, that's why there's no such a thing as "COE loan"
 

-nyox-

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5 year COE renewal is nv a good choice. Hard to sell later on too.

Most that opt for the 5 year renewal option are financially strapped and need a car.
 

stylechap

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5 year COE renewal is nv a good choice. Hard to sell later on too.

Most that opt for the 5 year renewal option are financially strapped and need a car.

Got many 5year renewed left 2years in sgcarmart
Selling for 2years coe+parf leh LOL..
Not sure how well it sells though
 

LouisSaha

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I saw those renewal 5 yrs COE car left 3-4 years, like japs or korean cars, all selling at 7-8k depreciation.

Who will buy man.. :s22:
 
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