Early Renewal COE

[AL5509]

Okok...this is my what i did....

my car expire on 25th Dec 2017 (reg 2007)
on 26th Nov ...i paid 10 yrs PQP (Nov PQP $41994)
so my car now is fr 1 Dec 2017 to 30 Nov 2027 (10 yrs)
1 to 25 Dec COE kana makan
my scrap value is $7350 (50% of ARF)

I called LTA to confirm this....(call 2X to confirm)
if i scrap my car before 24 Dec 2017...
1)...i can get back my scrap value $7350..
2)...and i can get back $41996 minus number of days fr 1 dec 2017
(pro rated fr 1 Dec 2017)
3) road tax (also pro rated to number of days)

If i scrap after 25 Dec....scrap value gone....only left PQP value.
so now i have till 25 Dec.....either scrap (in case COE drop to $2)
and get back about 49K, or i continue to use the car.

Y i paid fo 10 yrs???
if COE goes very high...i still can continue to drive this car....
if COE goes down a lot.....i will scrap car and get back pro rated
PQP...and buy new car.

sorry for my broken english...haha

Good.

In short:
Please let us know, AFTER YOU RENEWED.

Are you able to encash your PARF?

YES / NO?

 

[trento]

Okok...this is my what i did....

my car expire on 25th Dec 2017 (reg 2007)
on 26th Nov ...i paid 10 yrs PQP (Nov PQP $41994)
so my car now is fr 1 Dec 2017 to 30 Nov 2027 (10 yrs)
1 to 25 Dec COE kana makan
my scrap value is $7350 (50% of ARF)

I called LTA to confirm this....(call 2X to confirm)
if i scrap my car before 24 Dec 2017...
1)...i can get back my scrap value $7350..
2)...and i can get back $41996 minus number of days fr 1 dec 2017
(pro rated fr 1 Dec 2017)
3) road tax (also pro rated to number of days)

If i scrap after 25 Dec....scrap value gone....only left PQP value.
so now i have till 25 Dec.....either scrap (in case COE drop to $2)
and get back about 49K, or i continue to use the car.

Y i paid fo 10 yrs???
if COE goes very high...i still can continue to drive this car....
if COE goes down a lot.....i will scrap car and get back pro rated
PQP...and buy new car.

sorry for my broken english...haha

to summarise for u,

u will always have scrap value till the 10th year, regardless of when u renew your coe.

once u hold past the 10th year, you're only left with coe rebate.

i think some here are concerned whether there's zero parf once u renew COE early. Past 10 years, we know confirm don't have. So anyway, answer is there's still parf

 

[Bond388]

to summarise for u,

u will always have scrap value till the 10th year, regardless of when u renew your coe.

once u hold past the 10th year, you're only left with coe rebate.

i think some here are concerned whether there's zero parf once u renew COE early. Past 10 years, we know confirm don't have. So anyway, answer is there's still parf

U r absolutely correct...

 

[Bond388]

Good.

In short:
Please let us know, AFTER YOU RENEWED.

Are you able to encash your PARF?

YES / NO?

YES
I ALREADY STATED I PAID PQP.... on 26 Nov 2017

i also use onemotoring/LTA e services to check
de-register of my car on 24 Dec 2017
i can get back scrap value and PQP

SO r u clear now???

 

[koon]

YES
I ALREADY STATED I PAID PQP.... on 26 Nov 2017

i also use onemotoring/LTA e services to check
de-register of my car on 24 Dec 2017
i can get back scrap value and PQP

SO r u clear now???

i think his misunderstanding is that, if he renews his car on the 9th year, can he claim back the remaining PARF.

the answer is no.

when u renew on the 9th year, u forfeit the remaining one year of COE.
PARF remains until your deregistered it before the 10th year like what many bros have shared.

after 10th year it's just COE.

 

[AL5509]

YES
I ALREADY STATED I PAID PQP.... on 26 Nov 2017

i also use onemotoring/LTA e services to check
de-register of my car on 24 Dec 2017
i can get back scrap value and PQP

SO r u clear now???

Not a single bit as you are not even answering my question.

You renewed, so have you encash aka cash out your PARF rebate amount.
NOT COE, NOT PQP, NOT ARF rebates.

 

[Bond388]

Good.

In short:
Please let us know, AFTER YOU RENEWED.

Are you able to encash your PARF?

YES / NO?

READ WAT U ASKED.....

so now u ask me if i have cash out?
wait lor....i let u knw if i cash out....hahahaha

i thought my england is bad...

 

[AL5509]

READ WAT U ASKED.....

so now u ask me if i have cash out?
wait lor....i let u knw if i cash out....hahahaha

i thought my england is bad...

Ya sadly I thought my london was bad, yours never fare better as yours is the whole of england lolol

I asked about encashment, which LTA got a slip stating:
'GUIDE TO ENCASH PARF/COE rebates for REGISTERED OWNER only'
Guess you never seen this before thou.
My bad, I cant be your language teacher for that ya.

Since you like the word 'cash out', 'take money back from LTA' ya it works for me.

So did you take back the parf rebate(money) after renewing(which too your car had cross the 10 years old mark?

It seem like lot of these words 'scrap value' 'coe rebate' 'parf rebate' 'ARF' are used anyhow til people dont know what they are talking or asking about.

Anyway i gave up trying to make any understand and state what is going on.

As long you renewed, enjoy your ride can le..

 

[trento]

He renewed but as car haven’t hit 10 year, parf not taken. Think he still deciding if wana scrap by 24 dec n take back both coe rebate n parf.

 

[AL5509]

He renewed but as car haven’t hit 10 year, parf not taken. Think he still deciding if wana scrap by 24 dec n take back both coe rebate n parf.

Yes yes, now we are running on the same freq ya.

 

[stylechap]

Peferential Additional Registration Fee (PARF) Rebate
The PARF rebate is computed based on the age of the car at deregistration. The age of the car is computed from the date of its registration (locally or overseas, whichever is earlier).
The table below list the applicable PARF rebate based on the age of the car at deregistration:
Age at Deregistration PARF Rebate

Not exceeding 5 years 75% of ARF paid
Above 5 but not exceeding 6 years 70% of ARF paid
Above 6 but not exceeding 7 years 65% of ARF paid
Above 7 but not exceeding 8 years 60% of ARF paid
Above 8 but not exceeding 9 years 55% of ARF paid
Above 9 but not exceeding 10 years 50% of ARF paid
Above 10 years Nil

So hard to understand this information meh lolololololololololololololol
Car deregistered then can get back the PARF.
Not exceeding 10years still applicable for PARF.

http://www.dictionary.com/browse/applicable

*Disclaimer:sorry i didn't call LTA to enquire nor did things like this before. Don't quote me for lololololololol

 

[runforyourlife]

There's no need for intimidating language. No one's getting a medal here. Please comms helpfully

 

[Kula Diamond]

I renew around 6 June 2016 , car expire 15 June 2016 end up my part is being forfeited

Rule of the game - you renew you lose your parf simple

If Can renew before 10 yrs and still can get parf everyone will be exploiting this loophole Liao , LTA & PAP isn’t that stupid

 

[winningeleven]

haha

Actually how many of car owners u know had renewed earlier and then decided to scrap / de-registered before 10 years. For my case. i have never meet any one of my friends who renewed and did that!! Unless the car suffered some big damages that not worth to repair. if Still under 10 years old, scrap it and get the PARF and the pro rated coe back

 

[trento]

I renew around 6 June 2016 , car expire 15 June 2016 end up my part is being forfeited

Rule of the game - you renew you lose your parf simple

If Can renew before 10 yrs and still can get parf everyone will be exploiting this loophole Liao , LTA & PAP isn’t that stupid

there's no loophole here.

yr case is simply yr 10th year is up. once u hit 10 year, regardless of early or late renewal, yr parf is gone.

u can renew before 10 years and get parf provided u also scrap at or before expiry. u will get back and coe rebate. in fact, early renewal, say a year early, and then deciding to scrap at 10th year, incurs additional depreciation.

 

[Optionstrader]

there's no loophole here.

yr case is simply yr 10th year is up. once u hit 10 year, regardless of early or late renewal, yr parf is gone.

u can renew before 10 years and get parf provided u also scrap at or before expiry. u will get back and coe rebate. in fact, early renewal, say a year early, and then deciding to scrap at 10th year, incurs additional depreciation.

Yes that is true

Sent from OPPO CPH1607 using GAGT

 

[Optionstrader]

Still better to change car drive the car so long also like that

Sent from OPPO CPH1607 using GAGT

 

[Optionstrader]

Still better to change car unless ur road tax is low personal preference

Sent from OPPO CPH1607 using GAGT

 

[Optionstrader]

My car now exactly 9 yrs old this month and I'm wondering whether I can opt for early renewal for another 10 yrs now.

Have never renew coe before so totally got no clue where should I start off from.

Needs you guys valuable input .. thanks in advance.

U renew early or late either way u still will lose cash unless u renew 10 years however I do not see myself driving a car for 10 years unless it's like some super rare supercar or ur confident of selling on the open market nevertheless it's suggested to renew maybe a few days before expiry and lta will send u a letter If not scrap and take back the parf that's it

Sent from OPPO CPH1607 using GAGT

 

[trento]

U renew early or late either way u still will lose cash unless u renew 10 years however I do not see myself driving a car for 10 years unless it's like some super rare supercar or ur confident of selling on the open market nevertheless it's suggested to renew maybe a few days before expiry and lta will send u a letter If not scrap and take back the parf that's it

Sent from OPPO CPH1607 using GAGT

there r some advantages to renewing.

it's pretty cheap as yr only paying coe price. at current coe, it's only about 5k pa. if i have been driving a bmw 320 for example at 12k pa. i'm now only going to drive it for 5k pa. the slight road tax premium is negligible. as for reliability, most parts would be changed by then so it's not an issue. Contrast to buying a coe car and u will need to pay a much higher depreciation.

the rare supercar is simply done out of passion and very tricky financially as such cars are not easy to sell. even with a high perceived value, it can take a very long time or way too long to find a buyer. but i guess no one bothers about spending amount when it comes to supercars.