For drivers in Singapore, renewing your Certificate of Entitlement (COE) is a necessary process if you plan on keeping your car on the road. COEs are valid for 10 years, after which they must be renewed if you want to continue driving your vehicle. However, the process of renewing your COE can be quite complicated and tedious. In this blog post, we’ll take an in-depth look at COE renewal in Singapore, including when to renew, how to calculate your renewal fee, and everything else you need to know.
Before diving into the renewal process, it’s important to understand the basics of COEs in Singapore. A COE is a permit that allows you to own and use a vehicle in the country. The government auctions off a limited number of COEs each month, with the price determined by demand and supply. COEs are valid for 10 years, after which you have three options: to deregister your vehicle, export it, or renew the COE.
When it comes to renewing your COE, the renewal fee is calculated based on three factors: your vehicle’s engine capacity, the remaining years of your existing COE, and the Prevailing Quota Premium (PQP) at the time of renewal. PQP is the moving average of COE prices in the last three months, and it fluctuates based on demand and supply. To calculate your renewal fee, simply multiply your vehicle’s engine capacity by the PQP and the number of years you wish to renew your COE for.
Renewing your COE can be done online through the One.Motoring website, or in person at the Land Transport Authority (LTA) customer service centre. You’ll need your vehicle registration number, your NRIC/FIN, and your bank details (for online transactions) to complete the process. It’s important to note that if you choose to renew your COE in person, you’ll need to make an appointment in advance.
Aside from the renewal fee, there are other costs associated with COE renewal that you should take into account. These include a $50 administrative fee and a potential late renewal fee if you renew your COE after its expiry date. Late renewals incur an additional 10% late payment fee on top of the renewal fee.
Renewing your COE may seem like a hassle, but it’s important to remember that it’s a necessary process if you plan on keeping your car on the road. Renewing your COE for 5 or 10 years is a common choice for most drivers in Singapore. If you choose to renew your COE for 10 years, it’s important to note that you won’t be able to deregister or export your vehicle for the next 10 years.
Whether you’re a seasoned driver or a new car owner in Singapore, renewing your COE is a crucial process if you want to keep your vehicle on the road. Understanding the renewal process, including the renewal fee calculation and associated costs, is important for every driver in Singapore. By following this comprehensive guide, you’ll be equipped with all the information you need to renew your COE with ease. Remember to plan ahead, make your appointment in advance, and set aside enough funds to cover all the associated costs of the renewal process.