15

If you have had your vehicle for nearly a decade, you would know that its Certificate of Entitlement, or COE, is fast approaching its expiration date. This means that you either need to deregister it for scrapping, or renew the COE to extend it for another 10 years. Deregistering your vehicle for scrapping Scrapping your vehicle within 10 years of getting it registered allows you to collect the Preferential Additional Registration Fee, also known as the PARF rebate. This amount is a percentage of your vehicle’s original production cost, which depends on each vehicle. If you are looking to get a new car, then making your current vehicle into a scrap car Singapore will be the better option for you. Renewing your vehicle’s COE Alternatively, in the case where you want to continue using your car after the 10-year mark, renewing its COE would be the solution for you. You will need to pay the Prevailing Quota Premiums (PQP), or the cost of renewing your car’s COE. This amount is the average of the previous three months’ COE prices. If you do decide to renew the COE, it is recommended that you pay the PQP before the vehicle’s expiration date, […]