10 benefits of renewing your car's COE
Renew your COE to reap the benefits such as cost savings, cheaper insurance and a better environment. Here are 10 reasons why renewing COE is a smarter choice than buying a new car.
In today's economy, owning a car is convenient for sure. But it has become inconvenient because COE prices have soared and the prices of new cars went up accordingly. Many owners of cars approaching the 8-, 9- or 10-year mark are therefore asking: Should I renew my COE instead?
If you're on the fence, here are 10 solid reasons why renewing your COE could be smarter than buying a brand-new vehicle.
1. Save big
Buying a new car in Singapore includes a crazy list of fees and taxes - COE, ARF, ARF, GST, registration, road tax... the list goes on. Renewing your COE skips all that. Instead of forking out $150k or more, you could simply renew the COE for another 10 years and continue driving.
Thinking of switching cars instead? Get a free car valuation on the Motorist App first.
2. Avoid instant depreciation
New cars start losing their value the minute they leave the showroom, and we’re talking tens of thousands in just the first two years. By renewing COE, you keep driving the car which is already amortised, so to speak, without watching your heavy investment nosedive in a matter of months.
3. You're already comfortable with your car
Let’s face it - you’ve gotten used to your car. You know its quirks, how it handles, and where the buttons are. Why restart the learning curve?
4. Lower insurance, less stress
Insuring a brand new car costs more than for a good old car - simple as that. Older vehicles typically have lower insurance premiums, which means more cash in your pocket every year.
5. Go green by staying retro
New car = new factory emissions. Renewed COE = one fewer car produced. Stretching your car’s lifespan is an underrated eco-win that reduces manufacturing demand and your carbon footprint.
6. If it ain’t broke, don't fix it
Well-maintained cars which have been on the road for almost 10 years might be more reliable than new cars overloaded with electronics and dashboard gimmicks. If you’ve taken good care of your trusty ride, it might serve you better than some fresh-from-factory models.
Want to track road tax, insurance and servicing easily? Use the Motorist App.
7. Skip the headache of selling
Selling a car can take weeks, maybe months. Renewing your COE lets you sidestep lowballers, dubious buyers, and “bestest price” negotiations.
8. Keep your finances flexible
Buying new means expensive loans and long-term financial lock-in. COE renewal offers a cheaper, shorter-term option that leaves more breathing room for other big-ticket purchases or expenditure emergencies.
9. Upgrade instead of replace
Who says older cars can’t feel new? Use the money you save with a COE renewal to give your car a makeover; such as new rims, fresh paint, a better sound system, or some accessories.
10. Satisfaction guaranteed
There is pride in making a product last longer. Knowing you made a smart, eco-conscious and wallet-friendly choice? That’s the cherry on top.
Conclusion
Buying a car might feel like a lifestyle flex, but renewing your COE is the real power move. It saves money, reduces stress, helps the planet, and lets you keep driving a car you already know and love.
Before you take the plunge into another seven-year loan, ask yourself: Why not just renew the COE and drive happily thereafter?
Thinking of a change anyway? Use the Motorist App to sell your car.
Read More: Do not ignore insurance costs when renewing COE
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