The Land Transport Authority (LTA) previously announced the suspension of the COE Bidding Exercise in April 2020 as part of ongoing measures to comply with the Circuit Breaker initiatives. With that said, can existing car owners renew their existing COE during Circuit Breaker 2020?
In our previous article, we highlighted everything you needed to know about COE renewal. However, due COVID-19, there have been some changes to the COE renewal process. In this article, we'll answer frequently asked questions regarding COE renewal during the Circuit Breaker measures.
Can My COE be renewed during this Circuit Breaker period?
The answer to that is yes! Although the COE bidding Exercise
in April 2020 is temporary halted, you still can renew your COE.
What if my COE has already expired?
Under no circumstances can you drive your vehicle if your COE has expired. If caught, you face a fine of up to S$1,000 or up to 3 months in prison or both.
Moreover, you can also forget about driving as there is a mandatory disqualification of at least 12 months for your driving license.
When is the latest that I can renew my COE?
The validity of COE renewal is within one month after expiry. You may be subjected to a late renewal fee of $50 to $250 depending on your COE category.
If your COE is not renewed within this period, the vehicle must be deregistered and be disposed of.
To avoid saying goodbye to your precious ride, you should always have a stipulated timeline to renew your COE.
During the Circuit Breaker Period, will I be subjected to late renewal fees?
Unfortunately, there are no exceptions regarding waiver of late renewal fees. This means you will have to fork out money from your own pocket!
How long can I renew my COE?
COE can either be renewed for 5 years or 10 years.
Under CAT A,B and D, if you opt for 5 years renewal, you cannot renew the COE after expiry. This will not be applicable for the 10-year renewal.
Under CAT C, if you opt for 5 years renewal, you can still continue to renew once the 5 year period is over. However, subsequent renewals can only be for 5-year periods. This will not be applicable for the 10-year renewal.
How much does it cost to renew your COE?
The cost of your COE is dependent on the Prevailing Quota Premium (PQP).
The PQP is the moving average of COE prices in the last 3 months. The PQP varies monthly depending on the COE prices in the bidding exercises conducted in the last 3 months.
For reference, let’s suppose you wish to renew your COE for 10 years during the month of April/May: (Prices would be similar for both months due to the suspension of COE bidding exercise).
(Photo Credit: OneMotoring)
According to the PQP chart, the cost of COE renewal for CAT A vehicles would be $32,875, CAT B at $33,568, Cat C at $24,271 and CAT D at $4,352.
Alternatively, if you wish to renew only 5 years, the cost would only be 50% of the PQP.
For updates on PQP prices, check out our COE Results page.
What if my vehicle is a weekend car/off-peak car/revised off-peak car? (WEC/OPC/ROPC)
To renew vehicles under this segment, the same PQP rate according to the category of your vehicle must be paid.
Alternatively, you can convert your WEC/OPC/ROPC to a normal car before renewing.
How can I renew my COE?
1) Through One Motoring
You can renew your COE via One Motoring via three methods.
However, these three methods require you to have sufficient balance in your bank account and also must be within your payment limit for the amount you are paying.
Unless you have excess money set aside (which most of us don’t), the option of renewing COE ourselves may be too taxing.
Moreover, you are required to handle the paperwork and procedures yourself, something that may be too inconvenient.
2) Through Motorist
If you require help with your COE renewal, kindly fill up the form below. Not only will we help you source for the lowest COE loan interest rates in Singapore, but we will also provide you with updates if your COE renewal process is affected by any changes.
Moreover, we will also handle all the paperwork and procedures for you! Easy.
Schedule a free COE renewal consultation session!
Can I apply for COE renewal loan now?
There are two categories of loan: Bank and In-House Loans. For the pros and cons, refer to the previous article here.
Most loan providers are deemed non-essential, and will be closed from 7 April to 4 May 2020.
Perhaps the only option is to opt for a bank loan. However, this is dependent on your credit rating, and the loan amount may be subjective as well.
Should I renew my COE now?
This is entirely up to your own personal need and requirement. For instance, if you deem that your vehicle is still roadworthy and in good condition, then you can perhaps renew your COE.
If you require assistance regarding your COE renewal amidst this turbulent and somewhat confusing time, our friendly colleagues will be really happy to assist. Don't worry, it's completely free of charge, with no obligations as well!
Schedule a free COE renewal consultation session!
Read More: Circuit-Breaker: Can You Still Buy a Car During This Period?Circuit-Breaker: Can You Still Buy a Car During This Period?
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