COE or Certificate of Entitlement has only 10-year validation. You need to conduct COE Renewal; otherwise, your car goes de-registered.
People in Singapore keep asking this question to the experts. Some may recommend a renewal, others may not. However, you should opt for COE renewal after analyzing certain factors. What factors? Well, we will highlight them for you.
• COE + Car Purchase – For a pack of COE and Car Purchase, you may have to invest near about S$105,000 for a brand new car, whereas 10-year COE renewal Singapore costs S$50,000. This is only an example of a particular car type.
• Car Loan Interest – The staggering car loan interest may come at 6-7% of the car price. Also, a 3-year old car may reach a little down there. But, you have to pay interest on the car if you are not buying it altogether.
• Insurance Premium – Similarly car insurance ranges anywhere between S$8000 and S$9000.
• Road Tax – Road taxes over the period of 5 years may come charging at S$3710.
• Maintenance Cost – Maintenance costs could be varying for different cars, but hypothetically it may range between S$3000 and $5000.
• PARF Rebate – The PARF rebate gives relief of S$17500 for a new car and S$15000 for a 3-year old car. Of course, there’s no rebate on old cars.
For a fair analysis of COE prices in Singapore, you can connect with a professional in your region. Along with body value and rebate analysis, they can recommend you the right advice on whether you should go for renewal, scrap, or resale.