fbpx

Should You Get A COE Renewal in Singapore?

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.

Share This Post
Share on facebook
Share on linkedin
Share on twitter
Share on email

More To Explore

Uncategorized

Buying A Used Car Guide In Singapore

Compared to a new car, used cars in Singapore are always cheaper. Depending on the needs of each individual, a car may be essential in

Do You Want To Find Out More About Cars?

drop us a line and keep in touch

Do you need a hand regarding your car?

You are in the right place!

× Chat with me!