possible to renew COE 2-3 years before it's due?

[kai82]

just curious.

young guns like me have no savings so have to opt for lengthier loans, even for 2nd hand cars.

 

[hackzi]

Re: possible to renew COE 2-3 years before it's due?

Yes, it's possible.

 

[kai82]

Re: possible to renew COE 2-3 years before it's due?

are there any drawbacks to this scheme? like for e.g. loss of value, extra depreciation, etc etc?

secondly, so if i renew it when it's 8 yrs old, that means the COE is extended by 12 years? or still just 10? that would effectively make its normal lifespan in singapore to 18yrs instead of 20, right?

 

[weech]

Re: possible to renew COE 2-3 years before it's due?

it is just 10.
means you lose the 2 years from the previous coe
you would renew if you think in 2 yrs time, the prevailing quota premium will skyrocket..
if i'm not wrong the pqp is average of last 3 bids

 

[kai82]

Re: possible to renew COE 2-3 years before it's due?

do i get refunded the 2 yrs' worth then?

 

[jason3s]

Re: possible to renew COE 2-3 years before it's due?

nope, no refund, asked this very same Q b4 a long time ago.

By choosing to renew early, you're fore-going whatever amount of COE rebate applicable at that pt in time. In short, you 'fast-forward' to year 10 and buy another 10 yrs of road going rights.

Do also note that you would be unable to renew the COE again should you renew it for a period of 5yrs only.

 

[diablo_728]

Re: possible to renew COE 2-3 years before it's due?

the biggest drawback shd be the loan int. most banks may not approve and if they do the interest shd be as for coe paid cars ie 4.x-5.x%

 

[kai82]

Re: possible to renew COE 2-3 years before it's due?

why would approval rating be worse off? just because it's almost 10 yrs old? what if it went through valuation/ inspection first?

 

[foxfrc5]

Re: possible to renew COE 2-3 years before it's due?

Don't forget that if the car is less than ten years old, it still has residual PARF value until its tenth birthday. So if you renew the COE early, you are forgoing the PARF value.

PQP is a moving average based on the last 3 months COE results, so it's typically 6 rounds.

 

[Turbonetic]

Re: possible to renew COE 2-3 years before it's due?

No need to valuate, your parf become $0 immediately when u renew the coe.

why would approval rating be worse off? just because it's almost 10 yrs old? what if it went through valuation/ inspection first?

 

[diablo_728]

Re: possible to renew COE 2-3 years before it's due?

i think the parf value remains till the 10 yr from 1st reg date. but the biggest prob will be loan int and rate.