COE RENEWAL LOAN IN SINGAPORE 2024

Looking for COE Renewal Loan?

All good things come to an end, in Singapore’s context, vehicles when bought brand new will last for only 10 years from the initial registration date, after which as it approaches the COE expiry date, 2 options are offered, with the first being to scrap the car, or the 2nd option, which is to renew it’s COE by either 5 or 10 years.

It is important to note that if you choose to renew your vehicle’s COE by 5 years, it will no longer be eligible for another COE renewal, and the remaining option then will be to scrap the car.

If you renew the full 10 years, you can continue to renew it’s COE as long as you choose the 10 years option. However, this limitation is not applicable to commercial vehicles, they can be renewed in 5 year blocks, up until the maximum lifespan of 20 years.

Also, unlike buying brand new cars, choosing to renew your COE does not require bidding, simply choose when you want to renew your vehicle’s COE, pay the prevailing quota premium, and you’re to good to go.

Looking To renew your vehicle’s COE? Call or Message 8827 9001 Now!

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COE CATEGORY

COE is categorized into 5 categories, Cat A, Cat B, Cat C, Cat D, & Cat E.

Alongside these categories, price of COE will also be differentiated into QUOTA PREMIUM(QP) & PREVAILING QUOTA PREMIUM(PQP), with the former being the price of COE when you decide to purchase a new car, and the latter being the price of COE(Average price of past 6 QP Bidding), when you want to renew COE for your car.

Just as an example, for CAT A COE, QP, for the past 6 biddings are:

August 23 First Bid: S$99,499

August 23 Second Bid: S$100,000

September 23 First Bid: S$101,000

September 23 Second Bid: S$105,000

October 23 First Bid: S$104,000

October 23 Second Bid: S$106,000

To calculate the PQP for the month of November 23, simply sum these 6 values together, and divide it by 6, rounded up to the nearest whole number. Therefore, the PQP for the month of November 2023, Category A COE, is S$102,584.

COE CATEGORY A

Category A COE refers to Cars ≤ 1600cc & 130bhp, or 110kW.

PREVAILING QUOTA PREMIUM FOR THE MONTH OF NOVEMBER 2023, CAT A – S$102,584

PREVAILING QUOTA PREMIUM FOR THE MONTH OF OCTOBER 2023, CAT A – S$99,617

COE CATEGORY B

Category B COE refers to Cars > 1,600cc or 130bhp, or 110kW.

PREVAILING QUOTA PREMIUM FOR THE MONTH OF NOVEMBER 2023, CAT B – S$138,094

PREVAILING QUOTA PREMIUM FOR THE MONTH OF OCTOBER 2023, CAT B – S$128,094

COE CATEGORY C

Category C COE refers to commercial vehicles, primarily Goods vehicles or Buses.

PREVAILING QUOTA PREMIUM FOR THE MONTH OF NOVEMBER 2023, CAT B – S$82,636

PREVAILING QUOTA PREMIUM FOR THE MONTH OF OCTOBER 2023, CAT B – S$83.714

COE CATEGORY D

Category D COE refers to Motorcycles.

PREVAILING QUOTA PREMIUM FOR THE MONTH OF NOVEMBER 2023, CAT B – S$10,850

PREVAILING QUOTA PREMIUM FOR THE MONTH OF OCTOBER 2023, CAT B – S$11,094

COE CATEGORY E

CATEGORY E COE refers to any kind of vehicle, except for motorcycle.

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