Related Questions
- I renewed the COE of my car for 5 years, and I would like to scrap it now after only 3 years. Will I be getting back the PARF rebate and balance COE rebate?
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- I have a 9 years old car noe COE left 1 year, should i renew my COE now as the COE price is down now or should i just wait another year hopping it would go more lower?
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Vivienne asked about Scrap/Export Car
over 8 years ago
Should I scrap my car or renew COE?
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1 Answer
Depreciation
Before you consider renewing your car, there are a few things you have to take note of. When you renew your COE at the end of the 10 year cycle, you will also lose your Preferential Additional Registration Fee (PARF) rebate. You can factor this in to your vehicle's depreciation like this (PARF Value + Prevailing Quota Premium) / Number of Years of New COE Period
Wear and Tear
Before you decide to invest in another 5 to 10 years with your car, make sure it can live through it first! You car would undoubtedly have its fair share of wear and tear, and one important indicator would be it's mileage. Singaporean cars usually run through an average of 20,000km per year. At the end of their COE term, it should amount to about 200,000km. That's considered high! You probably need to replace parts to help you car run smoothly, or to run at all. Head to your mechanic to find out what you need to change!