Should I Renew The COE For My 10 Year Old Car?

Should I Renew The COE For My 10 Year Old Car?

Renewing the COE of your 10 year old car is a very subjective question. There are many things to consider before going ahead with the extension. See if the below questionnaire are mostly ‘yes’ , if so then read on below to find out on how to, what to do and options about renewing the COE.

  • Are you confident enough that your car could last for another 5-10 years?
  • Are there spare parts readily available for my model?
  • I am not ready to fork out more money for down payment buying a 5 year old car or newer?
  • I am aware that the road tax will be 10% more each year until it reaches the 5th year at 50% maximum?
  • It is more worth it in terms of depreciation to extend the COE? Is it value for money?
  • It is foolish to buy high depreciation 2nd hand or new car at this moment?
  • I will lose my PARF value once the COE is extended and I am aware of it?
  • Is my car a collectable model? It is niche so there is value extending it?

Alright. Now you are ready to extend the COE so what happens next; let me tell you an example;

Mr Carowner has a car that is reaching 10 years and he is thinking of extending the COE. About 1 month before the expiry date of your car, LTA will definitely send you a notice(see the featured photo of this article) to renew the COE of your car and informing you the amount to pay together with a form(Q02) to fill in if you are extending the COE. If you intend to renew the COE very much earlier than the last month, you will have to check it on the LTA website at If you are not taking up a loan to pay for the COE, you will need to

  • Fill in your particulars on the Q02 form.
  • Buy a cashier’s order or write a cheque for the actual amount of the prevailing COE. You will need to drop it in at a ‘coe renewal’ box together with the Q02 form( just beside the information counter when you enter the entrance of LTA). Make sure if you are paying for that particular month, you have to do so by the last day of the month. If not, it’ll be consider as the next month’s prevailing COE amount.
  • Make sure you have your insurance renewed once the current one expired. For the first renewal year of the COE, you can still cover it as comprehensive. Thereafter, insurance will not accept TPFT or what we call it as 3rd party fire and theft.
  • Get your car inspected for road worthiness at any of the inspection centers every year once it is over 10 years old.

If you are thinking of taking up a loan for renewing of the COE, the most attractive interest rates currently (15/9/2016) would be 3.25% per year. For 5 years COE renewal, you can loan up till 5 years and for 10 years COE renewal, you can loan up till 7 years.

SGCARCONSIGN is able to help car owners to get this special interest rate from an established finance company in Singapore with a flexible loan amount. SGCARCONSIGN will be able to

  • Pay the COE amount on your behalf.
  • Renew your insurance at an attractive rate with installment plans.
  • Installments for CATEGORY A cars for 5 years renewal base on 5 year loan estimated *$500/month and CATEGORY B for 5 years renewal base on 5 year loan estimated *$550/-. CATEGORY A cars for 10 years renewal base on 7 years loan for around *$740/- and CATEGORY B Cars base on 7 years loan around *$830/-.

Category A cars refers to cars below 1600cc and Category B cars refers to cars above 1601cc. *Installments based on the current prevailing COE as of 15th September 2016.

So, if you are think of getting a loan for the COE renewal of your car or have any other questions pertaining to this article, feel free to call us at 61000 200 for more information or email us at



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