How to Renew COE & Everything Else You Need to Know

There's nothing quite like the convenience and freedom of having and driving your own vehicle. But once the thrill of car ownership dies down, every owner is left with an important decision — renewing the Certificate of Entitlement (COE) when the vehicle hits the 10-year mark.

Feeling unsure about how to renew COE? Keep reading as we break down the process of renewing your COE and answer some common questions.

What is a COE?

Going back to basics, COE (Certificate of Entitlement) is essentially your right to own and use a vehicle in Singapore for 10 years. Your vehicle cannot be on the road without it, so as your COE expiration date approaches, it's time to consider your next move. If you have decided to renew your COE, the good news is that the process is relatively straightforward.

How to Renew COE

1. Decide on the Renewal Period
   You can choose between a 5-year or a 10-year renewal. For a 5-year renewal, you'll pay 50% of the Prevailing Quota Premium (PQP), while a 10-year renewal requires the full PQP amount.
2. Calculate the PQP
   The PQP is the average COE price over the last three months and is the amount you'll need to pay when renewing your COE. Check the latest figures for your vehicle category to estimate your renewal cost.
3. Submit Your COE Renewal Application
   The easiest way is to apply online via the OneMotoring website. Just ensure you have all the necessary details, such as your vehicle number and NRIC.
4. Payment
   Once your application is approved, you'll need to make the PQP payment. This can be done online as well.

Can I Renew My COE Before It Expires?

The answer is yes! It's even recommended to renew it before the expiration date to avoid having to pay late charges. Leaving it to the last minute also means risking having your car deregistered if the COE expires without renewal.

Late fees by vehicle category:

• Motorcycle: $50
• Private Motor Car (1,000cc and below): $50
• Private Motor Car (1,001cc to 1,600cc): $100
• Private Motor Car (1,601cc to 2,000cc): $150
• Private Motor Car (2,001cc to 3,000cc): $200
• Private Motor Car (more than 3,000cc): $250
• Business Service Passenger Vehicle (Company Car): $250
• Goods Vehicle and Public Service Vehicle: $250
• Others: $250

How Many Times Can You Renew COE?

For vehicles in Categories A, B, and D, you can renew your COE for 5 years only once. After the 5-year period ends, you won't be able to renew it again, and you'll need to deregister your vehicle. Since private cars don't have a statutory lifespan, you can renew the COE as many times as you like, provided each renewal is for 10 years.

For vehicles in Category C, you can continue renewing the COE after the first 5-year period. However, each renewal will still be limited to 5 years. Once your vehicle reaches the end of its statutory lifespan, you won't be able to renew the COE, and you'll have to deregister the vehicle.

Why Renewing Your COE is a Smart Move

The decision to renew your COE should be based on the condition of your car and your financial situation. If your vehicle is still in good shape and you have maintained it well, renewing your COE may be more cost-effective than purchasing a new vehicle. Plus, with the availability of COE loans, renewing has never been easier.

You also avoid the high upfront costs of purchasing a new car, including the hefty down payment and fluctuating COE premiums for new vehicles. Not to mention, staying in the car you're comfortable with can be more convenient than transitioning to a new one!

Need a COE Loan?

Wondering if a COE renewal loan is right for you? Many financial institutions, including Tembusu Financial Services, offer flexible COE loan options with fast approval, so you can manage the cost of your renewal without stress. Our team can also guide you on how to renew COE — let us handle the financial aspects so you can focus on enjoying your drive.

Give us a call today to find out more.