Every vehicle owner in Singapore can relate to this – you are nearing the end of your certificate of entitlement (COE), which is mandatory for vehicle ownership in Singapore. You are torn between deregistering your vehicle to get a new car and renewing your COE and extending your car ownership. While some might decide to deregister their vehicles, others opt to renew their COE instead because it is more financially worthwhile based on the latest bidding results.
If you have decided not to deregister your vehicle, you will have to renew your COE in order to keep driving your vehicle on the roads in Singapore, by paying for the prevailing quota premiums (PQP).
Read on to learn more about the PQP!
Unlike buying a new vehicle in Singapore, vehicle owners have to pay for PQP in order to extend or renew one’s COE. A vehicle owner will not need to bid for COE again when buying a used vehicle or renewing ownership.
The PQP is calculated based on the moving average of COE prices (quota premiums) in the last 3 months. The PQP varies each month. It saves a driver the hassle of bidding for COE during the bidding exercises.
If you have decided to renew your COE and you need a bit of assistance to pay off the PQP, why not use our loan services?
As a financial services provider that is actively involved in the latest COE news, our team realises how financially-burdensome it can be to own a car in Singapore.
Get in touch with us to find out what we have to offer at MoneyMax Leasing. Click here to leave a note on our online enquiry form now.
