A Handy Guide to PARF Rebate and COE Rebate
Every vehicle owner has struggled with the dilemma of renewing his certificate of entitlement (COE) or buying a new vehicle. COE is mandatory to operate a vehicle in Singapore and they take up a significant proportion in the cost price of your vehicle. While some drivers may opt to renew their COE, others choose to deregister their vehicle and get a new car altogether.
If you have decided to go with the latter and deregister your vehicle, you would be pleased to know that you can actually enjoy some great rebates! This includes the Preferential Additional Registration Fee (PARF) and COE rebates.
Should you choose to register your car before the completion of your COE, you will receive a rebate based on the amount of time you have left on your COE based on the most recent Quota Premium (QP) or Prevailing Quota Premium (PQP) you paid.
More about the PARF Rebate
If you decide to deregister a vehicle that is under 10 years old, you could actually receive the PARF rebate – this rebate has been developed to recover the cost of the Additional Registration Fee you paid when registering your vehicle. In other words, the amount of PARF rebate is inversely proportionate to the age of your car at deregistration. The younger your car, the more rebate you can enjoy.
Should I Renew My COE or Deregister My Car?
While deregistering your car before the expiration of your COE might allow you to enjoy the PARF rebate, bear in mind that the age of your car has to be less than 10 years. Otherwise, you will not be entitled to the PARF rebate and you might be better off renewing your COE!
If you do decide to renew your COE and need some financial assistance based on the latest COE bidding results, why not get a loan from MoneyMax Leasing? Click here to get in touch with us.