There are governments wherein they impose the acquisition of a Certificate of Entitlement, especially in Singapore. This certificate entitles a person to own and operate a car. This is where a person should bid for a COE, but the price will depend on the type of vehicle you have which will fall on a specific category.
For people who plans on owning or already owns a car, you should be aware of one of the important aspects in this acquisition of certificate, and that is the Prevailing Quota Premium wherein this is the actual sum required in order for a person to extend or renew their certificate of their vehicle.
While you may think that you can just get away with the PQP by buying a new vehicle, it will actually be costly and require you to actually pay for another certificate. The extension of the certificate enables a person to have continue their usage and ownership f their vehicle for the next five to ten years.
Renewing your COE
When your COE’s expiration date is getting near, then you need to renew it so as to have your vehicle be registered under your name. Otherwise, you will go have a problem with actually driving your vehicle around the city, and an unrenewed COE would force you to deregister the vehicle and have it disposed.
What’s more, you will likewise be accused of a late installment charge. It would be ideal if you see the table beneath to get familiar with it.
Limiting the number of vehicles
One of the main purpose of pqp coe is for the government to be able to limit the number of vehicles in the country. Through this, people be concerned with increase expense of owning a vehicle which will likely make them be less motivated with buying an extra vehicle.
Furthermore, limiting the number of vehicles owned decreases the carbon emission which gears this act towards having a cleaner and safer environment.
Renewal for a period of either 5 or 10 years. The catch is that once the vehicle has been renewed for a 5 year time frame, you have no other decision however to de-register the vehicle.
One of the benefits of PQP is that it enables you to renew your vehicle without beginning starting with no outside help and offering for a specific COE. Despite the fact that it costs a great deal, this is a choice that some vehicle proprietors would need to have. This kind of process enables the government to actually limit the number of vehicles being bought and used. It is also enable the governnment to decrease carbon emission and pollution, and decrease the number of junk cars because the non renewal of a coe entails disposing the vehicle.