If you have a COE you should know by now it is only valid for 10 years in Singapore, so it is not possible to keep the vehicle with you as long as you want. Hence the reason you have to renew the COE, or else it will be deregistered.
Why should you renew it?
It may not seem like a big deal, but it is very important that you get it renewed, because you could face problems such as deregistration, so the vehicle with not be licenced to your name anymore. With that comes the possibility of the vehicle getting disposed of. In the end you won’t be left with a vehicle.
When should you renew it?
There is a certain time period that you have to renew COE, the COE can last up t 5 to 10 years depending on the category of the vehicle. You should renew it when it is about to expire or within in one month of the expiry, you will have to pay a late renewal fee though.
How to renew?
This is how you renew it, first of all the PQP or the Prevailing Quota Premium for your vehicle has to be paid. The PQP is actually COE the moving average in the past 3 months. It will be depend on the prices of COE and has the capability of changing every now and then. You will have to pay the PQP depending on the category of the vehicle.