If you are a car owner, the thought of your vehicle not being registered as your own is a nightmare. Well, this can happen if your COE expires, so you should always keep an eye on that. It would be best if you remembered the dates of renewal as well. If you are renewing it for the first time, it can get tiresome. You can get confused about what has to be done and how. To solve this, keep reading this article. Renewing coe pqp is vital because you can not ride your vehicle without it. If you want to use your car, doing a coe pqp renewal is crucial.
What is COE PEP renewal?
When your existing COE expires, it is evident that you will need to renew it. Why is that? Because if you fail to do so, the car you own will no longer be under your name. If you fail to renew the COE, your vehicle needs to be scrapped. Though, coe pqp renewal can save you. You can do the renewal before the old one expires. One month can be extended after the expiry for the renewal but not more than that.
If you decide to go for the late renewal, you will have to pay the extra fee. If you do not go for the renewal even after a month, then you will have to scrap your car immediately.
Reasons For Renewal
COE renewal should be done because it lowers the upfront cost. If you buy a new vehicle, you will have to pay the car’s total price, but here you only pay for the PQP (Prevailing Quota Premium). PQP changes every month because it is calculated by taking the moving average of CORn last three months.
10-Year Renewal Is Worthy?
Before deciding on the period, you must consider how long you plan to drive the vehicle. You should go for a 5-year plan if you are unsure about the ten years for a while. You can renew your car with the help of the internet, post, and also at the customer service center.
If you do not have enough money to renew the car, you can also take a loan.
Summary
If you own a car, then make sure that you renew it periodically. If you fail to do so, it will harm you only. Taking care of a vehicle’s legal process is as essential as its engine.do not forget this crucial part, or your car will be scrapped. Better that you remember to renew coe on time.