20 Sep 2016
More Than 17,000 Commercial Vehicles Are Expected To Have Their Certificate of Entitlement (COE) Expire In 1Q 2017
According to the Land Transport Authority (LTA) of Singapore, 17,060 commercial vehicles are expected to have their Certificate of Entitlement (COE) expire in 1Q 2017. The number of COE expiries in 2016 were just 15,000.
About 75% of these commercial vehicles are light commercial vehicles, while 18% are heavy vehicles and the balance of 6% are buses.
Depending on each vehicle’s circumstances, owners can either choose to or are mandated to scrap their vehicles, renew COE for another five or 10 years, or use their existing vehicle to purchase a new vehicle under the Early Turnover Scheme (ETS). However, due to the sudden surge in vehicles having their COEs expire, there may be insufficient supply in the market in time to come.
If you are a business owner or a decision-maker in your company which is impacted by this news, contact us at [email protected] to help you understand how we can assist you in your business vehicles’ needs.