Conversion of 5-Year COE Cars Aged Between 30
And 35 Years Old into Classic Car Scheme
1. From 24 March 2008, owners
with cars between 30 and 35 years old from the original date of
registration and who renew the COE for five years can re-register
their car as a classic car when it is at least 35 years old and
before the five-year COE expires. Previously, such vehicles had to
be de-registered at the end of the five-year COE even though they
met the 35-year age criteria required under the Classic Car
Scheme.
2. This change provides
flexibility to classic car owners-to-be, as it allows them to
bridge the gap before their cars reach 35 years old and are
eligible for conversion to the Classic Car Scheme.
3. If an owner decides not to
re-register the car as a classic car at the end of the five-year
COE period, the car must be de-registered as no further COE renewal
will be allowed upon expiration of the five-year COE.
Background information on the Classic
Car Scheme
4. The Classic Car scheme was
introduced in July 2000 to enable classic car enthusiasts to
realise their aspirations of owning well-preserved cars of a bygone
era that are of some heritage value. Cars that are at least 35
years old based on the original date of registration can be
converted to classic cars upon payment of an administrative fee of
$100, 10 per cent of the Prevailing Quota Premium (PQP) of the
respective category at conversion and an annual road tax of $280.
Upon conversion from the normal car to classic car, the normal
car's COE would be cancelled and any unused portion of the COE will
be granted to the owner as COE rebate. The COE rebate can be used
to offset the 10 per cent PQP payable to convert the normal car to
classic car.
5. Registration of imported
classic cars that are at least 35 years old from the first date of
registration in a foreign country is also allowed, subject to the
payment of the excise duty, registration fee, additional
registration fee, 10 per cent of the Prevailing Quota Premium and
the annual road tax of $280.
6. The use of classic car is
restricted to 28 days per calendar year (inclusive of weekends and
public holidays). Classic cars cannot be converted into normal cars
or Off-peak cars.
* Source : LTA Website - News Releases (24/3/2008)
