This is my version.
When a new car is first registered, there come a COE with it.
This car will be licensed to be on th road for the next 10
years.
After 10 years, that car could renew its COE or be scraped.
After renewal of the COE, the car is yet again licensed for the
next and last 10 years on the road.
Now for the first 10 years, the car will be new until the owner
changed.
Then it will be called used car.
For the second 10 years, with the renewed COE, this car is called
the COE car.
Now the first owner might still be driving it, or it could have
already changed hands many times.
Major thing, I think, that is different between these 2 type of
cars is, for a used car (still with its first COE) if you scrape
the car, you will be refunded what was left of the unused COE
(before the 10 years is up) PLUS a precentage of its OMV (Open
market value). As for the COE car, upon scraping, only the
remaining of the second COE will be refunded. Not even a little of
the OMV will be rebated back to you.
