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EARLY TURNOVER SCHEME FOR CATEGORY C VEHICLES

What is Early Turnover Scheme?


The Early Turnover Scheme incentivises eligible vehicle owners to replace their existing Pre-Euro/Euro I/II/III Category C diesel vehicles with cleaner models, such as electric vehicles or vehicles which comply with Euro V/VI or equivalent.

To qualify, the vehicle owner must deregister an eligible existing vehicle and, within one month, replaces it with an electric vehicle/Euro V/VI or equivalent vehicle. The owner will not need to bid for a COE to register the replacement vehicle. Instead, he pays a discounted Prevailing Quota Premium for the COE.

 

Calculating Prevailing Quota Premium payable for Registration of Replacement Vehicle


Click here to go to Calculator - Early Turnover Scheme to find out the discounted PQP payable at registration of the replacement vehicle.

The discounted Prevailing Quota Premium (PQP) is based on:

  • Transferring the unused COE period from the existing vehicle at deregistration to the replacement vehicle;
  • Adding a bonus COE period (i.e. X below) for the replacement vehicle, which is proportional to the existing vehicle's remaining 20-year lifespan at deregistration; and
  • Adding an additional bonus COE period (i.e. Y below) for the replacement vehicle, which is proportional to the existing vehicle's remaining 20-year lifespan at deregistration, if the replacement vehicle is an electric vehicle / Euro VI or equivalent.
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* Discounted PQP payable for the replacement vehicle is subject to a minimum 10% of PQP.

** If existing vehicle is:

  • Pre-Euro / Euro I with Maximum Laden Weight (MLW) less than or equal to 3,500kg, X = 20%
  • Pre-Euro / Euro I with MLW more than 3,500kg, X = 100%
  • Euro II / Euro IIII with MLW less than or equal to 3,500kg, X = 10%
  • Euro II / Euro IIII with MLW more than 3,500kg, X = 90%


*** If replacement vehicle is an electric vehicle / Euro VI or equivalent and existing vehicle has:

  • MLW less than or equal to 3,500kg, Y = 3%
  • MLW more than 3,500kg, Y = 10%

Refer to Table A below for the different types of bonus COE rates the replacement vehicle would enjoy under the Early Turnover Scheme.


Thus, the earlier the existing vehicle is replaced, the more unused COE and bonus COE periods the owner gets to use to offset the PQP payable for his replacement vehicle.

The sum of the unused COE period and proportion of the remaining 20-year lifespan is capped at 10 years; i.e. any excess bonus COE period from the existing vehicle will be forfeited.

If the COE rebate from the deregistered existing vehicle had been used, encashed or transferred before the registration of the replacement vehicle, LTA will collect back the amount of the rebate at the point of registration of the replacement vehicle.

file
Early_Turnover_Scheme_For_Category_C_Vehicles.MainPar.50720

Calculating the Value of the 10-Year COE for the Replacement Vehicle

Click here to go to Calculator - Early Turnover Scheme to find out the value of the 10-year COE for the replacement vehicle.

Once registered, the value of the 10-year COE for the replacement vehicle will be calculated as follows:

Early_Turnover_Scheme_For_Category_C_Vehicles.MainPar.59452

Eligibility Criteria for Early Turnover Scheme


To be eligible for the scheme, the following criteria must be met:

Existing vehicle must be:

  • A Cat C vehicle
  • Not COE-exempted
  • Propelled by diesel, diesel-Compressed Natural Gas (CNG) or diesel-electric
  • Under permanent ownership of the registered owner
  • Registered before 1 January 2001 or from 1 January 2001 to 30 September 2006:

    • If registered before 1 January 2001, must be deregistered from 24 April 2013 to 31 July 2017
    • If registered from 1 January 2001 to 30 September 2006, must be deregistered from 1 August 2015 to 31 July 2017
  • Properly disposed of (i.e. scrapped or exported and COE rebate, if any, successfully granted) before registration of the replacement vehicle
  • Have at least 1 day of COE life remaining or at least 1 day of its 20-year lifespan remaining at deregistration


Replacement vehicle must be:

  • A Cat C vehicle

    • The replacement vehicle can be any type of Cat C vehicle. E.g. an existing Light Goods Vehicle can be replaced with a Heavy Goods Vehicle. However, the registered owner must fulfil the registration conditions of the replacement vehicle e.g. obtaining LTA's approval for the registration of a private hire bus, etc.
  • Not COE-exempted
  • Propelled by any of the following:
Early_Turnover_Scheme_For_Category_C_Vehicles.MainPar.96683
  • Registered in the name of the last registered owner of the existing vehicle; and
  • Registered within 1 month from the date of deregistration of the existing vehicle.


Illustrations:

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Examples On How To Compute The Discounted PQP Payable And The Value Of The 10-Year COE For The Replacement Vehicle


EXAMPLE 1

Category C existing vehicle with MLW = 5,000kg
First Registration Date (FRD) before 1 January 2001
Deregistered before 1 August 2015
Has
both unused COE and remaining 20-year lifespan at deregistration

Assumptions

Existing Vehicle Replacement Vehicle
QP paid = $20,000
FRD: 1 August 1999
10-year COE Expiry Date: 31 July 2019
Reach 20 years old on: 31 July 2019
Deregistration Date: 31 July 2015
PQP for Category C = $50,000
Registration Date: 31 July 2015
Emission Standard: Euro VI

Existing vehicle at deregistration:
Remaining unused COE period = 1 August 2015 to 31 July 2019 = 4 years
Remaining 20-year lifespan = 1 August 2015 to 31 July 2019 = 4 years

Value of the 10-year COE of the replacement vehicle after registration
= Discounted PQP paid at registration of replacement vehicle + COE rebate of existing vehicle at deregistration
= $10,000 + (4/10) x $20,000
= $10,000 + $8,000
= $18,000

EXAMPLE 2
Category C existing vehicle with MLW = 3,000kg
FRD between 1 January 2001 and 30 September 2006
Deregistered before 1 August 2015
Has
both unused COE and remaining 20-year lifespan at deregistration

Assumptions

Existing Vehicle Replacement Vehicle
QP paid = $20,000
FRD: 1 August 2001
10-year COE Expiry Date: 31 July 2016
Reach 20 years old on: 31 July 2021
Deregistration Date: 31 July 2015
PQP for Category C = $50,000
Registration Date: 31 July 2015
Emission Standard: Euro V

 

Existing vehicle at deregistration:
Remaining unused COE period = 1 August 2015 to 31 July 2016 = 1 year
Remaining 20-year lifespan = 1 August 2015 to 31 July 2021 = 6 years

Discounted PQP payable for replacement vehicle at registration:
Not eligible for ETS.
ETS for this group of existing vehicles is only applicable for deregistration date on or after 1 August 2015.

EXAMPLE 3
Category C existing vehicle with MLW = 5,000kg
FRD before 1 January 2001
Deregistered after 31 July 2017 
Has
both unused COE and remaining 20-year lifespan at deregistration

Assumptions

 

Existing Vehicle Replacement Vehicle
QP paid = $20,000
FRD: 1 September 1999
10-year COE Expiry Date: 31 August 2019
Reach 20 years old on: 31 August 2019
Deregistration Date: 31 August 2017 
PQP for Category C = $60,000
Registration Date: 31 August 2017
Emission Standard: Euro V

 

Existing vehicle at deregistration:
Remaining unused COE period = 1 September 2017 to 31 August 2019 = 2 years
Remaining 20-year lifespan = 1 September 2017 to 31 August 2019 = 2 years

Discounted PQP payable for replacement vehicle at registration:
Not eligible for ETS.
ETS for this group of existing vehicles is only applicable for deregistration date on or before 31 July 2017.

EXAMPLE 4
Category C existing vehicle with MLW = 5,000kg
FRD before 1 January 2001
Deregistered between 1 August 2015 and 31 July 2017 
Has
only remaining 20-year lifespan at deregistration

Assumptions

Existing Vehicle Replacement Vehicle
QP paid = $20,000
FRD: 1 August 2000
10-year COE Expiry Date: 30 September 2016
Reach 20 years old on: 31 July 2020
Deregistration Date: 30 September 2016
PQP for Category C = $58,000
Registration Date: 30 September 2016
Emission Standard: Euro VI

 

Existing vehicle at deregistration:

Remaining unused COE period = Nil
Remaining 20-year lifespan = 1 October 2016 to 31 July 2020 = 3.83333 years

 

Value of the 10-year COE of the replacement vehicle after registration
= Discounted PQP paid at registration of replacement vehicle + COE rebate of existing vehicle at deregistration
= $33,544 + (0/10) x $20,000
= $33,544

EXAMPLE 5
Category C existing vehicle with MLW = 3,000kg
FRD between 1 January 2001 and 30 September 2006
Deregistered between 1 August 2015 and 31 July 2017
Has
both unused COE and remaining 20-year lifespan at deregistration

Assumptions

 

Existing Vehicle Replacement Vehicle
QP paid = $20,000
FRD: 1 October 2002
10-year COE Expiry Date: 30 September 2017
Reach 20 years old on: 30 September 2022
Deregistration Date: 30 September 2016
PQP for Category C = $58,000
Registration Date: 30 September 2016
Emission Standard: Euro V

 

Existing vehicle at deregistration:
Remaining unused COE period = 1 October 2016 to 30 September 2017 = 1 year
Remaining 20-year lifespan = 1 October 2016 to 30 September 2022 = 6 years

 


Value of the 10-year COE of the replacement vehicle after registration

= Discounted PQP paid at registration of replacement vehicle + COE rebate of existing vehicle at deregistration
= $48,720 + (1/10) x $20,000
= $48,720 + $2,000
= $50,720

EXAMPLE 6
Category C existing vehicle with MLW = 5,000kg
FRD between 1 January 2001 and 30 September 2006
Deregistered between 1 August 2015 and 31 July 2017
Has
only remaining 20-year lifespan at deregistration

Assumptions

Existing Vehicle Replacement Vehicle
QP paid = $20,000
FRD: 1 October 2002
10-year COE Expiry Date: 30 September 2016
Reach 20 years old on: 30 September 2022
Deregistration Date: 30 September 2016
PQP for Category C = $58,000
Registration Date: 30 September 2016
Emission Standard: Euro VI

Existing vehicle at deregistration:
Remaining unused COE period = Nil
Remaining 20-year lifespan = 1 October 2016 to 30 September 2022 = 6 years


Value of the 10-year COE of the replacement vehicle after registration

= Discounted PQP paid at registration of replacement vehicle + COE rebate of existing vehicle at deregistration
= $23,200 + (0/10) x $20,000
= $23,200

EXAMPLE 7
Category C existing vehicle with MLW = 5,000kg
FRD between 1 January 2001 and 30 September 2006
Deregistered between 1 August 2015 and 31 July 2017
Has
both unused COE and remaining 20-year lifespan at deregistration

Assumptions

Existing Vehicle Replacement Vehicle
QP paid = $20,000
FRD: 1 October 2005
10-year COE Expiry Date: 30 September 2017
Reach 20 years old on: 30 September 2025
Deregistration Date: 30 September 2016
PQP for Category C = $58,000
Registration Date: 30 September 2016
Emission Standard: Euro VI

 

Existing vehicle at deregistration:

Remaining unused COE period = 1 October 2016 to 30 September 2017 = 1 year
Remaining 20-year lifespan = 1 October 2016 to 30 September 2025 = 9 years



 

Value of the 10-year COE of the replacement vehicle after registration
= Discounted PQP paid at registration of replacement vehicle + COE rebate of existing vehicle at deregistration
= $5,800 + (1/10) x $20,000
= $5,800 + $2,000
= $7,800

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