New scheme encourages owners to replace old vehicles with greener models
25 Apr 2013|4,125 views
In Parliament last month, Vivian Balakrishnan, Minister for the Environment and Water Resources, acknowledged existing fleet of old diesel vehicles commuting on the roads are a major source of pollution. He revealed there are about 38,000 old diesel commercial vehicles with pre-Euro or Euro 1 emissions standards bought before 2001.
As such, a new Early Turnover Scheme which runs until the 23rd of April 2015 has been announced to encourage owners with commercial vehicles to switch to newer, environmentally friendly models that meet the Euro 5 diesel standards. Under the newly announced scheme, owners who bought diesel vehicles before January 2001 can deregister their diesel vehicles and register a replacement commercial vehicle at a discounted fee.
They do not have to bid for a Certificate of Entitlement (COE) for a commercial vehicle and can transfer the unused period of COE from their existing vehicle to the replacement, one on top of receiving a bonus COE period for their replacement vehicle.
The bonus COE is derived from a percentage of the remainder of the existing vehicle's 20-year lifespan when it is deregistered:
- 10 percent if a vehicle's maximum weight is 3,500kg or less and
- 30 percent if its weight limit exceeds 3,500kg.
The Land Transport Authority (LTA) has set up an online service called Calculator - Category C Early Turnover Scheme on its one.motoring portal for owners to work out how much they need to fork out for the discounted PQP. Alternatively you can also call the LTA hotline at 1800-2255-582.
In Parliament last month, Vivian Balakrishnan, Minister for the Environment and Water Resources, acknowledged existing fleet of old diesel vehicles commuting on the roads are a major source of pollution. He revealed there are about 38,000 old diesel commercial vehicles with pre-Euro or Euro 1 emissions standards bought before 2001.
As such, a new Early Turnover Scheme which runs until the 23rd of April 2015 has been announced to encourage owners with commercial vehicles to switch to newer, environmentally friendly models that meet the Euro 5 diesel standards. Under the newly announced scheme, owners who bought diesel vehicles before January 2001 can deregister their diesel vehicles and register a replacement commercial vehicle at a discounted fee.
They do not have to bid for a Certificate of Entitlement (COE) for a commercial vehicle and can transfer the unused period of COE from their existing vehicle to the replacement, one on top of receiving a bonus COE period for their replacement vehicle.
The bonus COE is derived from a percentage of the remainder of the existing vehicle's 20-year lifespan when it is deregistered:
- 10 percent if a vehicle's maximum weight is 3,500kg or less and
- 30 percent if its weight limit exceeds 3,500kg.
The Land Transport Authority (LTA) has set up an online service called Calculator - Category C Early Turnover Scheme on its one.motoring portal for owners to work out how much they need to fork out for the discounted PQP. Alternatively you can also call the LTA hotline at 1800-2255-582.
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