At Reach Group – Speed Credit, Cars & Stars & Ace Drive, your safety and well-being is our priority. In line with our government’s safe distancing measures, we have drawn up and implemented stringent distancing measures in all our offices and showroom. This was done on top of strict temperature screenings, travel declarations, rotational telecommuting / work from home arrangements for staff, provision of sanitizers and masks, as well as constant sanitation and disinfection of counters, stationery, doors, tables, chairs and all other high contact areas.

With business services still in operation, we encourage our customers to do their enquiries through our website contact forms, emails, phone calls and messengers. We also recommend payments to be done through online bank transfers before proceeding with any document processing in person.

We know these are trying times, but we’re doing our best to ensure we retain the highest standards of customer service. We thank you for all your understanding and support, we wish everyone safety and good health.

The post Safe Distancing Measures Advisory appeared first on Renew COE Singapore.

In light of the evolving situation on COVID-19 (Novel Coronavirus), and with all our employees and guests (customers, partners and other visitors) at the top of our minds, we have stepped up and implemented preventive and precautionary measures across our showroom and office premises at Ace Drive, Cars & Stars and Speed Credit.

These measures include:

Temperature Screening
All our employees and guests are subject to temperature screening.

For employees:

• Temperature screening is mandatory and will be done twice a day: (1) every morning at our designated counters before entering our office premises and (2) after lunch.
• Temperature screening logs and/or records are maintained on a daily basis.
• If the temperature reflects 37.7°C or above, the individual will not be permitted to work and will be asked to seek medical care and get a doctor’s clearance before getting back to work.

For guests (customers, partners and other visitors):

• Temperature screening is mandatory, this will be done by our counter staff.
  • Should the temperature fall between 37.5°C – 37.6°C, the guest will be provided with water, a mask and have them wait outside the premises for 5 minutes – once the required waiting time is up, we’ll screen their temperature again.
  • Should the temperature remain the same or appear higher, we’ll encourage the guest to seek medical care promptly and/or refer them to the nearest clinic or hospital.
  • For those who’d refuse to have their temperature screened, we regret to inform that we’ll be unable to attend, serve or assist them further.
• A registration list of all guests will be maintained at our designated counters.

Increased Frequency in Cleaning and Disinfecting High Contact Areas & Car Displays
High contact areas, such as the below, are cleaned and disinfected more frequently using disinfectants or cleaning products which were identified by NEA as effective against COVID-19.

• car displays (steering wheel, gear shift, cup holders, dashboard and other controls, seats and seat belts, exterior door handles, windows, keys, etc.)
• door knobs and handles
• glass panels and doors
• handrails (staircase)
• counter tops (front desk / receiving counters)
• chairs, tables and other furniture
• other appliances (water dispenser, microwave, coffee maker, mini refrigerator)
• toilets
• carpets
• refuse bins

High Standards of Personal Hygiene
All our employees are advised to maintain a high standard of personal hygiene, including but not limited to:

• Washing hands with soap and water before and after meals, after handling dirty items or touching high contact surfaces, and after visiting the toilet.
• Usage of masks (currently voluntary but mandatory to those who passed the temperature screening but felt unwell during the day).
• Refrain from touching their exposed body parts such as eyes, nose, face, and arms with soiled gloves or unwashed hands.
• Cover their mouths with tissue paper when coughing or sneezing with immediate disposal of soiled tissue paper in the rubbish bin. Washing hands thoroughly with soap and water upon tissue paper disposal is recommended.
• Practise good toilet habits (e.g. flush toilets after use, proper disposal of tissue paper, etc.)

Constant Updates and Communication Related to COVID-19
All employees constantly receive COVID-19 news and updates via WhatsApp, along with some reminders and advice related to the information relayed.

Other Business Continuity Plans

• Reshuffling of workplaces (with further or greater distance) as well as division of workforce on Levels 1 and Level 5.
• Employees shall remain at their designated workstations, any interactions between their fellow department colleagues will be done through phone/email.
• Keeping distance from each other, especially in crowded areas (e.g. public transportation, hawkers, etc.)
• Eating alone in their designated workstation & properly sanitising after a meal.

Everyone’s health and well-being are of paramount importance to us. Thank you for your patience as we work together with you to make our showroom and office premises safe for us all.

The post COVID-19 Advisory appeared first on Renew COE Singapore.

For Category A (cars up to 1,600cc and 130bhp) alone, the COE supply suffers a substantial drop of 25.8% (6,338, down from the 8,546). While Category B (cars above 1,600cc or 130bhp) is lower by the preceding quarter’s 2,083 a month (8.6% down, previously 2,278 a month; Refer to Table C ).

The COE quota for commercial vehicles (Category C) will be hit most severely, by an overwhelming 27.3% to just 1,699 (from 2,337) COEs this quarter. Motorcycle buyers will have 1,477 COEs a month, or 17.7% fewer (from 1,794 a month).

Notably, Category E vehicles (all except motorcycles) had the least shrinkage, a quota of 2,129, with an average monthly quota of 709 (down by 5.3%).

According to some industry experts, the wearying consumer sentiment on the back of slower economic growth should alleviate the upward pressure on prices that a small quota typically causes. Another factor to note is the number of car buyers keeping their cars beyond 10 years (COE Renewal). Hence, this causes the replacement demand to be lower.

Below is a graphical representation of the COE Bidding Exercises Results for the past 6 months.

Should you wish to do a deep-dive comparison, please refer to Tables A, B & C below.

TABLE A – COE QUOTA FROM AUGUST TO OCTOBER 2019

TABLE B – COE QUOTA FROM MAY TO JULY 2019

TABLE C – AVERAGE MONTHLY COE COMPARISON (AUGUST – OCTOBER VS. MAY – JULY 2019)

The post Significant Drop on COE Supply for August – October 2019 appeared first on Renew COE Singapore.

COE dropped to $25,000 last month and remained relatively low in the last 2 rounds of bidding. This has resulted in many car owners whose car’s COE expiring in September/October asking if should they renew their COE earlier. Here’s our take on renewing COE for cars registered in September/October 2008.

Let’s first summarise the latest COE results and August PQP for CAT A (up to 1,600cc & 130bhp), B (above 1,600cc or 130bhp) and C (goods vehicle):

The PQP is the moving average of the COE prices in the last 3 months (or last 6 bids) and varies from month to month. Since PQP is calculated from the last 6 bids, the drastic dip in July’s COE premium is going to impact September, October and November PQP in a good way. Therefore, if your COE is expiring after September, we would recommend you to renew it on the expiring month. This is because September’s PQP is likely to be lower than August PQP as long as next round’s premium end below $43,000 for CAT A and $42,000 for CAT B. Although COE premium has been gradually increasing since July’s first tender, it has been below $40,000 (for both CAT A & B) since March 2018. If demand remains more or less the same, chances of premium staying below $40,000 for upcoming rounds is rather high. Therefore, if you are keen to renew your car’s COE that is expiring in/after September, we strongly advise that there is no need to forfeit your remaining COE and rush for COE renewal. Nevertheless, you can still submit your interest here for our consultant to advise you further. Alternatively, you may call to speak to our consultants at 6444 4400 (Mon-Fri, 9am-6pm).

The post August 2018 COE price up, September PQP likely to drop appeared first on Renew COE Singapore.

Certificate of Entitlement (COE) premium rebounded at the last round of bidding on 18 July 2018. Cat A premium increased by almost $8,000 from the last round of bidding to $32,699. As for Cat B and Cat E, premiums increased slightly from $31,000 to $32,551 and $31,001 to $32,809 respectively. COE premium for commercial vehicles dipped slightly from $31,092 to $30,889.

Despite the increase in COE premiums, Prevailing Quota Premium (PQP) for August dropped from $37,165 to $34,197 for Cat A, $36,888 to $34,991 for Cat B,and $32,200 to $31,163 for Cat C. PQP is on a downward trend and we are expecting Cat A and B PQP to drop further next month. As for Cat C commercial vehicles, we foresee it will remain more or less the same. Therefore, if your car’s COE is expiring in September or October, there is no hurry to rush to renew your it early.

Still unsure whether it is worth it to renew your car or to buy a new car? Drop us an email at info@speedcredit.com.sg to find out our attractive rates and loan packages. Alternatively, call us at 6444 4400 to find out more from our friendly consultant.

The post PQP remained low despite the rebound of COE premiums in July second tender appeared first on Renew COE Singapore.

Your car’s COE is expiring soon and you are caught in a dilemma of whether to renew its COE or to deregister your car? On one hand, you can’t bear to part with your beloved ride, on the other hand, you are tempted to get a new ride (especially when COE premium is at a low now). Before you decide, ask yourself these 4 questions:

If you are still unsure of whether to renew your COE, feel free to call Speed Credit at 6444 4400 to speak to our qualified consultant. We would be more than happy to answer any questions you might have regarding the COE renewal process. If you have decided to proceed with COE renewal, we provide 100% COE loan with flexible repayment options. Submit your enquiry to get a quote from us today.

If you have decided to retire your current ride and get a new car, check out the latest new car promotion here.

The post Things to consider before renewing your car appeared first on Renew COE Singapore.

Generally speaking, it makes a lot of money sense to renew your car’s COE as the overall depreciation value will be low compared to buying a new car. This is true for both normal car and off-peak car(OPC) but it is usually more worthwhile to renew an OPC. Wondering why? Read on to find out.

Car Depreciation Value

Depreciation value for car more than 10 years old (also known as COE car) is calculated based on the following:

Depreciation of a COE car = (PQP + Minimum PARF)/No. of years left

We have included Minimum Preferential Additional Registration Fee(PARF) rebate in the calculation as it is the value a car owner has to forgo when they choose to renew their car’s COE. Minimum PARF is calculated base on 50% of ARF.

The above formula shows that depreciation will be low when (PQP + PARF) is low. Since PQP is somehow fixed for cars belonging to the same category as it is the moving average of the last 6 bids of COE premium, the key to getting super low depreciation actually depends on the PARF rebate of your car. In other words, to get a very low depreciation COE car, you have to have no or very low PARF rebate to give up when you renew your car’s COE.

Check your car PARF rebate here to find out if it is worthwhile to renew.

PARF Value

OPC usually have a lower PARF rebate at the end of 10 years when you scrap your car. This is because when you register a new OPC car, you are entitled up to $17,000 rebate offset against the Quota Premium for a Certificate of Entitlement(COE) and the Additional Registration Fee(ARF). Therefore, if you bought an OPC in the days when COE was about $10,000, you are essentially paying $0 COE and $7,000 less on ARF at the point of purchase. Due to the lesser ARF paid, your PARF rebate will be very low (about $3000 for a Toyota Vios) when you scrap your car. This makes it attractive to renew your car’s COE as the PARF rebate you forgo is extremely low.

With that, if you are considering to get a budget car to renew for the next 10 years, you might want to look for a late 2008 to early 2009 OPC (cars during that time have very low ARF) and convert it to normal car after renewal. You will only need to pay a $100 conversion fee payable to LTA to convert it to a normal car after COE is renewed. Off course, you would have to pay the standard road tax for normal cars after you convert the car but it is still worth it as you are now eligible to drive the car on the road anytime of the day.

Mileage and condition of your car

As an OPC is restricted to be on the road during peak hours, the mileage of your car on the speedometer will usually be low. A general rule of thumb is if your car’s mileage is about 100,000km (considered low for a 10-year-old vehicle), it is clear that you should consider renewing. This is because the car is most likely under-utilized and most parts should be still in good condition. However, you should still get advice from your trusted mechanic to access your car regardless of the mileage before you decide to go ahead with COE renewal.

In Conclusion

If you are not fussy with your car model and features, it is generally worthwhile to renew your current car provided that your car condition is good to be on the road for another 5 or 10 years. It becomes even more worthwhile if you own an OPC with low PARF value. Take for example a May 2009 Toyota Vios 1.5A (OPC). COE then was between $8000 to $9000. After the $17,000 rebate on COE and ARF, the car is left with no COE and about $5000 ARF on paper. The PARF rebate that you will forgo for renewing the car is only about $2500. Isn’t that a good deal for a low-cost transport for the next 10 years?

If you are still confused with all the terms and unsure of whether to renew your off-peak car, we are here to help. Call us at 6444 4400 to speak to our consultants to find out the best option for your car.

The post Should I renew my off-peak car? appeared first on Renew COE Singapore.

Since the start of 2018, we have been observing a downward trend for COE premiums. Premiums for Category A and C dip 2.63% and 2.86% to $37,000 and $34,001 respectively. As for Category B and E, there’s a slight 1.6% and 0.1% increase in premium. Premiums for Category B ended at $37,605 while Category E ended at $38,039.

PQP Trend from Jan 2018

The decreasing trend for COE premium since the start of this year has caused PQP to be on a downward trend as well. As PQP is the moving average of COE premiums in the last 3 months, the dip in this round COE premiums would mean that PQP for the next few months would somewhat be stable or biased towards down trend. As such, we recommend that you do not need to rush to renew your COE early. You may want to renew your COE on the month when your COE expire. Alternatively, you may engage our monitoring service by submitting the enquiry form or call us at 6444 4400. Our dedicated consultant will help you monitor and alert you when your COE is near expiring to advice the best time for COE renewal.

The post COE and PQP Trend – April 2018, 1st Tender appeared first on Renew COE Singapore.

Premiums for Category A and C rose 1.5% to $50,889 and $47,001 respectively. As for Category B and E, both dip 0.56% and 0.76% respectively. Premiums for Category B ended at $52,807 while Category E ended at $52,600. Moreover, Singapore Motorshow 2017 which ended last weekend doesn’t seem to have any effect on the COE premiums, this may be due to slow economic growth and more people are actually looking to renew their COE for 5 or 10 years instead.

If you’re looking to purchase a new parallel imported car, check out Car & Stars for exciting deals.

PQP Trend from February 2016

What is it like for PQP in the coming months?

The recent low PQP result in recent months is mainly due to the low COE premiums in December 2016 (refer below chart highlighted in red). In the coming months, we believe PQP will continue to moderate or dip a little.

COE premiums trend

If you submit your COE loan applications early to Speed Credit, we can assist to monitor the PQP trend for you and renew at a lower price to help you save hundreds of dollars. Many of our customers submit their applications 3 months in advance to take advantage of any sudden dip in PQP prices.

Speed Credit offers 100% COE Renewal Loan at a very competitive interest rates. Send us an enquiry and we will prepare your COE Renewal instalment breakdown within 1 working day.

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