New LTA rule for potential classic car owners
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Channel NewsAsia - Tuesday, March 25
New LTA rule for potential classic car owners
SINGAPORE : If your car is between 30 and 35 years old, it may not qualify as a classic yet.
This is according to the Land Transport Authority’s Classic Car Scheme, which was introduced in 2000.
But from March 24, owners of such cars can pay for a five—year COE first and then re—register the car as a classic when the car turns 35, before the five—year COE expires.
LTA says this new rule would provide flexibility to classic car owners—to—be, as it allows them to bridge the gap before their cars reach 35.
Previously, only cars with a 10—year—COE can be extended indefinitely.
Classic car owners also pay minimal taxes. When registered under the scheme, they need only pay 10 per cent of the prevailing COE quota premium.
They pay an annual road tax of only $280, regardless of the car’s engine size.
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It would be good for those owning an old Volkswagen Beetle
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it also could be good for those wanting to keep Volvo B10M MKII's.
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Originally posted by SBS7484P:
it also could be good for those wanting to keep Volvo B10M MKII's.
its classic cars not classic buses
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Conversion of 5-Year COE Cars Aged Between 30
And 35 Years Old into Classic Car Scheme1. 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)
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Originally posted by QX179R:
its classic cars not classic buses
lta shd really start something lidat.let bus lovers if they hab enuff $$ to own their own used bus -
Originally posted by SBS7484P:
lta shd really start something lidat.let bus lovers if they hab enuff $$ to own their own used bus
And where are they going to keep it? -
Originally posted by NoobBOY:
And where are they going to keep it?the only best place that I can think of would be the parking lots meant for heavy vehicles (trucks, lorries, buses, etc)
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Today's new star Toyota Corolla Altis, would it be a classic in year 2043? Or would it obsolete.
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~ Sorry double post ~
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Originally posted by QX179R:
the only best place that I can think of would be the parking lots meant for heavy vehicles (trucks, lorries, buses, etc)
yes.. very ideal place.but maybe it could be susceptible to damage n graffiti.. i dunno.. some boliao ppl rike to deface trucks. -.-
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Originally posted by SBS7484P:
yes.. very ideal place.but maybe it could be susceptible to damage n graffiti.. i dunno.. some boliao ppl rike to deface trucks. -.-
Then you must have your own garage to keep this type of vehicle lor
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Originally posted by mancha:
Today's new star Toyota Corolla Altis, would it be a classic in year 2043? Or would it obsolete.
I think even the 1980's vehicle has started to become classic
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so the no. plates for classic cars would be the top part is red & the bottom part is yellow if I'm rite
