“Wow, good, the COE just went down by a lot and is now only $44,002! I want to renew my COE now at this price!”, or so some may think.
The answer is a yes it will affect your renewal price and no, because although you want to renew your COE, what you actually pay is the PQP (prevailing quota premium). So if there was a fluke COE bid at say $10,000, you don’t get to pay this price for renewal.
What one pays for COE renewal is PQP, which is calculated from the past 6 bids – added together and then divided by 6. So the current COE is almost never the exact same dollar value as the PQP that you need to pay for renewal.
To check for PQP, in case you don’t have the time to work it out yourself, go to this link directly. But this figure is usually not published at the web portal until the next day or two after the close of a second COE bid for the month.
Or if you want to know more about renewal, decide between five or ten year renewal, and also get some friendly advice on whether to renew immediately or wait, feel free to contact us using the form on the right or just call 92782880.
We are glad to be of help!