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     FrontPage Edition: Thu 27 March 2008

Conversions to Classic Car Scheme


Conversion of 5-Year COE Cars Aged Between 30 And 35 Years Old into Classic Car Scheme
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.
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.
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
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.
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.
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: News Release 24 Mar 2008

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