A new scheme aimed at encouraging the replacement of old commercial vehicles to more environmentally friendly models started on Wednesday. The scheme, which was announced during the Committee of Supply debates last month, will run for two years.
Called the "Early Turnover Scheme", it is meant to get more owners to switch to diesel models with at least Euro V diesel standards, and reduce pollution, said the Land Transport Authority in a statement on Wednesday.
Under the scheme, owners can de-register their diesel commercial vehicles registered before January 2001 and register a replacement commercial vehicle by paying a discounted prevailing quota premium (PQP). They will not need to bid for a commercial vehicle Certificate of Entitlement (COE). Owners can also transfer the unused period left on their COE from their existing vehicle to the replacement one. They will also get a bonus COE period for their replacement vehicle. This is derived from a proportion of their existing vehicle's 20-year lifespan when it is de-registered.
A new online service is available at the one.motoring website for vehicle owners to find out the amount of unused COE period and bonus COE period they can use to offset the PQP payable for the replacement vehicle. Vehicle owners and motor dealers can also call the Land Transport Authority at 1800-2255-582 for enquiries on the Scheme.