3,212 old commercial vehicles replaced under ETS scheme
08 Oct 2014|2,319 views
Around 3,212 vehicles have been replaced under the Early Turnover Scheme (ETS), from March till the end of September, after the scheme was enhanced early this year, reported The Straits Times. Parliamentary Secretary for Transport Muhammad Faishal Ibrahim revealed the figures in response to a parliamentary question from Member of Parliament Ang Wei Neng earlier today.
Dr. Faishal said the number represented 77 percent of the total number of vehicles replaced under the scheme since it began in April 2013 and added that the rise in ETS take-up is 'encouraging'.
When an ETS-eligible vehicle is deregistered, its Certificate of Entitlement (COE) does not go into the next COE quota for bidding, but is instead tied to the replacement vehicle, when the owner pays a pro-rated premium. This allows vehicle owners to purchase a new commercial vehicle without having to bid for a new COE.
He also added that a misconception of reduced number of COEs available for commercial vehicle buyers might arise when the deregistered vehicle's COE is not directed back into the bidding pool. "It makes available an additional COE outside of the bidding system, and thus also takes demand out of the system. So we should not be unduly worried if there are low quotas available for bidding," remarked Dr. Faishal.
Around 3,212 vehicles have been replaced under the Early Turnover Scheme (ETS), from March till the end of September, after the scheme was enhanced early this year, reported The Straits Times. Parliamentary Secretary for Transport Muhammad Faishal Ibrahim revealed the figures in response to a parliamentary question from Member of Parliament Ang Wei Neng earlier today.
Dr. Faishal said the number represented 77 percent of the total number of vehicles replaced under the scheme since it began in April 2013 and added that the rise in ETS take-up is 'encouraging'.
When an ETS-eligible vehicle is deregistered, its Certificate of Entitlement (COE) does not go into the next COE quota for bidding, but is instead tied to the replacement vehicle, when the owner pays a pro-rated premium. This allows vehicle owners to purchase a new commercial vehicle without having to bid for a new COE.
He also added that a misconception of reduced number of COEs available for commercial vehicle buyers might arise when the deregistered vehicle's COE is not directed back into the bidding pool. "It makes available an additional COE outside of the bidding system, and thus also takes demand out of the system. So we should not be unduly worried if there are low quotas available for bidding," remarked Dr. Faishal.
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