(a) Prior to the expiration of the period for which a vehicle is registered pursuant to § 2109 of this title, the registration may be renewed to extend from the date of expiration for an additional period of 6 months or 1 year or 2 years, and the effective date of the renewed registration shall be based on the calendar day the vehicle was titled. Vehicles no more than 7 model years old may be renewed for up to 72 months based on a prorated model year formula established by the Division of Motor Vehicles. Any time prior to the expiration of the period for which a vehicle is registered with a commercial, trailer or farm truck license plate, the registration thereof may be renewed to extend from the date of expiration for an additional period of 3 months, 6 months, 1 year or 2 years.