(a) Except as otherwise provided in this title, every motor vehicle shall be registered for a period of 12 months from date of issue. Registrations made pursuant to subsections 305(b), 371(b), 376(b), and 376(c) of this title shall expire and the certificate thereof shall become void five years after the date of issue.
(b) Notwithstanding any other provisions of this title, if registered owners so elect, all their registrations may be issued to expire on the same date and the registration fee shall be pro-rated for the amount in excess of the annual 12 months’ fee but not to exceed 24 months.