How Much Can You Get From Scrapping a Car in Singapore?
December 19, 2019
Has your car reached its 10-year mark? Consider scrapping your old car instead of selling it. Depending on your financial situation, scrapping might be better than selling. However, there are a lot of factors to consider as well, mainly the value of your car that will differ depending on your scrap car dealer in Singapore.
Before you decide to scrap your car, estimate its value on the market. First, let’s consider the two factors that will contribute to your car’s scrap value: Certificate of Entitlement (COE) rebate, and Preferential Additional Registration Fee (PARF) rebate.
COE and PARF Rebate
First of all, the COE rebate refers to the refund based on the unused COE, which is prorated to the number of days and months remaining. As for the PARF rebate, this refers to the percentage of Additional Registration Fee (ARF) of your vehicle.
In summary, the combined total of COE and PARF rebate equals the paper value. To find out the amount of paper value for your car, you can visit the Land Transport Authority’s (LTA) website. Keep in mind that you’ll need to select a de-registration date, which will affect the amount of paper value.
For example, let’s say you have a Hybrid vehicle with an Open Market Value (OMV) of $22,000 and a Carbon Emission-Based Vehicle Scheme (CEVS) rebate of $15,000. Combine the remaining COE and PARF rebate, and you have around $3,400 to $3,900.
Considering the Body Value
Aside from the paper value, consider your car’s body value as well. The body value pertains to the current market depreciation of your car’s make and model. In simple terms, your car’s body value will depend on the supply and demand of the current market. For instance, popular vehicles from Toyota and Honda offer a higher price than other cars.
Remember to observe the current market, and consider these three essential factors of your car: The make/model, year of manufacture, and mileage. Furthermore, consider consulting a car dealer in Singapore if you want to scrap your vehicle.
Moreover, you could consider consulting a car dealer in Singapore if you want to scrap your vehicle. Each dealer will provide you with a different total scrap value for your car. Discuss with several car dealers to discover which one offers the best value for your vehicle.
Scrapping Your Car: Yes or No?
Once you’ve estimated the total value of your car overall, consider other options such as selling it to a dealer or by yourself. Whether you’ll sell or scrap your used car, the choice is up to you. As long as you’re happy with the deal provided to you, then you’ll make the right choice!
Remember to review all the available options so you can get the best possible deal. Want to make sure you’ll receive a great offer? Negotiate with a scrap car dealer so you can get a reasonable proposal.
Made your final decision already? Seek help from an expert first! Visit our website or contact us at (65) 9017 2762 for more information regarding the selling or scrapping of used cars.