Singapore has been maintaining its number one spot as the most expensive city in the world to own a car. However, Singapore is also the worst place to gain the right amount of monetary value from your own car when it hits the 10th year mark.
It’s truly inevitable for all Singapore car owners to expect the last days of their cars’ COE life. Reminiscing the bittersweet memories together, travelling and having fun in the road – it’s never been that easy to let go. But before your COE expires, you’ve got to weigh all the different and possible options.
Should I scrap early as now or later? Or do I generate more money back if I sell it before the COE expiry date?
Here are some tips of what you can do with your car:
1 | Scrapping My Car beyond 10 Years
Often, one way to get money back from your old car is to scrap it; you could sell the whole thing to a scrap yard, but you probably won’t get as much money as you actually could by trying to explore better opportunities. It would be a waste to scrap something which has faithfully served you for years, but getting more money back is always a great thing.
In this case, you’ve got to know your ARF and PARF. Your Additional Registration Fee (ARF) is something you pay when you first register your car. Check with LTA how much the ARF for your car is worth.
The Preferential Additional Registration Fee (PARF) is a mouthful, but it’s always good to know because it’s basically the money you’ll get back if you scrap your car.
Now, PARF depends on when exactly you scrap your car. If you keep your car all the way to the end, you’ll get back 50% of your ARF.
But is really enough? Will this fulfill your desire to earn more from your car?
2 | Scrapping My Car Earlier
As the popular notion of punctuality: “Early bird catches the worm.” Of course, if you scrap your car earlier, you get more of that ARF back. Here’s a helpful table that you can refer:
But that’s not all; you’ve got to add in your COE rebate. Who knew they’d give you money back for your so-called “unused” months of COE? It’s a formula on how many months you’ve got justify on your COE and the initial COE premium you paid.
In summary, the earlier you scrap, the more cash you’ll get back. But you’ll have to say goodbye to your car earlier!
Now, would you like to take the risk? Or do you want to endure hanging-out with your car longer? But you always have other options to earn more while not compromising your disposition.
3 | Selling My Car to Overseas Buyers
So far we’ve talked about scrapping, but there’s yet another and a better way, and that is selling your car overseas! But this may depend on three (3) main things: condition, popularity and rarity. Your old car will fetch a higher price if it’s in tip-top condition, a popular model or a rare and dare I say, vintage, piece.
Practically speaking though, compare your car against those already on the used car market. You can estimate the price your car will fetch by checking out cars similar to yours.
You can find used cars for sale everywhere in the world wide web, including through your mobile phone. We’re referring to the boom of online car marts that facilitate the buying (and selling) of cars directly between private owners, rather than through a traditional dealer.
A good virtual place is very own platform www.sellanycars.net, there’s no avenue to reach overseas buyers other than this one and only platform – the very first in Singapore.
It’s a free car listing platform that enables car owners to sell cars directly to overseas buyers throughout the globe. “FREE” meaning you do not have to pay a single cent at all, this platform is not here to make money out of Car Owners but a platform to connect car sellers to the overseas market.
Our cars are not that worthless to scrap early and or for PARF rebates – we can still earn more without compromising our dispositions.
Whichever way you choose, your car isn’t getting any younger. Sadly, we’ve all got to say goodbye anytime! You’ve always got the option to selling your car overseas – “this is the only way you can earn more than what you truly deserve.”