How To Estimate The Scrap Value Of My Car
Have you ever asked yourself a question, “Should I scrap my car?” This question usually pops up when you are either considering or want to get rid of an old car which is nearing the 10-year COE mark, perhaps in exchange for a new one. While there are many other options available such as renewing the COE and selling the car away. However, at the time of writing, COE is at it’s all-time high, close to $80,000 for Category A and $110,000 for Category B. Choosing however to scrap your car might just be the best option out of the above.
Why scrap your car?
Firstly, scrapping your car is an easy, hassle-free and fast procedure. It is considered as an alternative way to get some extra cash in exchange of getting rid of that old car of yours. Let us elaborate first on the benefit of scrapping your car. It is incredibly simple, all that you are required to do, is to do is to find a car scrap dealer in Singapore which perhaps that is also the reason why you are on this article now. However, we do not claim to be the best but just one of the best scrap car dealers out there and you are more than welcome to compare us with the others before making an informed decision.
How hassle-free and fast? For our clients, based on requirements, we can even send a representative to pick up the car. This means that you can save more time since you no longer need to drive the old car all by yourself to the scrapyard. So, if the vehicle is not in drivable condition, we can head to your convenience to view your car with no obligations to scrap with us! We can even collect the car on the last day of your vehicle’s COE expiry date and even then, receive full payment of your scrapped vehicle immediately!
How much can you get out of scrapping your car?
While you can contact us here to get an accurate quotation for your much your vehicle will be worth, you can always calculate the minimum amount you will get which is the paper value which is composed of the PARF and COE rebates that are given when you deregister your vehicle. If you do not completely understand these, you may wish to read a detailed article explaining how these derives the value of your vehicle that will be scrapped here. It is also important to note that the total value of the car impending to be scrapped is made up of its paper value as well as its body value.
This said body value can be considered to be more subjective. It is either the scrap value of the vehicle or the export value of the vehicle. Which is dependent on whether the particular vehicle make and model has demand outside of Singapore. That is the main reason why some cars may be worth more based on the car body value simply because there is demand for either the whole car or it’s parts to be used outside of Singapore.
Based on your experience in this industry, we would like to share some insights and which vehicles can fetch a higher scrap value than you may expect. Firstly, with most vehicles nowadays are automatic transmission, vehicles that are manual in nature will not fetch as high of a value of it’s automatic counterpart. Korean and Japanese made vehicles usually fetch a comparable and at times even higher price than Continental makes such as Mercedes and BMW. Some popular vehicles which may be able to fetch such high prices are Toyota Altis, Honda Vezel, Kia Cerato and Hyundai Avante to name a few. If you are driving a Korean or Japanese car which we did not mention, not to worry as chances are it would have a decent car body value as well.
With respect to the minimum value as mentioned above, there are two things that you need to remember which are the COE Rebate and PARF Rebate. If a particular vehicle is to be de-registered before the expiration date of the Certificate of Entitlement, then you can get a corresponding COE Rebate. This is valid for all vehicles regardless of its age. On the other hand, PARF Rebate is earned when the vehicle is de-registered before its 10th year of age. It is important to note that a car that is more than ten years in use will be ineligible for the second type of rebate. (Meaning to say if you have renewed the COE once, you will no longer be eligible for the PARF Rebate.)
In our context, we assume that your vehicle is reaching the 10-year mark. What you need to remember is that the de-registration must be made before the expiration of the Certificate of Entitlement in the case of COE Rebate or before the 10th year of the vehicle in case of PARF Rebate. You also need to know that once the COE expires, the car is no longer allowed to be on the road. So be sure to arrange for your car to be scrapped before the COE is up! It is also recommended to begin preparing for the process of scrapping your vehicle 2 to 4 weeks in advance.
Now that you understand how the scrap value of the car is derived, it is indeed comprehensive and can be affected by many factors, car make, age, condition, demand for export and many more. At the end of the day, what is important is to get a highest scrap value at the same time using the least amount of effort! What is then important is that you need to find a competent dealer to assist you with it. Feel free to contact us for a more accurate quote on how much your vehicle is worth! We will also help to settle all necessary paperwork and will be more than willing to go the extra mile for you to ensure a hassle-free process on your end.