2020 is coming, and there is a certification of entitlement or COE is near approaching its expiration date
The car owners now are questioning how to get rid of their used cars in Singapore; "should I sell my car to scrap car shop" or "sell my used car for exports"? But when it comes to getting rid of a car, or when COE is near approaching, there are many options available, and these are the following:
1. Sell it to a scrap car shop and buy a new car
It’s hard to beat the old habits, and for having a car for almost 10-years, it will be hard to use public transportation for commuting, which is the reason this choice is available, to help car owners to use their preferential additional registration fee (PARF) rebate to pay for the upfront payment when they buy a new car.
For instance, when the old car has been sold to a scrap car shop before their COE expires, they will be getting a small sum of money to pay for the cost before they completely replace their ride.
2. Scrap the car and buy a used car
Since it’s hard to beat the old habits, some car owners prefer to buy a used car than buying a new car, because they would like to mitigate the costs of their expenses.But when the agreed number of years are approaching, or COE is about to expire, the car owner will face the same dilemma again, and the cycle never ends, until they decide not to own a car.
Sometimes, it takes a lot of luck to get a used car in good condition, because the condition of a used car depends on the previous car owner who took good care of it.
3. Renew the COE
When car owners choose to renew their COE, they will lose getting their used car’s PARP rebate, but what does PARP rebate? It’s the sum of money, a car owner will get from the government, once they de-register their car ownership.
The calculation of PARP rebate comes from the left time frame of the COE and address resolution protocol (ARP), and remember for Asian cars it has a much lower amount compared to continental cars.
Aside from losing the PARP rebate when the car owner renews the COE, they have to count the costs of paying the prevailing quota premium (QPP), this moving average in the last three months remaining of the COE, before it expires.
So, when the expiration date of CEO is near approaching, car owners should decide, and whether to sell their used cars to a scrap car shop or if it's for exports, because scraping used cars are easy while selling it for export takes a lot of time.
If you want to know more if your used car is for scrapping or for exports, better call a scrap car shop like SgCarTrade in Singapore, and enquire their service.
