Two ideas come to mind when it comes to disposing of your old car: scrapping and exporting. Aside from selling, you can either scrap or export your car for a hefty sum of cash. However, one question lies ahead: which is more profitable?
To know which one is more rewarding, you should understand the difference between scrapping and exporting. Find out the difference here:
The Difference Between Car Scrapping and Exporting
First, scrapping means you’ll dispose of your vehicle and receive cash depending on factors, such as the car’s body value and Certificate of Entitlement (COE) rebate. You can visit a scrap car dealer in Singapore to discuss the details on how much value you’ll get for your vehicle.
On the other hand, exporting refers to selling your used car to a buyer (aka importer) from another country. It’s similar to selling your vehicle, except that you’ll need to declare your goods to Singapore Customs. If you want to export your car, many dealers in Singapore can connect you to companies worldwide for a justified price.
You might be thinking: wouldn’t it be better to sell your car overseas instead? After all, if you scrap your car, you’re letting a dealer strip down your vehicle to its innermost layer for cash? Well, not quite.
In the end, your vehicle will decide if it’s better to scrap or export. Here are some of the factors you need to consider first:
Factors to Consider (Before Deciding)
1. Vehicle condition (body value)
Whether you’ll sell or scrap your car, the price will depend on the body value. Body value refers to the vehicle’s make and model. Look over the supply and demand of the current market, and you’ll get a glimpse of your vehicle’s body value.
For example, there’s always a leading demand for popular vehicles such as Toyota and Honda, meaning their resale price is often high. To determine the body value of your car, you can get a quote from a scrap car shop in Singapore.
Two factors will also contribute to your vehicle’s body value: Certificate of Entitlement (COE) and Preferential Additional Registration Fee (PARF) rebate.
COE rebate refers to the prorated refund of unused COE, while PARF rebate is the percentage of Additional Registration Fee (ARF). The combined total of the two will equate to the vehicle’s paper value.
Your vehicle’s body value and the combined rebate will result in the overall export or scrap value. In conclusion, it’s up to you to decide if you want to export or scrap your car depending on the price that you’ll receive on your end.
Of course, you should choose the option that will give you more money in return. But to get the best possible deal, you need to get a quote from a dealer first. That way, you can find out if your car is worth exporting or scrapping.
Have you decided to scrap or export your car? You can get a quote from us in no time. Visit our website to see how you can sell your car in the simplest way possible!