There are things to take note, and different ways to Scrap your Used Car in Singapore. Some may choose to de-register themselves, through scrapyards, or through direct exporters.
Always scrap/export your used car before it expires
Always scrap your Used Car before the COE expires, reason for doing so is that your car cannot be driven on the road. Additional costs will be incurred as you need to include towing cost.
Scrapping your used car earlier
Scrapping your car earlier gives you more cash in return. Below are the different amount of percentage given back to you upon scrapping in different year.
DE-REGISTERED YEAR PARF REBATE
Less than 5 Years 75%
5th to 6th Year 70%
6th to 7th Year 65%
7th to 8th Year 60%
8th to 9th Year 55%
9th to 10th Year 50%
At the point of de-registering your used car, an additional COE rebate will be given to you. COE rebate refers to the initial COE premium you paid. Hence, the earleir you scrap your car, the more money you get back.
Different ways to de-register your used car
SCRAP THE CAR YOURSELF
Doing it yourself requires relevant documents to be completed. Application for de-registering and application to encash for Preferential Additional Registration Fee (PARF) and COE Rebate which will compensate you for the remaining period. However, you will have to about 3-4 weeks for the money.
EXPORT YOUR CAR THROUGH EXPORTERS
Exporting your car in Singapore through exporters saves you the hassle of going through administrative paperwork. Exporters will complete all paperwork, and payment will be given back immediately upon handing over the car. However, exporters will charge 1-2% of the paper value due to their money being stuck in LTA.
SELLING YOUR USED CAR TO CAR DEALERS
An alternate way of “Scrapping your car” is to sell your expiring cars to Used Car dealers. Dealers may purchase your car at a higher price compared to Scrapping/Exporting your Used Car. However it depends on the model and the demand for the car. Dealers will buy these cars for COE Renewal, and sell them at a higher price for interested buyers who would like to buy cars that have lower depreciation.
ADVICE
It is strongly encouraged to consult multiple scrapyards, exporters or even used car dealers to get the highest possible quote for your used car. Send your details to us as we source for the highest quote through multiple agencies.
