Should I Renew, Sell or Scrap My Car?
If you have owned your car for more than 8 years, you are probably at a point of time where there are few questions on your mind now. Different from other countries, Singapore has different laws for everyone to own a car in Singapore. One of the main difference will be the Certificate of Entitlement (COE). In order to purchase a Brand New vehicle, you will need to bid the Certificate of Entitlement (COE) from Land Transport Authority (LTA). With a successful bidding of Certificate of Entitlement (COE), only then your vehicle can be register and be driven on the road.
The Cost of the COE is very high as it might be higher than the costs of your vehicle. Certificate of Entitlement (COE) is controlled by Land Transport Authority (LTA) and they will adjust the Certificate of Entitlement (COE) quota according to the limitation of vehicles on the road. COE has a validity of 10 year. What happened after the COE Expired?
You will need to:
- Decide whether to renew the COE on same vehicle for the next 5 or 10 years
- Deregister the old vehicle, sell it off or scrap it at a LTA authorized scrap car dealer.
Here’s the list of options you have, and what are the pros and cons of each option to help you in making the best decision.
1. Renew Your COE
As the vehicle’s COE expires, you can renew the vehicle’s COE if you wish to keep the vehicle registered to use on the road. If you do not renew the COE, your 10-years old vehicle would need to be deregistered and disposed within the time frame of 1 month.
COE must be renewed before it expires. Or by latest, within 1 month after expiration with an extra late renewal fee charged. Depending on your vehicle’s category, you can choose to renew your COE for another 5 or 10 years.
Read here for more pros and cons of renewing COE.
2. Scrap Your Car
Other than renewing your car’s COE, scrap car in Singapore would be the ONLY alternative option. Scrapping your car is a good way to make quick money out of an old vehicle. When you scrap your car with JA8 Import and Export, we will pay you a decent value for your vehicle. This will be the fastest turnarounds for money as compared to choosing other agent. You don’t have to worry on how to get rid of your car or liaise with Land Transport Authority (LTA).
Moreover, the value of metal is constantly increasing over time. Despite the faulty condition of your cars, you can get the greatest value out of it by scrapping your car with JA8 Scrap Car Singapore. We provide you with the most convenient services and cover all the paperwork needed. You don’t even need to drive your car to any scrapyard and we will pick up your vehicle at your convenience!
Your scrap car value is made up from two major portion: COE rebate and PARF rebate. Check here to see how your scrap car value is calculated.
3. Sell Your Car to Used Car Dealers
Renewing COE with a 10-years vehicle is definitely not the best option for the most of the people. This is because a more than 10 years old vehicle might cost you higher maintenance cost and other car servicing expenses. Most of the time, people would just sell their car to car exporters or to get cash from scrapping the old car.
Selling your car can be so much easier with the help of JA8 Import and Export. We are a direct car exporter in Singapore. By selling your old car to us, it saves you in terms of intermediary cost and we will handle all the paperwork for you.
Selling your car in Singapore can be totally hassle free with the help of direct car dealers. The least thing that you need to worry about is the condition of your car. Most of the time, car dealers accept almost every car that is offered. You do not need to worry if your car is faulty. We accept all car models in any condition.
4. Sell Your Car Directly to an End-Consumer.
Another option you have is to find an end-consumer and sell your car directly to the buyer. This is the most time consuming method as you would need to source for potential buyers yourself. Selling directly can get you higher cash returns. By eliminating agents or dealers, you would be able to earn a higher selling price.
However, the biggest disadvantage of selling directly to an end user is the amount of effort and work needed. In an owner-to-owner deal, as car owner, you will need to settle all the administrative paperwork needed. It is very crucial for the car seller to know about the procedure clearly in order for a smooth transfer of car ownership.
Other than that,It is not easy to source for buyers. You would need to waste your time to go through various viewings and test drives for those who are interested. Check with JA8 Import and Export to get the fastest free quotation and valuation for your car.
3 Things You Should Take Note Before Scrapping Your Car
1. Don’t do it at the last minute!
You should already seek out scrap car service one month before your COE expires to avoid additional cost.
2. Scrap Car Value is depending on Supply & Demand
If there is greater demand for your car parts, you would definitely get a higher value for scrapping your car.
3. Find Reliable Scrap Car Dealer in Singapore
It is important to find a trusted scrap car dealer in Singapore that can offer you with best value. You can check from Google Reviews on the services before engaging to avoid potential issues.
