If you have owned your car for more than 7 or 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 its citizens to own a car in Singapore. One of the major differences is that there is a need to bid for Certificate of Entitlement (COE). Only with a COE, your registered vehicle can be driven to the road.
The cost of a COE is very high as it almost equals the price of a car and it only has a validity of 10 years. What happened after the COE expired?
You will need to:
- Decide whether to renew the COE on same vehicle for the next 5-10 years
- Deregister the old vehicle, sell it off or scrap it at a LTA authorized scrap car dealer.
Here, we will list out what are the 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, one must renew COE if he or she wishes to keep the vehicle registered to use on the road. If you do not renew the COE, your 10-years vehicle would need to be deregistered and disposed of.
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 selling your car, scrap cars in Singapore would be the best alternative option. Scrapping your car is a good way to make quick money out of an old vehicle. At JA8, when you scrap your car with us, we will pay you upfront in cash, or in any payment method that you prefer. This is by far, the fastest turnarounds for money as compared to selling your car. You do not need to worry about how to trade in the cars or deal with the fuss of selling the car.
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 scrap yard but we will pick up your vehicle at your convenience!
Your scrap car value is made up from two major parts: 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 majority of the people. This is because a 10 years 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 JA8, 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 all conditions.
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.