Selling a 10 Year Old Scrap Car in Singapore

What to do with my 10-year-old car?

Should I sell or scrap or renew my 10-year-old 1.6L Kia Spectra?

A renewal was definitely out. COE was sky high! Close to S$100k for paper (February 2013)!

What’s left was to sell or scrap, but…

– Should I scrap the car myself or pay someone to do it?
– Should I sell it to a car dealer or an exporter dealer?
– Should I just buy another car and trade in this one?

The answer was immediately settled when SgCarmart called me on 4 Mar 2013.

In this post, I journal my experience and takeaways.


If you are looking for a new car, see Singapore Car Show.


My Still Looking-New 10-year-old 2002 1.6L Kia Spectra

This is the last picture of my car on 11 Mar 2013. It’s at the buyer’s garage. My Still Looking-New 10-year-old 2002 1.6L Kia Spectra.

First, some facts and figures.

VEHICLE INFORMATION

Taken from LTA website.
Vehicle Type: Passenger Motor Car
Make / Model: KIA / SPECTRA 1.6A
Primary Colour: Blue
Year of Manufacture: 2002
Engine Capacity: 1594 cc
Propellant: Petrol
Passenger Capacity: 4
Original Registration Date: 27 Mar 2003
First Registration Date: 27 Mar 2003
Open Market Value: $12,788.00
Additional Registration Fee Rate: 130.00 %
Actual ARF Paid: $16,625.00
PARF Eligibility: Yes
Minimum PARF Benefit: $8,312
COE Category: A – Car (1600cc & below)
Quota Premium Paid: $27,416.00
COE Period: 10 Years
COE Expiry Date: 26 Mar 2013
Applicable QP Rate(s): Jan – 2013 ( $75,818.00 )
Low mileage: 105683km. At 4 Mar 2013.

THE CAR SELLING EXPERIENCE

– Early Feb 2013: Hong Leong Finance called. Asked if I wanted to collect the car log card in their possession so as to sell or scrap my car. If so, I could make the final car loan instalment earlier.

– 28 Feb 2013 11am: Called Hong Leong Finance to check whether they received my final car loan installment and if so how could I collect my log card. They said yes and would arrange to mail me the log card the following week.

– 1 Mar 2013 9am: Renewed monthly S$90 HDB season parking, knowing the car would be parked less than one month.

– 4 Mar 2013 4 pm: SgCarmart called. Asked if I am interested to sell my Kia Spectra. I said yes. They asked about the condition of the car, the bodywork, any accidents and mileage. I ran downstairs to the car to check the mileage. 105,683km. Asked how much I wanted to sell. I said above PARF value of S$8312. They would next put up the offer to car dealers.

– 5 Mar 2013 10am: SgCarmart called. Said a car dealer offered S$8600 and asked if the price was ok. I said yes and asked what’s next. They would arrange the car dealer to contact me directly.

– 5 Mar 2013 5pm: The car dealer called. Asked if S$8600 was acceptable. I said yes and asked what’s next. Drive the car to them with my IC and original log card with COE number. Asked me when. I said Monday 1pm. Car dealer also said my finance bank had not released the “Form B”.

– 6 Mar 2013: Called Hong Leong Finance to check if they mailed out the log card. Nope, they did not. They offered to send it out again. I said no way and proposed to collect it myself.

– 1 hour later: I collected the log card, or rather the Vehicle Registration Card, from Hong Leong Building along Raffles Quay. A helpful staff, Siong, also said they released the “form B”.

– 11 Mar 2013 11.30am: Drove to the car dealer in Ang Mo Kio Industrial Park 2. Brought original log card and my IC. Told me to come back after they process the paperwork with LTA. Left my car, car keys and IC with them.

– 11 Mar 2013 3.45pm: Car dealer called. Asked me to collect the cheque and IC. Received the S$8600 cheque and IC. Also received an LTA ownership transfer printout and a dealer invoice for the transaction.

– 11 Mar 2013 evening: Applied online for HDB season parking refund. Approval was immediate. The refunded S$58 would be transferred to my bank.

– 11 Mar 2013 same evening. Logged on to LTA website. All information about my car was gone except for an ownership transfer notice.

– 14 Mar 2013. Checked my bank balance. The S$8600 was safely deposited.

My Kia Spectra was SOLD!

THE CAR SELLING TAKE-AWAYS

Here is some interesting knowledge I gathered along the way.

How much will I get back if I scrap car?

Very helpful information about scrap car value here…
http://zitseng.com/archives/3579

The re-registration value, aka scrap value, is the PARF (Preferential Additional Registration Fee) rebate and the COE rebate.

PARF for car aged 9 to 10 years = 50% of ARF.

The ARF (Additional Registration Fee) of the vehicle will be stated in the log card.

ARF for a car at the year 2003 = 130% of OMV.

Hence…

For Kia Spectra registered 27 Mar 2003,
COE = $27,416
PARF = $8,312

COE per month = $27,416 / 120 = $228
COE per day = $228 / 31 = $7.40

So if scrap now, left 20 days:
I will get back
$8,312 + ($7.40×20) = $8,460.

How much to pay SGcarmart for making the arrangement?

Nothing.

How did SGcarmart know I wanted to sell the car?

I wrote to them before at…
http://www.quotz.com.sg/

How about using AA Free Scrap Car Services for AA member?

Must submit the following documents with vehicle:
1. Transaction PIN obtained from LTA for application of vehicle de-registration.
2. Completed vehicle de-registration application form.
3. A copy of the vehicle registration log card/book.

What about exporting instead of scrapping?
http://www.singaporemotors.net/guidelines.html
– The Government has “The Scrap Car” policy for any car that reaches 10 years of age and a very encouraging REBATE policy whereby if the car owner decides to export out the car just after 3 or 5 years of use, he gets monetary rewards for buying the NEW car.
– Car dealers buy the used vehicle, complete government formalities like “De-registration” etc and work out rebate documents for the car owner to go and get the NEW car. Then they move these used cars for EPZ which is called Export processing zone.

Export Processing Zones Operators listed at LTA… http://www.onemotoring.com.sg/publish/onemotoring/en/lta_information_guidelines/de_register_a_vehicle/de-register/export_processing_zones_operators.html

How much would I get if I sold the body metal parts?

The closest reference was S$500 for a Hyundai Matrix.

Reference:
http://www.mycarforum.com/topic/2681637-car-scrap-body-value/

What if I chose to renew the COE?

If a 5-year COE is chosen for the vehicle at the next renewal, no further renewal will be allowed upon expiry of the new COE.

Where to get the refund for HDB season parking?

Refund of Unexpired Season Parking Charges
http://www.hdb.gov.sg/fi10/fi10327p.nsf/w/CarPark1RefundSP?OpenDocument

Finally, the last information about my Kia Spectra…
http://www.onemotoring.com.sg/

Enquire Transaction History
S/No. Asset Type Asset ID Transaction Type Log Date/Time
1 Vehicle SDX8948P 05.17.2 Temporary Transfer (AA) 11 Mar 2013 / 15:42:54
2 Vehicle SDX8948P 20.29.01 Generate Asset PIN at LTA Counter – Sys Gen PIN 11 Mar 2013 / 13:35:25

THOUGHTS

So, I was happy to sell the car at a profit above scrap value without having to go through the hassle of de-registration.

Would my Kia Spectra be crushed for parts or would she be exported to start a new life. That depended on the decision of the dealer. The thought of the second option made me feel better.

If you have updated information about selling a ten-year-old car in Singapore, please share in the comment box below. I’d love to hear from you.

Adrian Lee
http://AdrianVideoImage.com 

PS: Please feel free to share this post.

Comments

  1. hi, I have Chevrolet Aveo , was opc till oct 2014, now Normal car,
    only 83000 K
    in good condition, only very minor scratch, good running condition, radiator replaced last month.
    good car for COE renewal too, present parf value, $2245.
    looking for better price.

  2. I have Toyota corolla 1.6, to de-register 27 july 2016. I am the only owner the last 10 years. Accident free and mileage is slightly above 100k.
    When is a good time to sell or scrap my car and how much will I get back in return if I sell now or what’s the parf value by 27 july 2016 .
    Thank you

  3. I have Kia cerato COE exp 20/6/2016 car recently has issues with radiator coolant runs out not willing to repair now, initially was thinking to renew COE as I get another 5 years for just 23K, now given car condition not sure if worth to repair and renew .. Adrian/anyone any ideas I can get a bit above parf value – my parf is only $3120 and is OPC car mileage 102K .. any agent will take a not so good condition car? thx

  4. If I renew my coe for 5 years. After 5 years do I still get my parf? My coe expiring soon this July 2016. Anyone interested to take my car? Mit colt plus 1.5A

    1. All anyone, is there any one felt very very pity to give up their WELL maintained soon to scape MPV amd felt not worth to get a few hundred from body sale?
      Contact me. Need one to earn a living. Got to wait since recession coming.
      Ceo too high:(

  5. Hi Adrian, I may wish to de-register my Toyota Picnic. I had renewed another 5 years’ COE on 29/8/14 and it will expire on 31/8/19. If intended date of de-registration is eg 7/3/16, COE rebate will be $23266. OMV stated $26249. Road tax and car insurance will expire 12/3/16. Is there any other factor I should consider? What is the best option to dispose my car?

    1. Please Take note kim ong, any cars which renewed coe will not be entitled for parf rebates, road tax wil increase , thats the reason why the bulk of car users are scrapping or exporting thier cars.

      1. Hi Hamza. tks for adv and u r from Absolute Motors..so I can only scrap my car with refund of COE rebates. What’s the difference if exported…better value? I noticed no differences when check vs LTA website if exported or not when de-registered.

  6. Hi all..i have a mitsubishi lancer glx 1.6L for scrap due 13mar. Still in good condition. Accident free. Minor scratches and a small dent. Otherwise well maintained with regular servicing. Anyone here interested? Thanks 🙂

  7. Hi Adrian,
    Just came across your blog. Would you be able to kindly let me know who is your car dealer when you scrapped your Kia? Not easy to find a good one who could really help with some peace of mind. Did the scrapyard pay you some money/token for your car metal parts when it was brought to the scrapyard?

    Look forward to your reply.
    Thank you.

    Rick

    1. Hi Rick. The car dealer was EXCEL MOTOR At Blk 5032 AMK Industrial Park 2, #01-297 Singapore 569535. Tel: 6482 4729.

      I did not deal with the scrapyard. The car dealer did the rest after handing over the car to them and receiving the payment.

    2. Hi Rick, I had the same challenge as you… not easy to get a good dealer. You might want to contact Wagon Mate, my sister scrap her car to them for good price. good luck

  8. Did you buy a new car ?
    Why didn’t you pay the PQP and continue driving the Hyundai? Or is it you have decided not to own a car from now on

  9. Hi Adrian. How do we get money for the various parts of the car? Who can we sell them to? My soon to be deregistered Nissan Sunny has an original 5-year old radiator (replaced by Tan Chong Motors) and also has a brand new 6-month old air con blower. Leather seats and sports rim can be sold too right? Apart from these, what can we do or where can we go to if we want to get money for the scrap metal from the car (as you mentioned $500 for Hyundai Matrix – where did you reference this info?) Really appreciate the information you have given this far. Would be glad if you can provide answer to my queries. Thanks!

  10. Kudos to your informative piece on selling/scrapping an old car in Singapore. Very well-written and you did a great job providing the references. Cheers

  11. Used car dealers will purchase the cars from local car owners and sell it to direct exporters.To get a higher price when scrapping your car contact absolute motors (Pte) Ltd

    We do all scrap services and exporting uses cars worldwide.
    Safe the hassle of driving to workshops and getting paid less,when we can pick up the car from your doorstep and pay you more.
    Visit http://www.absolutemotors.sg for more details.

  12. Thank you for sharing such relevant topic with us. I really love all the great stuff you provide. Thanks again and keep it.

  13. I kinda like the basic idea of scrapping old cars if provided “heavy/generous” incentives to purchase a new one. It could be offered to dealerships also so they could get rid of the crap on most of their lots.

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