At the very start, you will need to check the expiry date of your car’s Certificate Of Entitlement (COE). This can be done by logging into the One Motoring website using either your SingPass or CorpPass. Upon confirming the expiry date, you will have to decide if you are to extend the COE or deregister your car.
To help you with this decision, here are 3 questions for you to ponder:
- How much time more do you plan to drive your automobile? The price of the PQP will probably be less than that of a brand-new car. As such, if you are comfortable with your present automobile, then a renewal of the COE may fit you much better.
- Does your existing vehicle have any issues or call for excessively routine upkeep? Put simply, if your vehicle’s condition is not good enough to last for several more years, then a new vehicle would help you conserve funds over time.
- What percentage of your automobile’s price was the COE price? Different vehicle models require different COE prices, depending on the percent assigned to the car design.
When you are reaching the end of the COE term, these are 3 basic inquiries that you ought to take into consideration. It is likewise vital to note that if you do opt to renew your COE, that you make sure to pay the PQP prior to the expiry date of your current COE. Failure to do so will result in undesirable penalty fees.
Should you choose to deregister your car, then your next step would be to get in touch with a scrap car Singapore agent.
Deregistering Your Car
When you contact a scrap car agent, he or she will advise you on the next steps needed to deregister your car. Likely, you will receive a step by step guide to deregistering and claiming your rebates on the One Motoring website. Furthermore, you should also receive advice on the arrangements that need to be made post deregistration process.
Once deregistered, you would then proceed to sell your car to the scrap car agent. Whether they opt to scrap or export your car, they would first have to offer you a price to buy your car at. Naturally, you would have the option of accepting or rejecting their offer. Additionally, it is important understand how agents determine the value of your car. 2 main variables stand out:
- A dealer will assess your automobile’s condition based upon the amount of periods it has actually remained in made use of along with the amount of deterioration it has suffered. As such, generally the longer a car has actually been on the road, the lesser its price will be.
- The market’s supply and demand for your automobile model will affect its cost. You will likely be presented a higher price if you are fortunate to be in a year whereby the demand for your automobile version exceeds the supply.