Singapore Car Ownership
To own a car in Singapore, one must first successfully bid their COE (Certificate of Entitlement) issued by the Singapore Government to allow you usage of your vehicle on the road for 10 years.
When your car reaches it’s lifespan on the 10 year mark, Car owners have a choice to either renew their COE but subject to many possible repairs or have their vehicle scrap and get a small refund on your vehicle deregistration value.
If you decide to scrap your car, you will want to read further to get the ins and out before you deregister your vehicle.
Plan Ahead
When your vehicle COE expires, under the Singapore law, you will no longer be allowed to drive on the road. By planning 2-3 weeks ahead, you can avoid incurring unnecessary cost when your COE expires because once it does, you will only be able to tow your vehicle to a scrap yard which you will incur the tow charges.
Compare Rates
Depending on the popularity of your vehicle you are driving, different scrap yards may offer different rates to scrap your vehicle. By comparing the prices from various scrap yard, you will get an estimated price on how much your car body value.
Export Your Vehicle
If you have the luxury of time on hand, contact a car exporter and inform them of your vehicle model. They usually offer slightly better rates when compared to scrap yard and offer to come by your place to pick the vehicle.
An exporter will sell your vehicle to dealers in other countries which in turn, fetching a better price when compared to scrap.
To export your vehicle, the exporter will first check your vehicle base on:
- Popularity
- Demand
- Driving Condition
If exporters reject your vehicle, your only option will be to scrap your vehicle in a scrap yard.
Calculate Your Deregistration Value
By knowing your deregistration value, you will know the minimum that you can at least collect when you deregister your vehicle.
To check your vehicle deregistration value, log on to www.onemotoring.com.sg , sign in with your Singpass, select the dates you intend to deregister and the deregistration value will be shown to you
Conclusion
With the above factors mention, it is best to plan ahead and give yourself ample time to check on your various option instead of making a hasty decision
Deregister with Scrap Yard
Benefits: Full cash rebate inclusive of your road tax
Cons: Time and effort required.
Export Your Car to Other Countries
Benefits: Higher cash payout compared to scrapping
Cons: Payout subject to market demand, exporter might reject your vehicle model
