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Guide to Encash PARF / COE Rebates for Registered Owner

August 2, 2016

We felt that there is a new to share this information, in the last few months we received increased in similar inquiries from direct owners with concerns and regards on how they can Encash their PARF / COE rebate from LTA directly after they have de-register (Click here for Guide to De-registering your 10 year old vehicle ) their vehicle.    

Below are the guide lines provided by LTA

Method 1. Apply Online

Steps
1. Log into www.onemotoring.com.sg
2. Click “Log in” > Select the appropriate access: Singpass – Singaporean & PRs
OR User ID & Password – for Foreigner / Company
3. Click on “Ownership” > Select “PARF/COE rebate” > Select “Apply to Encash Rebate” > Select Rebate(s) > Click “Yes”(Both COE and PARF Rebate) > Click I AGREE

Method 2 : Form Application

Steps
1. Complete FRO2 Form (download link) 
PARF/COE REbate reference number is reflected on the De-registration status notification issued by LTA

2. Submit FR02 Form
via Mail To
Attn: VRL Service Operations Division De-Registration Section
LTA, 10 Sin Ming Drive, Singapore 575701

OR

Drop into Box 6, E-lobby at
LTA, 10 Sin Ming Drive, Singapore 575701

*Please note that Vehicle owner has to settle all outstanding matters eg road tax arrears, satisfactory proof of disposal of the de-registered vehicle before applying to encash the PARF/ COE Rebate.

*A Cheque will be issued to the rebate owner’s registered address within 1 month if the bank particulars is not updated before the encashment.

Alternative, if you prefer to get the full PARF and encashment immediately(at the point you handover your physical car) we are able to help you do so.

Contact WagonMate to help you dispose your car the hassle free way.

Call us at 66597183 or drop us an email info@wagonmate.com
 

A Car Dealer Experience on Scrapping / De registeration of his Own 10 years old car

January 28, 2016

This write up is about my own experience, as a pre own car dealer scrap my own 2006 Honda integra. Below are some pictures of my Honda Integra:

Sadly, my Honda Integra is reaching its 10 year old mark this June 2016, having being a trusty and loyal Japanese steed, it is sad to see my companion of 10 years go… The traffic jams we been through, the coffee I spilt, the Ikea furniture I tried to squeeze in the backseat, the thrill of speeding the North South Highway and of course I can still clearly remember the first day I picked up my car from the Honda delivery center (somewhere in Mandai). How fast 10 years has gone I suppose the memories will stay with me for a long time after June 2016

Being in the automotive industry for the past decade I know clearly that we have got no choice in Singapore when our Cars reaches the 10 year mark , basically there is only two options:

1st option – Renew COE
If I were to renew COE the Pros and Cons will be as follows:

Advantage:
-Being only driver of this Integra, I know the full service records, it has been well taken care by me and I know do not have any major service/ accidents or repair issues before.  
-Sentimental value that I won’t have to let my first 2 door coupe go.
-Perhaps it will give me a feeling that I am always young driving a 2 door coupe.

Disadvantage:
Mainly cost –
My Honda Integra was registered in 2006 June with a COE of S$13,000 (yes those were the days where a fresh graduate making monthly income of S$2000+/mth can afford his own car) and a OMV of S$ 20,763. At the end of 10 years my Rebate value is at S$11,419 – 55% of my OMV value S$20,763. If I were to renew the COE for another 5 years I would have to pay S$29,307 and S$58615 for another 10 year. The impact will be as follows:

Cost of owning the 2006 Honda Integra for the 10th to the 15th year:
 PARF rebate of S$11,419 will be forfeited, add cost of COE for 5 years = 11419+ S$29,307 = S$40,726 
Cost per year at S$8,145 for next 5 years

Cost of owning the 2006 Honda Integra for the 10th to the 20th year:
PARF rebate of S$11,419 will be forfeited, add cost of COE for 10 years = 11419+ S$58,614 = S$70.033, 
Cost per year at S$7,003 for next 10 years

Factors for I been considering
-LOAN:  If I can get loan approved for 10-20th year, usually banks are less willing to provide loan for COE renewal cars. I suppose the risk for the bank is higher, in the event if the Hirer refused or cannot pay the monthly installment, it will be more challenging for the bank to auction off a more than 10 years old car as compare to a less than 10 years old car.  
-WEAR and TEAR: Although my Honda Integra has served me perfectly for the past 10 years, looking forward the chances of major repair or replacement of Gearbox might not be evadable, with a current mileage of 260,000km on the counter (Staying in Woodlands and travel a bit for work); I would say the risk is pretty high. 
-ESCALATION OF ROAD TAX: The Road tax calculation for an 11 year old car is higher than any vehicles less than 10 years old.
-COST compare to a NEW car: In my Mid 30s a 4 door sedan might be more practical, I had my thrills and joy of driving a manual coupe for the past 10 years. Base on today price a Brand New Mazda 3 is priced at S$98,888 with a PARF rebate value of S$5,000 at the end of 10th year mark, the depreciation work out to be at S$9,300/year. Comparing to owning the Integra at S$8,145 per year, the cost of owning a Brand New Mazda 3 with 3 years warranty is just marginally higher.

The disadvantage clearly out weights the advantage, and it’s pretty clear that I will dispose/scrap/export my Honda Integra in June 2016… I will share with you my experience on how a Car dealer gets the best value for his own Car!

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What is the best way to Sell your Car?

December 25, 2015

What is the best way to Sell your Car?

The process of buying new car is time consuming, but selling your used car is easier. There are some options available; each with its own advantage and drawback. With COE prices reach a new height, used cars market has always been good option for both sellers and potential buyers. There is no COE bidding process when buying used car, and sellers have no obligation to renew the COE too.  Some options to sell you used car as outlined below.

•    Owner to Owner: selling to buyer gets you more money because there is no middleman service involved. Selling direct means you have to handle all the paperwork on your own such as indemnity, sales agreement, loan documents, hand-over form, and more. Similar to other merchandise, you can make use of the Internet or printed media to advertise your cars. The former is more affordable with an average price of less than $50 for six weeks on a full page in an online classified company. Paying less for advertisement means you get more money if the car gets bought.

•    Owner to Dealer: selling to dealer is a hassle-free process because all the documentations are handled by dealer. Because dealers also need to make profit out of your car, the price will be less than you get from selling direct to buyer. If the price difference is too high, you should avoid this method to get more money.

•    Auction: some companies allow you to sell your car in an eBay-like bidding process. Interested buyers place their bids within one working day. You can sell to the highest bidder without worrying about documentations too.

•    Consignment: this is the middle ground between selling direct to buyer and to dealer. You ask a dealer to sell your vehicle; when a sale goes through, the dealer takes a percentage of the price. Some companies offer “no sale no fee” business model, meaning you don’t have to pay anything unless your vehicle gets bought.

•    Trade-in: a dealer may ask you to trade-in your old car with the new one. Price negotiation can be tough, but you can get good deal if you are good negotiator.

The value of a car also depends on condition. Make some minor repairs and make sure the interior is clean to have more bargaining power. To anticipate bad circumstances or the possibility that you change your mind, go with consignment option. As long as your car stays in the dealer’s facility, you still keep the ownership.

Still not sure what is the best way to go about selling / disposing your car? Ask Wagon Mate at T:65 6659 7183 or Email  info@wagonmate.com , we are happy to help!