What is the best way to Sell your Car?

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!

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Guide to De-register a 10 Year Old Car in Singapore

Guide to De-register a 10 Year Old Car in Singapore

Singapore LTA (Land Transport Authority) requires the vehicle owner to either de-register his/her car or renew the COE (Certificate of Entitlement) when it reaches its 10th year mark. COE renewal are available for another 5 or 10 years and you will need to pay the moving average of the COE prices (QPs) in the last 3 months(Click Here for Average 3 months Price), however due to the cost of COE most owner would choose to de-register his/her vehicle after 10 years.

Before the owner can only make an informed decision on whether to de register or renew the COE, only if the owner needs to know what is his PARF/COE Rebate at De-registration.   If he choose to renew the COE, he will NOT be entitled to the PARF/COE Rebate, on top of that he will need to pay for the moving average COE price from the past 3 months.

So, how is the deregistration value calculated?  There are two parts to the rebate value:

First part of the rebate –  COE rebate.
The COE rebate, is the remaining unused COE, it is calculated as per the below example:

COE Rebate = (COE paid Eg.$60,000 x Duration left until COE expires exp. 1 yrs)
S$60,000/10yrs x 1 year = S$6, 000

Next, the Second part of the rebate; PARF rebate.
PARF is the Percentage of the ARF (Additional Registration Fees) which is the tax paid when Vehicle is registered.

Age at De-registration (years)
PARF Rebate as % of ARF

Less than or Equal to 5 = 75%
Greater than 5 but Less than or Equal to 6 = 70%
Greater than 6 but Less than or Equal to 7 = 65%
Greater than 7 but Less than or Equal to 8 = 60%
Greater than 8 but Less than or Equal to 9 = 55%
Greater than 9 but Less than or Equal to 10 = 50%
Greater than 10 = 0.00%

100% of OMV (Open Market Value) will be used for the example.

Let’s say the OMV is $15000 for Car A, the ARF would be also $15000
Since Car A have just reach 5yrs the Parf rebate will be 75% of ARF.
So PARF rebate for Car A will be $11250

So the Scrap Value for the Vehicle would be:

$6000 COE rebate + $11250 PARF rebate = $17,250

As this can get confusing for most vehicle owner, you can simple use this LTA *LINKto help you with the Calculations on the Rebate value.

After some calculations and if you decide to de-register your vehicle after knowing the Rebate Value, the below are the guide to the procedures to de-register your car:

1.    Obtain a Transaction PIN from the LTA. A transaction PIN is a password you can use for certain transactions such as de-registering your car, dividing PARF (Preferential Additional registration Fee) rebate, transferring vehicle ownership, etc.

2.    Submit an online application to de-register your car. You can do that by logging-in to your e-Services@ONE.MOTORING account using one of the following:

·       SingPass (for Singaporeans or Singapore PRs)
·       EASY (for companies with EASY account and ACRA-registered business)
·       User ID and password issued by LTA (for foreigners and companies/business without EASY account)

This online application is basically an authorization that you make for a submitter to de-register the car .

3.    Within 5 days of the online application, send the car to an LTA Appointed Scrapyard. You should also bring some documents including:

·       Completed Form D01 (de-registration application form)
·       Original NRIC (for Singaporean, Singapore PRs, and Malaysian) or Passport (for foreigner other than Malaysian) of the submitter that you authorize
·       Road Tax Fees

4.    Proof of disposal of the de-registered car is submitted to LTA

Also, do note that Owners who wants to retain their vehicle registration number due to sentimental value; having had it for 10 years or even some memorable windfall from 4-D winning, you should do a Number Retention at LTA BEFORE the de-registration of your vehicle, the fee payable is S$1,300 to LTA, the retained number can be kept for up to 1 year. Thereafter when you replace the Retained Number to a New Car, LTA will refund you a S$1,200 and if you Replace it on a Used Car, there will be no refund (S$1300 for number replacement to used car).   

The above procedures might not be easy and deem confusing for some, you might even need to travel to LTA a number of times to get a de registration or Number Retention done.

If you looking for a hassle free way to de register your car, we can help!  Wagon Mate  provide COE renewal, De registration and Number retention Services! You do not even need to leave your door step!

Reach us at Tel: +65 6659 7183 or Email : info@wagonmate.com and we will get in touch with you!

 

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