3 Ways to Encash your Vehicle PARF ValueDecember 18, 2020
Overview, advantage & disadvantage of each method.
To apply for PARF value and any remaining COE value, you will need to deregister and dispose of your vehicle in accordance to the requirements of the Singapore Land Transport Authority. If you decide to extend the Certificate of Entitlement for another 5 or 10 years then the PARF value of your vehicle will be forfeited. Below are 3 ways to dispose your vehicle and get back your PARF Value in Singapore.
Option 1 -LTA Appointed Scrapyard
There are 4 appointed scrapyards in Singapore at the time of writing. When your vehicle reaches the 10th year mark you can tow or drive (only before 10 year mark) your vehicle to any of the below scrapyards.
1. Chuan Machinery Pte Ltd – Address: 32 Tuas South Street 3 Singapore 638029
2. Hup Lee Leong Hardware Pte Ltd – Address:26 Sungei Kadut Street 3 Singapore 729153
3. Kheng Keng Auto Pte Ltd – Address 47 Sungei kadut Loop Singapore 729512
4. Kiat Lee Machinery Pte Ltd – 213 Kranji Road Singapore 739485
When you are within the scrapyard compound you can pass your vehicle to the personnel at the scrapyard, thereafter login into www.onemotoring.com.sg with your Singpass to deregister your vehicle, the scrap yard personal will update the Land Transport Authority systems and in a few minutes, you can apply for your PARF and remaining COE (if any).
1. Check with all 4 scrapyards to find out the highest price for your vehicle.
2. Naturally, go to the scrapyard that offered the highest price for your vehicle.
3. At the scrapyard, handover your vehicle to the scrapyard personnel > Sign the Sales and delivery agreement > Get your payment.
4. Login to your www.onemotoring.com.sg > Deregistered your vehicle (outstanding loan must be settled first) > Go to ownership> Deregistration> Apply to deregister vehicle > Select the vehicle to deregister > Confirm details > LTA will send you an OTP> Confirm deregistration . You will get an acknowledgment from LTA that your vehicle is deregistered.
5. The scrapyard will update LTA system that your vehicle is disposed with at the Scrapyard
6. Login www.onemotoring.com.sg with your singpass > Go to Ownership> PARF / COE rebate > Apply to encash rebate > Select the vehicle to apply the rebate > confirm details.
7. You will receive the rebate from LTA in about 2 weeks’ time.
Overview: This is a rather simple process, where you dispose the vehicle at the scrapyard. Vehicle of any conditions for example well kept, export condition or vehicles that are badly damaged due to accident, flood, or breakdown are accepted at the scrapyard.
Advantage: As these scrapyards are LTA appointed they bind to strict LTA regulation, turn around of PARF value is secured in about 2 weeks’ time.
Disadvantage: The vehicle is going to be scrap regardless of its condition. Even if the vehicle is well kept with export or resale (renew COE ) opportunities.
Option 2 - Store at Export Permit Zone (EPZ) Pending Export
There are 3 appointed Export Permit Zone (EPZ) in Singapore at the time of writing. Export Permit Zone are designated location where deregistered vehicle can be store before Exporting to another country. Below are the operators managing the Export Permit Zone in Singapore.
1. Autoexport & EPZ Pte Ltd – Address: 4A Refinery Road, Singapore 628194, Tel: 6797 9890
2. Boeki Auto & Marine Pte Ltd – Address: 39 Kranji Link Singapore 728649, Tel: 6368 5005
3. Cogent Automotive Logistics Pte Ltd – Address: 200 Turf Club Road Singapore 287994, Tel: 6262 6034
If you plan to export your vehicle to another country, you can send your vehicle to the Export Permit Zone while you arrange for shipment for the vehicle to be sent.
1. Make sure your vehicle can be exported. Different countries has their own conditions to import used vehicle, condition like age of vehicle, CO2 emissions, mileage could be importing factors.
2. Call the Export permit zone operator. Find out 2.1) if they have storage space 2.2) Price for Storage 2.3) Support in the documentation for export.
3. Select the Export Permit Operator and Drive or Tow your vehicle to the EPZ operation
4. Handover the vehicle to the EPZ operator > the EZP Operator will update LTA systems that your vehicle is stored at the EPZ pending for Export
5. Login www.onemotoring.com.sg with your Singpass > Go to Ownership> PARF / COE rebate > Apply to encash rebate > Select the vehicle to apply the rebate > confirm details.
6. You will receive the rebate from LTA in about 2 weeks’ time.
Overview: This is not a straightforward process, generally the vehicle to be export must be of roadworthy condition. However for almost 10 years, old vehicles in Singapore with a mileage of around plus-minus 250,000km, mechanical wear and tear, engine oil leak, engine check light are not a rare sight. Your buyer/importer might request to have any vehicle issued fixed up at your cost before shipment. Your buyer must also be familiar with the import regulations of their home country.
Advantage: Vehicles that has demand for Export will fetch higher price than sending them for scrap.
Disadvantage: Owner will need to bear the cost of export, which includes EPZ storage charges, cost of repairing the vehicle before exporting to the buyer, risk of non payment from overseas buyer, time invested to find a oversea buyer.
Option 3 - Engage a Car Dealer
By engaging a Car dealer, you are selling your vehicle with its PARF value and remaining COE. The car dealer becomes the rightful owner of the vehicle that was sold by you, payment is immediate, you will not need to encashment of PARF value as per above option 1 and option 2. As the dealer is now the new owner it is the dealer’s responsibility the submit the documents.
1. Look for a trusted car dealer, a good way to start is to get a referral from a friend or relative who has engaged the dealer before.
2. Get a quotation for your vehicle > If the offer meets your target sale price arrange for the dealer to view your car to secure the offer.
3. Sign agreement > Get your payment only via bank transfer > only after you received your payment > Transfer vehicle ownership to the dealer
4. Login to www.onemotoring.com.sg with your Singpass> vehicle hub> Ownership > Transfer Ownership> Apply to transfer> key in the next owner details > Name, ID Type, ID number, Contact > Confirm Details and Submit
Advantage: Seamless method, the motor dealer become the owner of the vehicle, other than buying over the vehicle he buys over the ownership, which means they are responsible for the proper disposal, exporting, and documentation submission to LTA. Your payment is also instant as the dealer will pay the seller the full PARF amount plus the vehicle body price.
Disadvantage: Car dealers might be selective on the vehicle they choose to buy as they might not have an avenue for all kinds of models. Usually, each car dealer has his niche, may it be COE renewal, exporting to various territory You might not be paid as much as exporting or renewing the vehicle COE and selling the vehicle on your own. The dealer who purchases your vehicle will need to make a margin from the sale of your vehicle.