If you are a first time car owner, you may be wondering why would you ever bother to scrap your car. Even if you account for it growing old and being of no use to you in the future, you would then be tempted to simply abandon it.
However, did you know that you will receive financial compensation for scrapping your car? Yes when you scrap your car, depending on the exact term of your COE, you may be eligible to receive the following:
- COE Rebate
- PARF Rebate
- Car Body Scrap Value
Now are you wondering how to scrap my car? If so, then this article is for you.
What You Need to Do Before Scrapping Your Car
The very first thing that you should do is to be aware of how many years you have under your car’s current COE. You have to be careful not to drive your car beyond the COE expiry date as that would be a violation of the law.
Secondly, before you begin the car scrap process, you must have paid off all debt obligations on the car. You will not be able to scrap a car that you do not fully own. Furthermore, if you own car insurance, which you surely would have, you should remember to set a cancel date for it.
Starting the Car Scaping Process in Singapore
Now to start the actual process, you will have to login to the One Motoring website to complete an online deregistration process for your car. During the deregistration process you will have to select a date for scrapping your car.
We recommend that you set the date with extra buffer time. This will allow you to not rush through the scrap car dealer selection process and to prep your car to be scrapped. Additionally, if you are in need of a car for daily use, you can make arrangements to either get a new car or to rent a temporarily car in the meantime.
Selecting a Scrap Car Dealer
There are several different scrap car dealers in Singapore. Unlike the COE and PARF rebate, different scrap car dealers will offer you different rates for your car body’s scrap. This is dependent on market conditions such as demand and supply, as well as the condition of your car when you scrap it.
Other than the price offered, you should take note of the location of the dealer as well as any conditions that they impose on a deal.
Scrapping Your Car
On the appointed date for scrapping, you will have to transport your car to the scrapyard to have it scrapped. After which, you should receive the compensation for the car and will have to sign official documents to finalize the process.