Sell or scrap

[Acemundo]

 

But then again, you get 55% parf rebate for scrapping at 8 years instead of 50% at 9 years. Hmm...

5% of omv (say 16k) = $800

 

not a lot of difference isn't it?

 

I cannot see how mathematically justifiable to scrap early unless the repair bill is damn huge and I thought most repairs can be done in range of $3k - $6k

[Ezfaun]

5% of omv (say 16k) = $800

 

not a lot of difference isn't it?

 

I cannot see how mathematically justifiable to scrap early unless the repair bill is damn huge and I thought most repairs can be done in range of $3k - $6k

 

Depends on the nature of the repair. Normally 8-10 yrs the powertrain quite worn out. If need rebuild, then LLST need to scrap..

My RX8 needed an engine swap on the 8th year, quoted 10-11k. Heart pain to see her go but got a good offer from dealer.

 

I purposely use heavier oil to hide the damage. Dealer kenna conned

[Acemundo]

 

Depends on the nature of the repair. Normally 8-10 yrs the powertrain quite worn out. If need rebuild, then LLST need to scrap..

My RX8 needed an engine swap on the 8th year, quoted 10-11k. Heart pain to see her go but got a good offer from dealer.

 

I purposely use heavier oil to hide the damage. Dealer kenna conned

hmm...worn but still working? hehe I always thought these things can last 10 years.

 

well I mean most times the common things that kaput like aircon compressor, fan and relay, water pump, fuel pump doesn't cost that much. as for gearbox, I heard it varies between few thousands of dollars.

 

therefore most repairs would not be excessive, and if indeed we get hit with excessive one then really ought to sell or scrap it like your case

[TVT]

Is PARF rebate = scrap/paper value of a car ?

 

(got confused by the terms..)

[Acemundo]

Is PARF rebate = scrap/paper value of a car ?

 

(got confused by the terms..)

 

parf rebate is the portion related to the ARF and is graduated based on year.......eg 50%, 55%, 65% etc

 

there is another portion related to the COE and that is straight line over the 10 years' live of the car......

 

collectively, these 2 elements are called paper value......at end of 10 year, only the parf rebate of 50% remains while the COE unexpired portion is 0.

[TVT]

 

parf rebate is the portion related to the ARF and is graduated based on year.......eg 50%, 55%, 65% etc

 

there is another portion related to the COE and that is straight line over the 10 years' live of the car......

 

collectively, these 2 elements are called paper value......at end of 10 year, only the parf rebate of 50% remains while the COE unexpired portion is 0.

 

Thanks.

[Ezfaun]

Is PARF rebate = scrap/paper value of a car ?

 

(got confused by the terms..)

 

Parf rebate lets you claim around 50-75% of your arf fee that was paid for the car.

If your car omv is 20k the arf is also 20k. If you scrap on the 9th year, can get 50% return which is 10k.

 

If you buy another new car within 12 months you can offset the registration fees with the parf rebate.

But problem is I only buy second hand so I can never use..

 

That's why I don't listen to dealer when they talk about parf rebate. People kenna con everyday then

suddenly they realise they cannot use the parf rebate for another second hand car (me )

 

Edit: kenna snipe, I post damn slow.

Edited July 2, 2014 by Ezfaun

[Acemundo]

 

Parf rebate lets you claim around 50-75% of your arf fee that was paid for the car.

If your car omv is 20k the arf is also 20k. If you scrap on the 9th year, can get 50% return which is 10k.

 

If you buy another new car within 12 months you can offset the registration fees with the parf rebate.

But problem is I only buy second hand so I can never use..

 

That's why I don't listen to dealer when they talk about parf rebate. People kenna con everyday then

suddenly they realise they cannot use the parf rebate for another second hand car (me )

 

Edit: kenna snipe

 

 

bro, parf rebate can be encashed

 

Encashment of PARF/COE Rebate(s)

 

• Effective from 1 September 2008, you may encash your un-used and valid PARF/COE rebate(s) if you do not intend to use the rebates to offset either the upfront taxes payable at registration of a vehicle or the Prevailing Quota Premium (PQP) (for COE rebates only) to renew the COE of your existing vehicle. This is to make it easier for car owners to give up their cars and switch to public transport. This ties in with the overall effort to make public transport a choice mode for all commuters, including current car owners.

http://www.onemotoring.com.sg/publish/onemotoring/en/lta_information_guidelines/de_register_a_vehicle/PARF_COE_Rebates.html

[GMT]

My 9 yrs 7 mths Lancer also scrapping by Nov.

 

Heart pain...

[Acemundo]

My 9 yrs 7 mths Lancer also scrapping by Nov.

 

Heart pain...

no choice la, Singapore system is like that.......force people to scrap road-worthy cars by 10th year......

[TVT]

 

Parf rebate lets you claim around 50-75% of your arf fee that was paid for the car.

If your car omv is 20k the arf is also 20k. If you scrap on the 9th year, can get 50% return which is 10k.

 

If you buy another new car within 12 months you can offset the registration fees with the parf rebate.

But problem is I only buy second hand so I can never use..

 

That's why I don't listen to dealer when they talk about parf rebate. People kenna con everyday then

suddenly they realise they cannot use the parf rebate for another second hand car (me )

 

Edit: kenna snipe

 

Ya, I got the logic now.

 

If you buy 2nd hand cars, you can collect cash from the PARF rebate n use the money to offset the purchase price of the 2nd hand car. Isn't it?

 

[Ezfaun]

 

Ya, I got the logic now.

 

If you buy 2nd hand cars, you can collect cash from the PARF rebate n use the money to offset the purchase price of the 2nd hand car. Isn't it?

 

 

Parf can only use on new cars. But I can't afford haha. Normally I just buy when the car 2 years old. Much less depre

 

Edit: Oh can encash... Fark. I forgot.

Edited July 2, 2014 by Ezfaun

[TVT]

therefore most repairs would not be excessive, and if indeed we get hit with excessive one then really ought to sell or scrap it like your case

 

Well, that was what my initial question was all about - what if the repair is too excessive for a 8-9 year old car? Repair or scrap ? If want to sell, may also need to repair it then someone will buy it....

 

Another thing is that most cars reach 8-9 years will appear some problems, mainly wear-n-tear, cos many parts wear off liao. So it is worth to keep going workshop frequently even thou the parts aren't that expensive to replace?

[Acemundo]

 

Ya, I got the logic now.

 

If you buy 2nd hand cars, you can collect cash from the PARF rebate n use the money to offset the purchase price of the 2nd hand car. Isn't it?

 

basically, they issue a parf rebate certificate.....the more direct way is to used it to register a new car since it flows seamlessly.......from scrapped car to new car......

 

however, with the option to encash this parf rebate certificate, it doesn't disadvantage us against the dealers anymore. last time dealers know we have no avenue to sell the certificate on our own, they always apply a 2-3% discount on the face value to pay us in cash. nowadays we get the cash from LTA, we are not bound to register a new car nor be forced to pay the dealer to take in our parf rebate certificate.

 

the only draw back I believe is that the cash may need a while to be refunded to us. it may cause a bit of cashflow issue if we aren't cash rich to register the new car or downpay the resale car without this portion.

[Acemundo]

 

Well, that was what my initial question was all about - what if the repair is too excessive for a 8-9 year old car? Repair or scrap ? If want to sell, may also need to repair it then someone will buy it....

 

Another thing is that most cars reach 8-9 years will appear some problems, mainly wear-n-tear, cos many parts wear off liao. So it is worth to keep going workshop frequently even thou the parts aren't that expensive to replace?

 

ok $ and cents it is easy to show whether justifiable based on my illustration.

 

as for the non-pecuniary part about fuss and trouble, I believe this one is very much up to the individual and depends partly also on the car.

 

a good car shouldn't have that many wear and tear parts to replace at the same time on the 8th to 9th year. I have known of a saab car owner who drove his car till last day before sending it to workshop to do the scrapping...

 

then again, some car owners are quite hands-off and I wouldn't be surprised if they complain having to visit the workshop twice over the last 1.5 years of the car's life.

[TVT]

the only draw back I believe is that the cash may need a while to be refunded to us. it may cause a bit of cashflow issue if we aren't cash rich to register the new car or downpay the resale car without this portion.

 

Agreed.

[TVT]

 

ok $ and cents it is easy to show whether justifiable based on my illustration.

 

as for the non-pecuniary part about fuss and trouble, I believe this one is very much up to the individual and depends partly also on the car.

 

a good car shouldn't have that many wear and tear parts to replace at the same time on the 8th to 9th year. I have known of a saab car owner who drove his car till last day before sending it to workshop to do the scrapping...

 

then again, some car owners are quite hands-off and I wouldn't be surprised if they complain having to visit the workshop twice over the last 1.5 years of the car's life.

 

Yup, its pretty up to individual on how they handle the fuss and trouble, Some cars are basically alright till the last day, some don't, its very subjective.

 

My old Mazda 323, was OK from its 7th-8th year, but from its 9th year onwards, starts to spoil part by part. Though can repair/replace them inexpensively but its troublesome n waste time. Nevertheless it is still drivable n I still drove it to its last day....

[Mkl22]

 

Parf rebate lets you claim around 50-75% of your arf fee that was paid for the car.

If your car omv is 20k the arf is also 20k. If you scrap on the 9th year, can get 50% return which is 10k.

 

If you buy another new car within 12 months you can offset the registration fees with the parf rebate.

But problem is I only buy second hand so I can never use..

 

That's why I don't listen to dealer when they talk about parf rebate. People kenna con everyday then

suddenly they realise they cannot use the parf rebate for another second hand car (me )

 

Edit: kenna snipe, I post damn slow.

You need to be careful about arf paid. ARF Paid is not equal to OMV. In the past, this is mainly affected by if it's a weekend car and the Coe is below 17k then the arf paid is reduced . Now with cevs rebates and hybrid car rebates, you need to calculate carefully what is the actual parf. Best way is just use the lta tool online to check. Please always check and do not assume ARF paid is equal to OMV.