To deregister or Sell off 9year old Hyundai Elantra?

[Cartoon]

Hi,

 

Need your advice on this.

I'm intending to do away with a '96 Hyundai Elantra.

It has 1 year left and I'm wondering which would be a better deal for me.

1) To deregister it (But I dont want the rebate, I want CASH!)

2) To sell it to 2nd hand car dealer (What are the things to look out for. Got reports of CON Cases by car dealers).

 

 

Await your valuable advice. Thanks!!

[Genie47]

So confirm you don't want another car? Scrap and get cash. But be warned. Dealer usually takes 3-5% for "admin fee". If you are getting another car, get the rebate. Sell to second hand car dealer is as good as scrapping it. They always ask for paper value.

[May88]

Yup.. rite !! 2nd car dealer will only take scrap-value ..

And if u trading in for a new car.. they will give u the rebates into your new car loh...

 

I hv frds, agent who can give u more feebies / $$ rebates

Cars..warranty..servicing all still comes from the authorised-agent .. so

freaked not

 

If interested, call me at HP: 9830-8560 for further details.

 

Cheers

[Epsilon]

I am thinking of trading in my car....the agent told me that he will export my car and use my existing OMV or parf for the new car. Do you know what does he means?

[Genie47]

Export means it is as good as scrapping. You will get the OMV and PARF for the new car. The "profit" from selling it overseas belongs to him. Believe it or not, our 2-5yo cars got a lot of value to people in other countries. Notably Australia and NZ.

[Cartoon]

Sounds like what the others have been saying..

The agents will take your paper value and discount it into your new car?

 

 

To the rest... yup.. if that's the case, I would rather scrapped it at the authorized scrapyard.

 

But 1 thing, how do I get rid of the rebate?? Any way I can convert it into CASH???

[Genie47]

You have to sell it to a 2nd hand car dealer. He will take 3-5% depending on how much it has.

[Cartoon]

oh. :) thanks! :)

 

In that case, might as well not deregister the car but instead, sell the car to a 2ndhand dealer?

Anyway, I'll contact the agents to find out more then.

 

But what to take note of what doing the transaction? Would they transfer ownership of the car to themselves without paying you?

[Genie47]

No they won't. Just make sure there is paper work.

[Epsilon]

yes i know the profit will goes to him. there is something I still don't get it. What so you mean 'You will get the OMV and PARF for the new car'? My present car parf is $18499 so does that mean that the new car also will be $18499?

[Cartoon]

Thanks!!!

You've been a great help.

 

Just saw the Mazda RX8 Video from TopGear... impressive stuff..

Must try it when I go Australia later this year! :))

[Genie47]

No no. the OMV and PARF of the car exported will become a rebate for the purchase of a new car. That piece of paper is as good as money! So when you buy new car, the car price - rebate = price you need to fork out in the form of cash or a loan.

[Epsilon]

scrape it? then the most I get back is the paper value. At the moment the dealer is offering me about $4.5k for my sunny body.

[Epsilon]

i am still ......So if I were to get a Altis which is $71388 so what the price that I might need to fork out?

[Genie47]

Well, if the rebate value of your current car is 18k. Then the rebate is as good as a deposit of 18k to offset the 71k of the Altis. So that means if you go for a loan it will be 71k - 18k = 53k

 

If you got cash to reduce this loan amount of 53k, by all means add some more cash .

Edited July 26, 2004 by Genie47

[Epsilon]

I alway thought that the dealer will do a full settlement of my existing loan and then return me the balance. I will then use the balance for the new car downpayment?....at the moment my loan is about $41k, paper value is about $47k. Dealer willing to buy at $51k and he say can use the Parf to offset the new car. So I thought $51k-41k= $10k for downpayment.

[Genie47]

Oh like that ah! I assumed you have fully paid for your car. Sorry.

[Epsilon]

no lah....still own the bank $41k mah.....