Should I sell or scrap or renew my 10 year old 1.6L Kia Spectra.
Renewal was definitely out. COE was sky high! Close to S$100k for paper!
What’s left was to sell or scrap, but…
- Should I scrap the car myself or pay someone to do it?
- Should I sell it to a car dealer or an exporter dealer?
- Should I just buy another car and trade in this one?
The answer was immediately settled when SgCarmart called me on 4 Mar 2013.
In this post, I journal my experience and take-aways.
First, some facts and figures.
Taken from LTA website.
Vehicle Type: Passenger Motor Car
Make / Model: KIA / SPECTRA 1.6A
Primary Colour: Blue
Year of Manufacture: 2002
Engine Capacity: 1594 cc
Passenger Capacity: 4
Original Registration Date: 27 Mar 2003
First Registration Date: 27 Mar 2003
Open Market Value: $12,788.00
Additional Registration Fee Rate: 130.00 %
Actual ARF Paid: $16,625.00
PARF Eligibility: Yes
Minimum PARF Benefit: $8,312
COE Category: A – Car (1600cc & below)
Quota Premium Paid: $27,416.00
COE Period: 10 Years
COE Expiry Date: 26 Mar 2013
Applicable QP Rate(s): Jan – 2013 ( $75,818.00 )
Low mileage: 105683km. At 4 Mar 2013.
THE CAR SELLING EXPERIENCE
- Early Feb 2013: Hong Leong Finance called. Asked if I wanted to collect the car log card in their possession so as to sell or scrap my car. If so, I could make the final car loan installment earlier.
- 28 Feb 2013 11am: Called Hong Leong Finance to check whether they received my final car loan installment and if so how could I collect my log card. They said yes and would arrange to mail me the log card the following week.
- 1 Mar 2013 9am: Renewed monthly S$90 HDB season parking, knowing the car would be parked less than one month.
- 4 Mar 2013 4 pm: SgCarmart called. Asked if I am interested to sell my Kia Spectra. I said yes. They asked about the condition of the car, the bodywork, any accidents and mileage. I ran downstairs to the car to check the mileage. 105,683km. Asked how much I wanted to sell. I said above PARF value of S$8312. They would next put up the offer to car dealers.
- 5 Mar 2013 10am: SgCarmart called. Said a car dealer offered S$8600 and asked if the price was ok. I said yes and asked what’s next. They would arrange the car dealer to contact me directly.
- 5 Mar 2013 5pm: The car dealer called. Asked if S$8600 was acceptable. I said yes and asked what’s next. Drive the car to them with my IC and original log card with COE number. Asked me when. I said Monday 1pm. Car dealer also also said my finance bank had not released the “Form B”.
- 6 Mar 2013: Called Hong Leong Finance to check if they have mailed the log card. Nope, they did not. They offered to send it out again. I said no way and proposed to collect it myself.
- 1 hour later: I collected the log card, or rather the Vehicle Registration Card, from Hong Leong Building along Raffles Quay. A helpful staff, Siong, also said they released the “form B”.
- 11 Mar 2013 11.30am: Drove to the car dealer in Ang Mo Kio Industrial Park 2. Brought original log card and my IC. Told me to come back after they process the paperwork with LTA. Left my car, car keys and IC with them.
- 11 Mar 2013 3.45pm: Car dealer called. Asked me to collect the cheque and IC. Received the S$8600 cheque and IC. Also received an LTA ownership transfer printout and a dealer invoice for the transaction.
- 11 Mar 2013 evening: Applied online for HDB season parking refund. Approval was immediate. The refunded S$58 would be transferred to my bank.
- 11 Mar 2013 same evening. Logged on to LTA website. All information about my car was gone except for an ownership transfer notice.
- 14 Mar 2013. Checked my bank balance. The S$8600 was safely deposited.
My Kia Spectra was SOLD!
THE CAR SELLING TAKE-AWAYS
Here are some interesting knowledge I gathered along the way.
How much will I get back if I scrap car?
Very helpful information about scrap car value here…
The re-registration value, aka scrap value, is the PARF (Preferential Additional Registration Fee) rebate and the COE rebate.
PARF for car aged 9 to 10 years = 50% of ARF.
The ARF (Additional Registration Fee) of the vehicle will be stated in the log card.
ARF for car at year 2003 = 130% of OMV.
For Kia Spectra registered 27 Mar 2003,
COE = $27,416
PARF = $8,312
COE per month = $27,416 / 120 = $228
COE per day = $228 / 31 = $7.40
So if scrap now, left 20 days:
I will get back
$8,312 + ($7.40×20) = $8,460.
How much to pay sgcarmart foe making the arrangement?
How did sgcarmart know I wanted to sell the car?
I wrote to them before at…
How about using AA Free Scrap Car Services for AA member?http://www.aas.com.sg/?show=content&showview=8&val=213
Must submit the following documents with vehicle:
1. Transaction PIN obtained from LTA for application of vehicle de-registration.
2. Completed vehicle de-registration application form.
3. A copy of the vehicle registration log card/book.
What about exporting instead of scrapping?
- The Government has “The Scrap Car” policy for any car that reaches 10 years of age and a very encouraging REBATE policy where by if the car owner decides to export out car just after 3 or 5 years of use, he gets monetary rewards for buying the NEW car.
- Car dealers buy the used vehicle, complete government formalities like “De-registration” etc and work out rebate documents for the car owner to go and get the NEW car. Then they move these used cars for EPZ which is called Export processing zone.
How much would I get if I sold the body metal parts?
The closest reference was S$500 for a Hyundai Matrix.
What if I chose to renew the COE?
If a 5-year COE is chosen for the vehicle at the next renewal, no further renewal will be allowed upon expiry of the new COE.
Where to get refund for HDB season parking?
Refund of Unexpired Season Parking Charges
Finally, the last information about my Kia Spectra…
Enquire Transaction History
S/No. Asset Type Asset ID Transaction Type Log Date/Time
1 Vehicle SDX8948P 05.17.2 Temporary Transfer (AA) 11 Mar 2013 / 15:42:54
2 Vehicle SDX8948P 20.29.01 Generate Asset PIN at LTA Counter – Sys Gen PIN 11 Mar 2013 / 13:35:25
So, I was happy to sell the car at a profit without having to go through the hassle of de-registration.
Would my Kia Spectra be crushed for parts or would she be exported to start a new life. That depended on the decision of the dealer. The thought of the second option made me feel better.
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