Clarification on Parf Value

[Hid]

I need some help with some clarification.

 

I've purchased a used Proton Gen 2 1.3M with the COE due on 1 August 2016 for $5500

 

OMV: $9,221

Original registration date: 1st August 2006

Actual ARF Paid: $10,144.

 

Parf eligibility expiry date: 31 July 2016

Parf rebate amount: $5072

 

QP paid: $10,803

 

I need to ask if I were to de register and scrap/export my car on 22 July 2016, will that means I'm able to get back $5072 from the Parf rebate when encash?

 

Will I need to pay LTA approved dealer for the processed of scrapping or exporting my car?

And also do depreciation value take parts in the amount I can actually get back from LTA.

 

Cause the seller wrote to me this.

Buy: $5500

Min Parf: $5072

Diff: $430/3 months

Depreciation lesser than $144/per month.

 

This sounds too good to be true. Owning a car at $144 per month.

Please help I need to know the actual cash that I can get back after scrapping/export my car after I de register it.

I'm still new to all these. Hope for enlightenment.

[Shibadog]

u  can check the parf rebate value on the onemotoring website (look at "buy" section) from 6am to 12midnite. Enter the dereg date as 22/7/16 when u key in the details and it will show the rebate value

 

http://www.onemotoring.com.sg/publish/onemotoring/en.intentnav.buy.html

 

no, the dealer will not charge u when u wanna scrap your car.

whether they pay u extra for the car body is another thing.

 

sounds like a good deal but do check that the car is in decent condition (no major repairs needed)

 

 

 

 

 

 

 

 

 

Edited April 29, 2016 by JohnSHL

[Sturtles]

I need some help with some clarification.

 

I've purchased a used Proton Gen 2 1.3M with the COE due on 1 August 2016 for $5500

 

OMV: $9,221

Original registration date: 1st August 2006

Actual ARF Paid: $10,144.

 

Parf eligibility expiry date: 31 July 2016

Parf rebate amount: $5072

 

QP paid: $10,803

 

I need to ask if I were to de register and scrap/export my car on 22 July 2016, will that means I'm able to get back $5072 from the Parf rebate when encash?

 

Will I need to pay LTA approved dealer for the processed of scrapping or exporting my car?

And also do depreciation value take parts in the amount I can actually get back from LTA.

 

Cause the seller wrote to me this.

Buy: $5500

Min Parf: $5072

Diff: $430/3 months

Depreciation lesser than $144/per month.

 

This sounds too good to be true. Owning a car at $144 per month.

Please help I need to know the actual cash that I can get back after scrapping/export my car after I de register it.

I'm still new to all these. Hope for enlightenment.

 

 

Looks like the seller didn't need the car, and scrapping it would only yield him the parf value plus remaining 3 month COE, yet somehow, it don't make sense to me.

 

If COE is $12000 for 2006, then per year is $1200, so 3 months of COE pro-rated to him by LTA would yield $300. Plus the remaining road tax for 3mths ~$100, it has already added up to ~ $5500. 

 

If you can get a dealer to pay you $100 bucks for the scrap metal, then you can make a quick small buck.

[Carbon82]

Hi TS, just to add that you will also need to fork out a couple of hundreds $$ for insurance, and unless you buy direct from seller, you will ended up having to pay another $300 - $500 for admin fee by dealer.

 

And agreed on the part that make sure the car is still in driveable conditions. Any repair or part replacement will wipe out the "saving".

[Eyke]

authorised scrapyards will pay you.

 

even if parts no value, the metal has value.

 

call them to get quote, there's only a handful. ref onemotoring

[Kingkong]

Remember to check the physical engine number is still the same as that of LTA record... Understand for illegal engine change, the parf value will be confiscated.