To first know how to calculate your rebates, you should understand a few important factors that will ultimately affect your car value.

Before Calculating the PARF Rebate and COE Rebate

To calculate the exact PARF Rebate and COE Rebate for a vehicle, you must first consider several important factors.

Factors affecting the total cost of your vehicle

If you’re looking to get a better understanding of what contributes to the total cost of your car, it’s important to focus on several key components. 

What is OMV (Open Market Value)?

The OMV or Open Market Value of a vehicle is the initial price of it when imported into Singapore. This cost includes the purchase fee, insurance, freight and delivery fees, but does not include taxes such as GST, registration fees and dealer profit margins.

The OMV effectively gives you a baseline for how much your car should cost without any add-ons like taxes or dealer mark-ups.

What is Registration Fee (RF)

When registering a new car in Singapore, you will be required to pay a Registration Fee (RF). This is a flat fee tax of S$350, which is non-negotiable and must be paid upfront (accurate as of the time of writing, but may be subject to change in the future).

What is ARF (Additional Registration Fees)?

ARF stands for Additional Registration Fees and it is a tax that accompanies the registration of your vehicle. The ARF is calculated based on the OMV (Open Market Value) of your car and it will be used to calculate the PARF rebate upon deregistration.

Based on the latest ARF rates from 14 February 2023:

• For cars with an OMV of up to $20,000: 
  ARF = OMV
  The ARF value is 100% of your OMV value.
• For cars with an OMV ranging from $20,001 to $40,000:
  ARF = [(OMV – $20,000) x 140%] + $20,000
  The ARF value is 140% of incremental OMV.
• For cars with an OMV from $40,001 to $60,000:
  ARF = [(OMV – $40,000) x 190%] + $48,000
  The ARF value is 190% of incremental OMV.
• For cars with an OMV from $60,001 to $80,000:
  ARF = [(OMV – $60,000) x 250%] + $86,000
  The ARF value is 250% of incremental OMV.
• For cars with an OMV above $80,001:
  ARF = [(OMV – $80,000) x 320%] + $136,000
  The ARF value is 320% of incremental OMV.

Here’s an example of a car with an OMV of $90,000 and its payable ARF would be: 

What is Certificate of Entitlement (COE)?

The COE, or Certificate of Entitlement is essentially a permission slip to own a car in Singapore for a period of 10 years. There are five categories under COE that are grouped according to the vehicle type and/or engine capacity.

In addition to the purchase cost, other expenses like GST (Goods and Services Tax), excise duty, and dealer markups can also affect the final cost.

Factors affecting the sale value of your vehicle

When it comes to determining the sale value of your vehicle, there are several factors to take into consideration.

How to know the deregistration value of your vehicle?

Your vehicle’s deregistration value is the sum of a COE rebate and a PARF rebate:

Deregistration value = [COE rebate + PARF rebate]

To make thing simpler, you can enquire the PARF/COE rebate for registered vehicle via the LTA OneMotoring’s website.

All you need to do is to input the following details:

1. Vehicle No.
2. Owner ID Type.
3. Owner ID (last 4 characters).
4. Intended Deregistration Date.
5. Vehicle to be Exported. (Yes or No)

It’s important to take note that the PARF/COE Rebate amount(s) will vary according to the age of the vehicle at the intended date of deregistration. To calculate your scrap value of your vehicle, it will be the 50% of the actual PARF paid.

How do I calculate my COE rebate? 

When deregistering your car before the Certificate of Entitlement (COE) expires in its 10th year, you are eligible for a rebate from LTA in the form of the remaining COE for your vehicle. This rebate amount is based on the Quota Premium (QP) that you paid previously.

Your COE rebate calculation is: 

COE rebate = (Quota Premium Paid x Number of months left)/120 months

Take an example of a car which has a COE that costs $55,000. Let’s say this COE expires on 23 Feb 2026, and you choose to deregister it on 25 Feb 2023.

Your unused duration of COE is:

From 25 Feb 2023 to 23 Feb 2026 to  = 2 years 11 months 29 days
= 35.9 months

And therefore, your COE Rebate amounts to = ($55,000 x 35.9) / 120 = $16,454.16

How do I calculate my PARF rebate? 

When deregistering a car that is younger than 10 years, you are eligible for a PARF rebate. This rebate can be used to recover the ARF (Additional Registration Fee) you initially paid during the registration of your vehicle. Your PARF rebate value is contingent on your car’s age and ARF value.

The PARF rebate is based off a percentage of your ARF value, which is based on your vehicle’s OMV with the following calculation:

PARF rebate = ARF x % based on the age of your car

*Recently announced at the Budget 2023, all cars registered with a COE obtained from 22 February onward will have their PARF rebates capped at $60,000.

How does VES rebate affects PARF rebate?

The Vehicle Emissions Scheme (VES) can impact the PARF rebate of a car depending on the amount of rebate or surcharge applied.

When deregistering your car, if you have benefited from an emissions rebate, the PARF rebate will be calculated based on the net amount of Additional Registration Fee you paid after taking into account the emission rebates.

If, however, you have paid an emission surcharge when buying your vehicle, the PARF rebate that is due to you will be calculated based on the ARF paid which excludes this surcharge.

No matter what, the minimum ARF payable is $5,000.

For example, if your ARF was $15,000 and you received a VES rebate of $25,000, then you would be subjected to a minimum ARF of $5,000. In turn, when it comes time to scrap your car in 10 years time, the PARF rebate will be 50% x $5,000 = $2,500.

If your car has an ARF of $40,000 and you received a VES rebate of $25,000, then upon deregistering your vehicle after 10 years, you will be eligible for a PARF rebate of 50% x ($40,000 – $25,000) = $7,500.

For example, if your ARF cost is $20,000 and your VES surcharge is $15,000, you will receive a PARF rebate of $10,000 (50% x $20,000) after 10 years. The VES surcharge will increase your car price by at least $15,000, keeping in mind that the additional $15,000 will be factored into the depreciation value of your car.

What is the scrap value?

Scrap value is the amount that you can get for your car if you decide to scrap it. It is the sum of two values: the deregistration value, which is the amount that is paid out by the Land Transport Authority (LTA); and the body value, which is what a dealer would be willing to pay you for taking the car off your hands.

Scrap value = [Deregistration value + Body value]

What is the paper value?

Paper value, also known as deregistration value, is the monetary value of your car. When someone asks about it, they are simply inquiring about its current worth for sale or resale.

Calculate deregistration value of a car (real example)

Let’s take for example a $90,000 OMV car that is deregistered on 25 Feb 2023, with two years left.

Based on the calculation above, you would have paid a total of $168,000 in ARF.

Based off the PARF rebate table above, your PARF rebate would be 70% of ARF, which is $117,600

Your COE has 2 years 11 months 29 days remaining. As your COE cost $55,000, the COE rebate will be $16,454.16

The deregistration value of your car is calculated by adding the PARF rebate and the COE rebate together. In this example, the sum would be $117,600 + $16,454.16 = $134,054.16

If a car’s COE was obtained after 22nd February 2023, the Paid-up Additional Registration Fee (PARF) rebate would be capped at $60,000.

So, if we keep all other factors, with the registration and deregistration date in the example above constant, your car’s deregistration value will only be $60,000 + $16,454.16 = $76,454.16.

How to calculate car depreciation?

Simply put, car depreciation is the loss of value that occurs over time as you own and use a vehicle. The most common way to calculate it is by determining the annual depreciation rate.

To do this, you’ll need to find the sales price of your vehicle and its expected deregistration value at the end of its 10-year COE lifespan.

From there, you can calculate the annual depreciation rate using this formula:

Annual Depreciation = (Sales Price – Deregistration Value) / Remaining years of COE

Keep in mind that this calculation does not take into account any changes in car body value over time.

Do expensive car have higher depreciation?

Many people assume that expensive cars automatically mean high depreciation values, but this is not always the case.

While higher sales prices can often lead to higher depreciation rates, other factors such as car model, brand reputation, and demand for the specific car can also play significant roles.

It’s important to consider all of these factors when evaluating a potential car purchase or resale value.

In general, however, the annual depreciation value can be calculated by using the above mentioned formula.

In the case of two cars that cost differently but have similar depreciation values, the more expensive car may be the wiser investment.

For instance, Car A costs $190,000 with a scrap value/PARF value rebate of $20,000 after ten years, will have an annual depreciation of $17,000.

Meanwhile, Car B costs $183,000 with a scrap value/PARF value rebate of $11,000 after ten years will have an annual depreciation of $17,200.

Although Car A is more costly upfront, factors like its higher OMV result in a higher ARF and scrap value/PARF rebate relative to Car B’s lower initial price tag.

Of course it’s important to keep in mind that if you extend your COE beyond ten years for Car A specifically, you would lose out on the PARF value rebate and this would increase the overall depreciation value for that vehicle over time.

New car depreciation vs Used car depreciation

When it comes to buying and selling cars, understanding depreciation value is crucial. Typically, a brand new car will experience higher depreciation within the first few years of being purchased.

This means that selling the car in the secondhand market for a higher price may be a smarter financial decision than deregistering it after five years.

On the other hand, when purchasing a used car, you can generally expect lower depreciation rates However, this ultimately depends on how much you pay for the vehicle. Many car owners opt to avoid high initial depreciation by purchasing used cars instead of new ones.

Difference between PARF cars and COE cars

Those cars that were still within the first 10 years of their COE is eligible for a PARF rebate. Such vehicles are referred to as “PARF Cars”.

However, if the COE is renewed then the respective car won’t be able to claim such a rebate and becomes known as “COE Car”.

Should you buy a PARF car or COE car?

Should you buy a COE car or PARF car? There are pros and cons to each option. On the one hand, a COE car can be significantly cheaper than a PARF car, but you won’t get any of the de-registration rebates.

On the other hand, if you get a PARF car, it will be more expensive up front but you’ll receive your COE and PARF rebates when you deregister it. Ultimately, it depends on what type of price point and features you are looking for in a used car.

Buying a PARF or COE car requires you to analyse three important factors.

1. Mileage of the car: A vehicle with a high amount of running-killometers will experience reduced performance as parts need to be replaced more often.
2. Maintenance history: Make sure to ask for a maintenance log and have it inspected by a reliable mechanic before you make any decisions. Properly maintained cars are much less likely to break down or require expensive repairs later on, so taking the time to check its maintenance record can save you money in the long run!
3. Exterior and internal condition: Exteriorly you should check for dents, scratches, lights, power windows and tyres to ensure that they are in good condition. If there are any blemishes, you may be able to negotiate some sort of discount but if the lights or tyres of the car have seen better days, then it is advisable to ask for replacements.

PARF car vs COE cars

We hope with this article, you will find out how much money you can get back when you decide to deregister your car as well as the calculation for your car depreciation and rebates.

Finding out all these value of your vehicle is actually quite easy and it’s definitely worth knowing.

But if you want to find out the current value of your car, you can also request for a 100% non-obligation free valuation at Carsnap within 24 hours!

PARF Rebate and COE Rebate Calculation Simple Guide

This guide provides detailed steps on how to calculate the PARF (Preferential Additional Registration Fee) and COE (Certificate of Entitlement) rebates when you’re looking to deregister a vehicle in Singapore.

10 Minutes

Understand what PARF and COE Rebates are:

The PARF rebate is offered to car owners who deregister their vehicle before its 10th year of age, while the COE rebate pertains to what’s left of the COE value upon deregistration.

Gather necessary vehicle details:

Compile key information such as your car’s Open Market Value (OMV), the age of the car, and the COE category under which it was registered.

Calculate PARF Rebate:

The PARF rebate can be calculated as a percentage of your car’s OMV, depending on its age at the time of deregistration. The newer the car, the higher the PARF rebate.

Calculate COE Rebate:

If you deregister your car before the COE expires, the COE rebate will be the residual value of the COE. This is prorated, meaning you get back the value of the remaining months on the COE.

Consult the Land Transport Authority (LTA):

For the most accurate information, visit the LTA’s official website for a precise calculation of your PARF and COE rebates.

<p>The post How to Calculate PARF Rebate and COE Rebate For Your Car Easily first appeared on Carsnap Blog.</p>

In order, such incident doesn’t happen, check the following important elements when it comes time to put your used car for sale on the market.

What to Do Before Selling Your Car in Singapore

1. Clean Your Vehicle

Before you show your car to a potential buyer, you might want to clean both the interior and exterior.

Take out all personal items and remove any aftermarket additions that you would not want be included in sale.

Deep clean or vacuum out the interior, if necessary, and consider to wash and wax the exterior of your car until it shines. You want to showcase your car in its best light and make it an easier, and more attractive car to sell.

2. Check for Damage and Make Necessary Repairs

Before selling your car, be sure to check both the interior and exterior of the vehicle for any cosmetic damage or worn components like tires or headlights.

Make a list of anything that needs repair and estimate how much it will cost. If you decide to make any repairs, be sure to save all receipts. If possible, consider having a professional inspect the vehicle prior to sale.

Plus, if you have the inspection already done and can show the report, it may help set your car apart from other offerings on the market.

3. Get a Free Car Valuation

Before you set your asking price, make sure you have an idea of the car’s market value. You can find trusted free car valuation services online, like Carsnap, that can help you understand what price range is fair for your particular car.

Then, look at similar cars for sale and use those prices as a base to inform how much you should ask for yours. But remember, be realistic — buyers are unlikely to pay a premium unless your car offers something special — so don’t set it too high or else people may overlook it when they search.

Next, decide, how much time do you want to invest in selling your car, when you want to sell your car by and where do you want to sell your car to, is it directly to another car buyer, to a second hand car dealer or via a car consignment agent?

4. Gather the Needed Paperwork

After deciding on how you want to sell your car, you’ll need to prepare the paperwork. If you choose to sell your car to a dealer or consignment agent, they’ll take care of the paperwork for you.

However, if you selling the car yourself, do gather your vehicle necessary information and prepare the necessary paperwork, such as Sales and Purchase Agreement, an indemnity form, vehicle handover form, payment receipt, amongst other documents. You can find out more information about your car via your vehicle log card.

A reminder to ensure that your car have a valid road tax before it gets sold.

Fortunately, if you’ve chosen to sell your car through Carsnap, our team take care of everything for you while ensuring your car gets the best price possible as fast as within 24 hours.

What to Do After Selling a Car in Singapore

After closing the sale, you will want to make sure the following things are done to ensure a proper handover of your vehicle.

1.  Remove Personal Information

Before handing over your car key, be sure to disconnect your phone from the car’s pairing system and delete any information that may be left behind. Information that may be stored in the car:

• GPS maps history and addresses
• Phone’s contacts names and numbers
• Any mobile app or digital content subscriptions

2. Repay Your Car Loan

After selling your car, you must first pay the outstanding loan amount that is due to the bank. The usual procedure that sellers follow is to authorise the dealer (buyer) to handle this payment on their behalf. Consequently, the sale price that you receive will be reduced by the amount of loan still owed.

As a rule of thumb, do check with the bank to confirm that the loan has been settled off by the dealer before finalising your sale.

3. Cancellation of Car Insurance and Refund

When you sell a car, it is crucial to remember to cancel the insurance. The insurance on your car is tied to the vehicle and associated with who owns the vehicle.

Therefore, when you transfer ownership of the car, it is necessary to cancel the insurance in order for the new owner to insure their own coverage.

Failing to do cancel your insurance policy as soon as possible after the sale of your car can result in lesser refunds (usually prorated based on the unexpired period of insurance days x % of premium).

Most cancellation of policy can be done easily online at the insurance company website.

4. HDB Season Parking Cancellation and Refund

Remember to terminate your HDB season parking after selling your car. Request for a refund must be made prior to the termination and HDB will refund you the unexpired season parking charges to you.

5. Transfer Ownership

A transfer of vehicle ownership must be completed by the buyer and seller within seven days of a second-hand vehicle sale or a changing of hands. This is necessary in order to officially document the new owner of the vehicle.

You can apply to transfer the ownership of your vehicle online using Singpass 2FA at the LTA OneMotoring’s website.

When it comes to the transfer of a vehicle, taxes already paid and any applicable rebates will be passed on to the new owner. This includes outstanding road tax, Off-Peak Car cash rebates, as well as PARF/COE rebates that may be associated with the vehicle.

6. Keeping Your Car Number Plate

If you have grown particularly fond of your car plate number, you can choose to apply for its retention. You can retain the Vehicle Registration Number of your vehicle before it is transferred or deregistered, or after you have deregistered it.  You have 1 month to retain the VRN after you deregister a vehicle.

Depending on whether or not the number is used for an existing vehicle registered under your name, the application fee starts from:

• $100 – number plate is used to register a new vehicle under your name
• $1,300 – if the number is used on an existing vehicle belonging to you

Once successful, the number plate’s validity period is set at twelve months. Additionally, if you’d like to extend its validity beyond this time frame, you will need to pay an additional fee.

You can use your retained Vehicle Registration Number (VRN) to replace the VRN of your existing vehicle online.

Prepare Your Car For Sale

In conclusion, car selling doesn’t need to be complicated. Follow the necessary guidelines, decide on the best method of selling and negotiate a fair price with all parties involved, to get the most out of your vehicle sale.

With these points in mind, you can rest assured that you will find be able to sell your car quickly and easily.

<p>The post Before and After Selling Your Car in Singapore: 10 Important Things to Do first appeared on Carsnap Blog.</p>

With cars being such a substantial investment here—especially in light of the recent increase in Additional Registration Fee (ARF) rates announced in Singapore’s 2023 budget on 14th February—it’s all about timing. Selling your car at the right time can be the deciding factor between a good deal and a fantastic one.

So, if you’re still asking your friends, “When is the best time to sell my car?”—look no further. Allow us to guide you through our top tips and strategies to maximize your return when selling your car in Singapore.”

1) Should I sell my car when the COE is high?

When it comes to selling a car in Singapore, consider first the Certificate Of Entitlement (COE) prices, which can strongly influence the valuation of your second-hand car. Whenever COE prices are higher, potential buyers tend to focus on the used car market as an alternative to a new car.

This in turn leads to an increase in demand and value for used cars (both luxury and non-luxury cars).

Although most cars of similar conditions typically go for the same price regardless of their paper value, owners of cars with a lower Certificate of Entitlement (COE) may end up getting more when they are sold.

This is because if a higher COE car were to be priced higher than a lower COE car, consumers are likely to opt for the lower COE car. Thus, dealers usually adjust their prices in order to cater to consumer demand.

However, this is only worthwhile if your car’s COE is much lower than prevailing prices and you’re not planning on buying another vehicle or already own a second car. Otherwise, purchasing another car, either new or second hand, may negate any potential gains.

2) Which is the best year to sell a used car?

Selling your car from the 4th year onward can be a good idea since its rate of depreciation levels off from then until after its 8th year. Around this time, it should generally still be well maintained and have plenty of COE remaining, so you could fetch a good price in return.

However, if your vehicle begins to incur high maintenance costs due to age-related wear and tear, it might be best to sell earlier rather than later. Depending on the make and model of your car, there should still be demand for it even if you decide to sell early.

At the 5th year

Generally, the ideal time to sell your car is when it hits its 5th year. This is because at this point, the PARF rebate remains at a steady rate of 75 percent. After its 5th year, the rebate will be reduced by 5 percent every year.

At the 7th to 8th year

When your car reaches its 7th or 8th birthday, it may be time to consider selling it. At this point the car will have aged significantly and cost more in maintenance and servicing.

There is also high demand for these types of used cars as young drivers just getting their license prefer an older car whilst those needing an affordable transportation option would opt for a used model over a new one.

This makes the perfect time to switch cars up as you can make a sizable profit while addressing the needs of multiple market segments.

3) What mileage is the best time to sell a car?

Your car mileage is an essential metric when considering selling a vehicle; it’s one of the key elements that determine car value.

Potential buyers will base most of their opinion of your car on its mileage, as a car with low mileage will be more attractive than one that has clocked up high kilometers.

Let’s take a look at several mileage brackets and when might be an appropriate time to put your vehicle up for sale:

Zero to 60,000km

If you’re looking to sell your car, it’s important to be aware of the fact that new cars experience their biggest depreciation in value during their first year of ownership.

After that, the sharp decline continues until the manufacturer’s warranties run out – usually after three years or 60,000km.

So if you are looking to upgrade or changing to a new model with the latest features fairly regularly, it’s best to put it on the market earlier rather than later to get good money for your car – but make sure it still has low mileage and is relatively new.

60,000 to 100,000km

When your car reaches between 60,000 and 100,000km, there is a chance that it might require some minor repairs. However, if you’ve kept up with regular maintenance, then these problems should be limited.

After this point your car will still lose value but at a slower rate. Therefore, if you don’t want to deal with costly repairs or replacement parts, then it’s best to sell your car before it hits 100,000km.

100,000 to 160,000km

Usually when your vehicle’s mileage reaches between 100,000 – 160,000 kilometers, you can consider selling it.

By this point, you’ve already gotten a good return on your car and if it has been maintained well, you may still be able to squeeze out some value from it. So why not put your car up for sale or trade it in for something newer?

Above 160,000km

When you wanted to sell a car that has more than 160,000km on it, even if it continues to run well, it’s likely that prospective buyers will steer clear from it. Higher mileage can point to costly repairs down the line and make them a risky investment.

However, it’s entirely possible to find a buyer for your car, but do take note that you probably won’t be able to recoup much of your initial investment.

4) Should I sell my car before warranty end?

If your car has an extended warranty program which is fully transferable, it will enhances the resale value of your car if you decide to sell it within the warranty period.

Many dealers provide cars with extended warranties of up to 5 years, meaning regular servicing and major works will be covered during this period.

If you decided to sell your car after the warranty has expired, you would have reaped maximum utility out of the vehicle while also avoiding potential repair costs incurred by extensive wear and tear.

So, when this warranty runs out, it may be time for you to change or upgrade your ride and maximize your savings!

5) What is the best month to sell a car?

The ideal time to sell your car in Singapore can be affected by seasonal patterns. At certain times of the year, demand for cars is higher than other times.

Factors such as school holidays can affect the number of potential buyers on the market. Consider researching seasonal trends related to car buying and see if there are any advantages to listing your car at certain times of the year.

Additionally, try timing your sale around dealership sales or major events in the area for an even larger pool of potential buyers.

Best time to sell a car in Singapore?

Each car owner has different reasons for selling a car, so there is no one-size-fits-all answer to this question.

But if you have been thinking about selling your car, then now could be the time to do it, instead of procrastinating as the longer you hold onto your vehicle, the more value it will lose.

Not only will you get less money for it if you try to resell it later, but any rebates or discounts you might be able to get upon deregistration will become less and less valuable over time.

Get ahead of the curve and sell your car now with Carsnap!

<p>The post Should I Sell My Car in Singapore Now? (5 Helpful Tips) first appeared on Carsnap Blog.</p>

So how are used car value being determined and how to be sure that you are getting a good deal when you are selling your car?

Let’s take a look at what goes into calculating the value of a car in this article to find out.

What factors go into calculating the value of a car?

When it comes to car valuation, the OMV, ARF, and COE are all important considerations. The overall condition of the vehicle, its overall mileage, and other details can also affect its market value.

It is important to be mindful that car values are simply guides and they may not be reflective of what you can expect when selling your car to an individual or dealer.

This is because car dealers will typically need make a profit after factoring costs to service or repair the car, resell the car, and complete the necessary paperwork which can lower their purchase offer for your car compared to its given valuation.

Open Market Value (OMV) factor

The Open Market Value (OMV) of a car is the cost that Singapore Customs assigns to it upon its arrival into the country.

This value usually comprises of the car’s original price, freight costs, insurance and any other related costs associated with the sales and the delivery of the car to Singapore.

The OMV is the initial cost of a vehicle and acts as an important factor in determining its current valuation.

When buying a car, you should calculate its OMV in order to estimate the upfront cost – including any Additional Registration Fees (ARF) that may be due – before purchase.

As a reference, you can find out the average OMVs of commonly-registered car models in Singapore here.

Additional Registration Fee (ARF) factor

ARF is a form of tax imposed when you register a motor vehicle in Singapore. This fee is determined by calculating a percentage of the Open Market Value (OMV) chargeable on your particular vehicle.

Here’s how ARF is calculated:

This means that a A180 COMPACT SALOON PROGRESSIVE PETROL–1332cc with OMV of S$31,599 would be S$20,000 + S$16,238.60 = S$36,238.60

Excise Duty factor

There will be a 20% of the OMV tax that is imposed on the vehicle by Singapore Customs that is imported into Singapore. On top of the excise duty, remember there is also a GST (Goods and Service Tax) of 8% imposed on your vehicle.

Certification of Entitlement (COE) factor

A COE allows you the right to own and use a vehicle in Singapore. The COE is dependent on the demand for the registration of cars in the market and in the corresponding vehicle category. 

As you can only own and drive a car that has a COE, the car valuation is affected by how many remaining years are left in its COE vehicle.

PARF vs COE Cars factor

The car valuation is also determined if the vehicle is a PARF cars (First 10-year depreciation period) or cars with renewed 5-year or 10-year COE.

A PARF car valuation is generally higher as it includes the Preferential Additional Registration Fee (PARF) rebate and COE rebates which are both a percentage of the ARF paid on purchase.

Determine the PARF & COE Rebate

For cars that are deregistered not more than 10 years of use in Singapore, you can receive a Preferential Additional Registration Fee (PARF) from the Land Transport Authority.

The younger you deregister your car, the more PARF rebate you will enjoy. ARF payable cars are subject to a PARF rebate cap of $60,000. 

For vehicles with tax incentives such as the Green Vehicle rebate, Off-Peak Car (OPC) rebate or Carbon Emission-based Vehicle Scheme (CEVS)/Vehicle Emission Scheme (VES) rebate, the PARF rebate will be calculated based on the net ARF you paid for the vehicle.

Likewise for COE rebate, it is granted if you deregister your vehicle before its COE expires. The earlier you deregister your vehicle, the more COE rebate you will enjoy.

How COE rebate is calculated: COE rebate = QP or PQP of 10-year COE paid x Total unused period of COE/120 months

For your convenience, you can enquire the PARF/COE Rebate for your vehicle here.

Car Conditions factor

Car dealers often assess the value of a car based on factors like its mileage and condition. For an more in depth idea of what you can expect, take a look at our car valuation table for a breakdown of general values calculated by dealers.

Why it’s important to get a car valuation before selling your car

Car valuation is the process of determining how much money a vehicle is worth today. It’s an important tool to help car owners know what they should be asking for when selling their vehicle in order to make sure they’re getting a fair deal.

Knowing the true worth of your car can also protect you from being taken advantage of by unethical dealers who may try to offer too low a price for the car.

After you have get a free valuation for your car, you can make a more conscious decision to sell or scrap your vehicle.

Trying to figure out how much your car is worth?

So now we hope you have a better understanding and idea on how the valuation of your car is being calculated.

And if you are intending to sell your car before buying a new car, you can find out the current value of your car easily at Carsnap. Carsnap offers a 100% non-obligatory free car valuation for your car as fast as within 24 hours.

From there, you can then get a better guide to price your car and decide how you want to sell your car, whether to sell it to a car dealer, a direct buyer, or consigning your car.

<p>The post Car Valuation: How to Know Your Best Car Value in Singapore first appeared on Carsnap Blog.</p>