Did you know you can get rebates when you trade in or scrap your car? Here’s what to expect:
COE Rebate – A portion of the unused COE based on what was paid and the age of the car
PARF Rebate – A portion of its OMV value
Body Value of Car – If your car hasn’t hit the 10-year mark, you may get some money back, depending on its age, condition, mileage and number of owners, says Grace Tan, sales manager at Wearnes Automotive. A 10-year-old car typically gets no rebate, or a scrap value of a few hundred dollars, at best.
And take the time to shop around for your next car. This gives you the chance to take advantage of promotions that car dealers offer every now and then, noticeably around major public holidays.
Did you know that car prices are usually adjusted on the first and third Thursdays of the month, following the announcement of COE bid results the day before. Most car dealers post the adjusted prices on their websites by Thursday afternoon, so that will be a good time to check the updated prices. Also, five months is how long you might need to wait for your new car. If your COE bid is successful, you may be able to get the car as quickly as 10 working days later. If your bid fails, or if the colour you picked is not in stock and needs to be shipped in, the wait will be longer. Before signing the purchase contract, check the stock status – especially if you are timing the sale or scrapping of your old car to coincide with the arrival of the new one.
By Simply Her, April 2015