2% off PARF Rebate for Export Company - NEW Reply "With Quote"Hi guys,Just a sharing and an enquiry.Was at Automobile Mart over the weekend to check out some resale vehicles. Spotted a new C Class and inquired about the price and trade in package. The sales rep took my details and came back with my PARF rebate. Was told by him that if i was to trade in my Mini, his exporter will change 2% of the PARF rebate value.This is the first time i heard of this and so my question is: is this a market trick or is this a norm?
Think its a std industry practice. Can bargain it away or walk away from the deal.
u can scrap and ask for $ refund from LTA instead of paper.
If i were to scrap the car at LTA myself (after 10yrs of COE), can i know after scrapping the car, where shall i send the vehicle to?
there are a few appointed scrapyard by LTA it stated on their website.they will be able to process the vehicle.at most u get back a few hundred for the rate now. as metal and the econ have create a big impact in body pricing. but also depend on the model and make
now u can encash the parf paper for money, but i think u can only receive the cash about one month later.so if u can plan accordingly, u can ask the dealer to return the parf documents to u, and u can claim back from LTA youself saving that 2%.it would be worthwhile if your car has a high paper value.
Last time there is such a practice because PARF can only be used to offset new car price and can only be sold as vouchers. Hence there is a 2-5% charge.After the implementation of cash rebate, you can just go to LTA and ask for a refund for paper upon deregistration.Now they are still charging you a discount rate and earn a blatant abitrage?!!Ask him to f off.
Indeed, 2% of the PARF rebate is actually quite a large sum. Rather than let the dealers earn the money, it is only wise to run the errands myself to pocket the cash rebate by scrapping the car on my own.Hopefully this will raise the awareness among those trading in their cars.
What is the procedure for de-registering and getting cash from LTA?Do we need to bring the car to an exporter or the scrap yard first? Do we need a document that shows the car has been exported or scrapped before we can submit application for cash rebate fro LTA?Or do we go to LTA first to apply for rebate, then state a future date whereby the car will be exported or scrapped?Any recommendation for exporter? A 4 year old car can still command export value if we sell the body to the exporter? What about selling to a scrap yard? Any residue value?thanks all in advance for the information.
DIY scrapping is not that easy unless u have experience before.cos going to LTA is some how a problem cos we dun really understand what they really talk about.like me today retaining my car plate i need to pay upfront 1.3K instead of the 100 normally cos i will be still driving my current car till i get my new. only after i register my new car then LTA will refund me my 1.2k extra ONE MONTH LATER. image the amt of int bank will be paying LTA for that. in my account at most few cents but gov account with that huge amt.
u need to apply for a temporary PIN from LTA then proceed to scrap your car online. then after that u tow your vehicle and bring the paper work to the appointed few scrapyard.reminder it's illegal to drive your vehicle after u have successfully scrap your car online.jail and fine penalty if caught. Laugh army rules apply. Sweat Dropfollow is the link for all the step by stephttp://www.onemotoring.com.sg/publish/onemotoring/en/lta_information_guidelines/de_register_a_vehicle/de-register.htmllike i said before. unless u get very good pricing by DIYing yourself if not let the "PRO" do it. save the hassle and time running all over the place jus to get rid of want unwanted anymore.
if you are AA member, they can do it for you at no charge, IIRC
not worth the 2% save. I rather let the car dealer do it. no need to come up the cash to full redeem the car and no need to go LTA. furthermore dun forget you still need to find an exporter to buy your body, if not the rebate from LTA is only COE + PARF only
Cat A down ~28%Cat B down ~31%
This is good news for existing drivers as it would mean fewer new cars on the road.This is bad news for to-be drivers since COE will go back to the norm and that means higher price.This is good news for the 2nd-hand car dealers.So the question is who is on which side.
Paper value of carsI am doing some homework on how car dealer makes their profit and how a OPC car have no PARF value depending on different scenarios. Can someone go through this and critic if my analysis is correct?In this article, we’re going to discuss the paper value of cars and why off peak car have no paper value. This is how we’ll deprive the analysis.1. We must determine how the car distributor determines the price of a car2. Secondly, the off peak car rebate of $17,000 is not given free from the government, it’ll be used to deduct from the paper value of your COE and your ARFTotal Basic cost of a car is as follows:The total basic cost is the amount the dealer paid for to import and register the vehicle in Singapore. It includes the OMV, custom duty, GST, ARF, registration fees and COE.The total basic cost excludes insurance premium, number plates, road tax, IU, radio license, dealer’s commission, and all other overheads.OMV stands for open market valueARF stands for Additional Registeration Fee and is taxed at 100% of the car’s OMV at the time of purchase. Custom duty is the duty you’ve to pay for the import of the carRegistration fee is a fee you’ve to pay to the LTA( I may be wrong)COE is the certificate of entitlementThus, the formula of a car basic cost will be OMV + custom duty + GST + ARF + registration fee + COE + radio license fee + road tax.Source:http://www.onemotoring.com.sg/publish/onemotoring/en/lta_information_guidelines/de_register_a_vehicle/PARF_COE_Rebates.htmlhttp://www.sgcarmart.com/new_cars/newcars_pricing.php?CarCode=10356How to calculate the PARF value at the time of purchase off peak carScenario A Off Peak Car Avante with $11,500 OMV (http://img198.imageshack.us/img198/484/pic1mkn.jpg)Above is a table indicating two scenarios. Consumer A is purchasing a off peak car with OMV at $11,500. There are 2 COE prices, 1 is at $15,000 and another is at $6,000After basic computation of the total car basic cost, a $15,000 COE car basic cost will be $23,297 while a $6,000 COE car basic cost will be $14,297.00Thus, the dealer gross profit for a $16,000 COE car is $10,702 and a $6,000 car is $13,702.00PARF is the paper value of a car. For a off peak car, it is different from a normal plate car as the government gives a $17,000 rebate for off peak car. In order to give the $17,000 rebate, the government will have to offset this from the COE and the ARF of the car paid.Thus, off peak cars have low paper value. For a $16,000 COE car, the PARF value before the car is driven away is ARF + COE – COE rebate i.e. $11,400 + $15,000 - $17,000 which is $9,400For a $6,000 COE OPC car, it is even lower at $4,00 as the $17,000 COE rebate will be deducted from the ARF and COE paid on the car. Once driven away, you’ll not get a single cent back from the government as the PARF is reduced to 75% and this effectively deem the car to be of $0 paper value.After driving away the car from the showroom, the ARF of the car immediately changes to 75% and thus the paper value of the car will be even lower. See PARF Value of Car after driving off. Below is the PARF value of cars from LTA websiteSource: http://www.onemotoring.com.sg/publish/onemotoring/en/lta_information_guidelines/de_register_a_vehicle/PARF_COE_Rebates.html(http://img200.imageshack.us/img200/9582/pic2jgp.jpg)How to calculate the PARF value at the time of purchase for normal carScenario B Normal plate Car Avante with $11,500 OMV (http://img25.imageshack.us/img25/1028/pic3whm.jpg)The scenario is the same for normal plate cars but the paper value of car is significantly higher as there is no OPC rebate to that will deduct the PARF and COE value of a car. Thus a car will have a high PARF value even after driving away from the showroom as a car’s PARF value consists of the COE paid and the 75% of the PARF value.ConclusionWhen buying a COE car, the PARF value of a car is lower when buying a car with a low COE and could be even $0 dollars as there is not much amount for the OPC rebate to deduct from the COE. Thus this will effectively deem the car to be of $0 paper value.As one can see, buying a car is a win win situation for the government and the car dealers as we’re paying a $10,000 markup for each car purchased and additionally, we’re paying 125% tax on the car’s OMV and the COE of the car.
Business Times - 25 Sep 2009 COE quotas cut 15.7%, premiums poised to climb Sharp cut in small cars' quota and open category By SAMUEL EE (SINGAPORE) The predicted supply shock for certificates of entitlement (COEs) came yesterday and although it is less than the most pessimistic estimate, most motor distributors agree that premiums have nowhere to go but up. The Land Transport Authority's (LTA) mid-quota- year review will remove an overall 15.7 per cent from the remaining number of COEs available. Specifically, for the bidding exercises from October 2009 to March 2010, there will be 17.8 per cent fewer Category A COEs (for cars below 1,600cc); a 9.8 per cent reduction in Cat B (cars above 1,600cc); a whopping 28.1 per cent less in Cat C (goods vehicles and buses); 6.7 per cent less for Cat D (motorcycles); and an 18.8 per cent decrease in Cat E (the open category). Currently, the monthly quota is 2,791 Cat A COEs, 1,519 Cat B, 461 Cat C, 779 Cat D, and 1,432 Cat E. The across-the-board reduction will take away 497 COEs in Cat A, 149 in Cat B, 130 in Cat C, 52 in Cat D, and 269 in Cat E. 'It's not rocket science - premiums will go up,' says Gavin Yeo, commercial director of Borneo Motors, the authorised Toyota distributor. But Mr Yeo declines to speculate by how much, citing the uncertainty still lingering over the economic recovery. Jason Lim, sales manager of Cycle & Carriage, which distributes Mercedes-Benz, Mitsubishi, Kia and Citroen, believes car COE premiums will range between $25,000 and $30,000 by year-end. 'Cat E is already above $20,000 and premiums are definitely going to shoot up in the next few rounds,' he says. 'Besides, there may be some panic buying and this will push it up further.' In yesterday's second COE bidding exercise for September, Cat A fell a substantial $2,431 to $15,589 but Cat B inched up $512 to a 27-month-high of $19,801. Cat E - the open category - rose $370 to $20,200. The last time this category crossed the $20,000 mark was three-and-a-half years ago. Cat C slumped $1,001 to $15,000, while Cat D slipped $151 to $900. Among the categories, Mr Lim thinks Cat B will continue to surge the fastest. 'Some premium brands are still doing relatively well and buyers of these cars are less affected by increases of a few thousand dollars,' says Mr Lim. And although mainstream buyers are more price-sensitive, he adds that Cat A premiums may not be far behind because of the large 17.8 per cent cut in COEs. LTA says the mid-quota- year review is undertaken annually to determine if there is any significant difference between the actual number of vehicles deregistered, and the number of deregistrations projected at the start of the quota year in May 2009. In the first eight months of 2009, the actual deregistrations of vehicles in all categories were lower than projected. For example, between April and August this year, the monthly deregistration rate has been consistently lower compared with the same month a year ago, ranging from 19 per cent to 29.4 per cent less. Yesterday's COE cuts point to the maximum market size for passenger cars in calendar year 2009 being approximately 71,532 units, or down a substantial 26.5 per cent from calendar year 2008's 97,348 units. 'The reduction will change Cat A buying patterns most and could result in more people turning to used cars,' says Vincent Ng, product manager of Kah Motor, the authorised Honda distributor. This is because with almost 500 Cat A COEs less each month, distributors will have to bid higher for a smaller number of certificates. Car prices will in turn be pushed up and the popular budget sedan segment, whose models currently cost about $50,000, will slow down as customers are priced out. But Mr Ng believes this is just the start of a bigger contraction in the industry. 'According to my projections, the 2010 market size may be even smaller, at just slightly over 60,000 cars,' he says.
Hyundai Tucson 2.0A Tags : Hyundai Tucson, 2006 Hyundai Tucson, Hyundai, Tucson, Used Hyundai Price $34,500Road tax $1,182 per year Transmission AutoEngine cap 1975 ccReg date 15-Feb-2006Mileage 37,000 kmFeatures Silver/Blue Colour, Very Low Mileage, Full Servie History From KOMOCO. Accident Free.Accessories Leather Seats, Electric Windows, Roof Rack, Sports Rims, Side Step, Fog Lamps, Pioneer Sound System With Multi CD Changer.Description Excellent Condition, Only Used For Driving To Work, Hence Low Mileage. Must Sell As Owner Is Going Abroad.COE $14,505 OMV $16,755 Depreciation $4,214 per year No. of owners 2Type of veh SUVCategory PARF Car Direct Owner Sale Contact Person(s) VasContact No. 92326992
What is OMV?Open market value (OMV) is assessed by the Customs and ExciseDept taking into account:a) Purchase priceb) Freightc) Insuranced) Handlinge) All other charges incidental to the sale and delivery of the car fromthe country of manufacture to SingaporeCOE CAR CATEGORIESCat A : Cars 1600cc and below and taxisCat B : Cars 1601cc and aboveCat C : Goods vehicles and busesCat D : MotorcyclesCat E : OpenVehicle registration - private carRegistration fee (RF) - S$140Additional Registration fee (ARF) - 110% of OMVCertificate of entitlement (COE) - Bid in Cat A,B,ECustoms duty - 20% of OMVWhat is PARF?Preferential Additional Registration fee. This us a benefit or rebategiven for the registration of a new car when an old car (not morethan 10 years old is scrapped)Features1. All PARF rebates are valid for 12 months from the date ofderegistration.2. It can be used to offset the various upfront vehicle fees when youregister a new car. ARF, COE, Quota premium, registration fee.Any excess not used is forfeited.3. You can tranfer the PARF rebate to another person if you do notuse it. A S$10 fee is payable for every transfer.What is COE?COE stands for Certificate of Entitlement. The vehicle quota systemwas implemented on 01 May 1990. LTA determines the number ofnew vehicles allowed for registration. The market deletermines theprice of owning a car.In determining the number of cars allowed for registration, LTA takesinto account the prevailing traffic conditions and the number of carstaken off the roads permanently.The quota allocated to each category of vehicle is in proportion tothat category's share of the total vehicle population. The vehiclequota for a given year is administered through the monthly release ofCOEs.Vehicles exempted from the quota schemeScheduled buses, school buses, Emergency vehicles. e.g.ambulances, fire-engines, engineering plants primarily for off-the-road use, e.g. tractors, forklifts and trailers, diplomatic vehicles andvehicles for the disabled.What is COE?Prevailing quota premium. PQP is the moving average of the COE inthe last 3 months. To renew your COE for another 10 years, you haveto pay the PQP.To renew your COE for another 5 years, you have to pay 50% of thePQP. The 5 year COE is not renewable i.e. you must deregister thevehicle upon the expiry of 5 years.What are the benefits of insuring with COE, PARF. OMV?If you do not wish to buy a new vehicle after a claim. you saveyourself the trouble of having to find a buyer for the rebate. Yourinsurer pays you the full value of the rebate and looks fir a buyer. Thesale of COE, PARF rebate is at a discount. THis loss is absorbed by theinsurer.Should i insure with/without COE,PARF/OMV?The choice is yours but note that under current LTA regulations, youwill not be given a cash rebate for the remaining value of your COE,PARF/OMV when you scrap it. Instead the COE, PARF/OMV rebate maybe used to offset when you buy a new car.However, it must be used within 12 months of the vehicle beingscrapped. ANother way is to sell the rebate to someone else.The cost of insuring your vehicle is inclusive of COE,PARF/OMV istypically 5% more than the cost of insuring the vehicle alone. So thediscount is only 5%.
160.96.200.34 IP address location & more:IP address [?]: 160.96.200.34 [Whois] [Reverse IP]IP country code: SGIP address country: SingaporeIP address state: n/aIP address city: SingaporeIP address latitude: 1.2931IP address longitude: 103.8558ISP of this IP [?]: IDA SingaporeOrganization: IDA Singapore
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Topic: Deregister, Scrap, Export, Parf, Rebate, COE etc. (Read 4629 times)
