Determining Your Car’s Scrap Value

Driving Tips

Is your car’s COE due date arriving in a couple of months? If so it is time for you to consider your options. Should you choose to not renew the COE, then you will have to scrap your car. Fortunately, you do earn from this exchange as you will be given a sum of money for scrapping your car. This includes compensation for the COE, PARF and your car body’s value.

Procedure For Scrapping Your Car

How to scrap my car? To begin the car scrapping process, you will need to get in contact with a scrap car dealer. The dealer will give you instructions on the procedure to follow. This includes setting a time and date for the scrapping process. During which, you will be required to bring your car down to the dealer’s office. After which, you will complete a form filling process online at the One Motoring website.

The compensation that you will receive for COE and PARF, where applicable, will be encashed to you at a later date. On the other hand, the value agreed on between you and the dealer for the car’s body may be given to you on the day itself.

Determining Your Car’s Scrap Value

When you contact your chosen dealer, he or she will provide a quote that is deemed fair. This is based on information requested over the phone or email such as the model, colour, condition and mileage of your vehicle.

When compared against the market’s supply and demand for a particular car model, the value of your car can be determined. Additionally, it should go without saying that the newer the car is, with lesser wear and tear, the higher the calculated value will be.

The dealer will then make the initial offer for your car. You may try to bargain with them, though you should be wary of any quoted prices that come with conditions attached. Additionally, if possible, you should attain an electronic or hardcopy of the quote. This is because bad car scrap dealers will attempt to negotiate for a lower price once they have already towed your car away.

Selecting the Right Scrap Car Dealer

When selecting the right scrap car agent, you should actively look for three factors. Firstly, their location should be in relatively close proximity to you. The expense and hassle exerted to reach far flung scrap car dealers would erode your margins on the deal.

Secondly, the scrap car agent should have a number of good reviews from past clients. The process of scrapping your car can be perplexing and frustrating when working with an inexperienced dealer. As such, reviews serve as a good proxy of the type of service and experience that you will likely receive.

Finally, do look through the terms and conditions of the contract to ensure that all terms are acceptable to you.