If you are scrapping your car for the first time, then chances are that you may be feeling quite lost about the process. Indeed, scrapping a car is hardly a straightforward procedure as documentation, calculation and decision making is required even before you begin to scrap your car.
To help ease your worries, this article has been written as a beginner introduction to scrapping your car in Singapore.
Prepare Your Vehicle for a Transfer of Ownership
Since part of scrapping your vehicle involves a transfer of ownership to the dealer, you will need to prepare your car for it. This involves removing all possessions from the car and cleaning it to the best of your ability. Doing this first ensures that you will not be in a panic when it comes to the time for scrapping your car.
Get Several Car Scrap Quotes
How much will I get if I scrap my car? Prices offered for scrapping your car by dealers will vary according to several factors.
Firstly, a dealer may calculate the value of your car based on market conditions. This takes into account the supply and demand for a particular car model in a given year. If you happen to possess a car which is high in demand during the year, then you will likely find higher offers from dealers. Conversely, if there is a surplus of your car model, then offered prices will be relatively lower.
Secondly, a dealer will assess the amount of depreciation to subtract from the original value of your vehicle. This is dependent on the number of years that the car has been operation, its condition and any existing wear & tear or damage that it has sustained. The assessment from one dealer to another can vary according to how they personally value your car.
Getting several car scrap quotes allows you to test the market and determine an average value for your car.
Deal with Paperwork in Advance
You will need to prepare your car’s certificate of registration. You can either find your original copy, or if you are unable to do so, you can request a copy from the authorities. We suggest attaining the certificate at least three weeks in advance of the expiration date of your car.
Talk to the Insurer of Your Car
It is imperative that you cancel the insurance of your vehicle when you scrap it. This helps you to avoid recurring payments for a product that you are no longer using.
Choose a Reliable Car Scrap Agent
Other than price, agents also differ in terms of benefits and services offered. For example, some may offer a free tow of your car to the scrapyard while others have punitive clauses in their contracts. You should weigh these when choosing a dealer. Make sure to choose one that is reliable, reputable and trustworthy.