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Car Repair

What You Need To Do Before Scrapping Your Old Car In Singapore

Like any physical asset, your car undergoes depreciation over the years. This means that its asset gets devalued the longer it is used on the road. This accounts for the estimated wear and tear that it suffers from during the period.

Regular maintenance can help to slow down depreciation and help the car retain some of its value. However, there is a limit to its effectiveness as you receive diminishing returns over time. As such, when your certificate of entitle (COE) is about to finish, you may consider scrapping it instead of renewing the COE and persisting with the car.

To scrap your car in Singapore, a routine process needs to be carried out by you. In this article, you will be presented with the different things you need to do before scrapping your old car in Singapore.

Fix everything as early as possible.

Many owners rush the car scrapping process, forgetting to ensure that the car is ready till the last minute. We recommend that once you have decided to scrap your car, you should first consolidate all belongings in your car and have them removed. This ensures that no mementos or other important belongings are lost during scrapping.

In addition, if there are parts of your car that can be fixed DIY, then consider performing the repairs. This would help to keep your car in relatively good condition till it is evaluated by the scrap car dealer.

Get Several Quotes

Singapore has a multitude of scarp car agents from which you can choose. Each agent is likely to provide a different quote for your car scrap value. This is dependent on two main factors.

Firstly, the condition of your car when it is assessed by the dealer will affect its value. If the car has a fault or an aesthetic defect, then expect the dealer to offer a lower price for your car. Additionally, the dealer will use the number of years in which the car has been on the road to determine the price.

Secondly, the market conditions of demand and supply will affect your car’s price as well. If your car model is in high demand and low supply for the particular year in which you are scrapping it, then you can expect a higher evaluation.

We recommend that you get several quotes from various agents in order to make a comprehensive comparison.

Talk to the insurer of your vehicle.

This step is often forgotten by many car owners and car scrap dealers. To avoid any recurring payments for your car insurance, you must notify your insurance company that you are scrapping your car. Cancelling your vehicle insurance is a simple process that is largely carried out on your insurance agency’s side. However, the onus is on you to remember to cancel it.

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