The calculation of your vehicle’s latest scrap car value hinges on various factors, which include the current supply and demand dynamics in the automotive market and the specific make and model of your car. Recent years have seen a decline in the number of new car registrations, suggesting a future reduction in the number of vehicles destined for resale. This potential scarcity of cars in the market may lead to a higher resale value for your vehicle’s body. However, it’s worth noting that a slight reduction, typically around 1-2%, from your car’s book value may occur due to interest charges from the Land Transport Authority (LTA).
Required Documentation for Vehicle Scrapping in Singapore
To ensure a legal and streamlined scrap car process in Singapore, the following documents are essential:
- For Singaporean citizens and Permanent Residents: You’ll need the original NRIC.
- For foreigners: An Employment or Immigration pass card issued by the Ministry of Manpower (MOM) or the Immigration and Checkpoints Authority (ICA) is mandatory.
- Clear evidence of settling any outstanding road tax and associated fees.
- The deregistration document from LTA.
These documents are vital in facilitating the scrap car procedure.
6 Simple Steps to Scrap Your Car without Hesitation
Transporting the Vehicle to the Scrap Yard or Contacting a Scrap Car Agent
Once you’ve gathered the necessary documents, vehicle owners have the option to either drive their vehicles to a scrap yard or get in touch with a reputable Singapore Scrap Car agent for a more convenient pick-up. Opting for a trusted Singapore scrap car dealer ensures that all paperwork is handled, and you’ll receive immediate payment upon handing over your vehicle. Additionally, you might get extra value for your vehicle’s body. It’s important to keep in mind that there may be a slight deduction from the book value due to interest charges while funds are held by the LTA. This method offers a straightforward way to part ways with an old vehicle.
Deregistering the Vehicle and Cancelling Road Tax
Upon arrival at the scrap yard, the vehicle undergoes an inspection to determine its resale value. Factors such as the car’s age, condition, and the current market demand for its parts influence this value. The scrap car agent also assists in the vehicle’s deregistration and road tax cancellation.
Surrendering the Vehicle to the Authorized Scrap Yard
After completing the deregistration process, the vehicle owner surrenders the vehicle to the scrap car agent. The facility then proceeds to dismantle the vehicle and sell its parts for scrap metal or recycling. Remember to keep all your personal belongings from the car before handing it over.
Ownership Transfer
The resale facility provides the necessary paperwork for transferring ownership of the vehicle. You must sign the transfer form and provide a copy of your identity card. The facility then submits the transfer form to the Land Transport Authority (LTA) for processing.
Receiving Payment for the Resold Vehicle
Once the transfer of vehicle ownership is finalized, payment for the resold vehicle is made via bank transfer or cash. The amount you receive is based on the agreed-upon resale value of the vehicle.
Retaining Your Vehicle’s Plate Number
To retain your vehicle’s registration number, it’s crucial to apply for it before or during the deregistration process at an LTA-appointed resale facility, Export Processing Zone (EPZ), or Customer Service Centre. You have a one-month window after deregistering your vehicle to keep the registration number.