Hope someone who knows about the scrap value of COE cars can help to clarify.
I just viewed a 2nd hand car that is abt 19 -1/2 years old, with the intention to renew for another 10 years.
The owner claims that even I scrapped it at the end of 20 years, I can get back $4900 minimum rebate from LTA. He also claims that the paper value now is $5800 although the 1/2 year COE left is only about 1k.
Based on the supposed paper value, he is asking for another 2k more.
But my understanding is for COE cars (after 10 years), you can only claim the remnant unused COE value and there is no PARF or any other value.
Can someone clarify if this "paper value" claimed by the owner is true and how it is derived?
I just viewed a 2nd hand car that is abt 19 -1/2 years old, with the intention to renew for another 10 years.
The owner claims that even I scrapped it at the end of 20 years, I can get back $4900 minimum rebate from LTA. He also claims that the paper value now is $5800 although the 1/2 year COE left is only about 1k.
Based on the supposed paper value, he is asking for another 2k more.
But my understanding is for COE cars (after 10 years), you can only claim the remnant unused COE value and there is no PARF or any other value.
Can someone clarify if this "paper value" claimed by the owner is true and how it is derived?