Car Purchase / Transfer

[Perplexed]

I am looking at buying a car from a family leaving my childs school and have a couple of questions;

1.  How do I find out what the PARF value is?

2.  How do I do the transfer into my name and how much does this cost?

3.  The car only has 2 years left on its 10 year PARF - how do I scrap a car when its time is up?

4.  What sort of money would I be looking at for registration, insurance and road tax each year?

Any help would be appreciated.

[Hassles]

Good luck!

Buying a card privately is a nightmare....

1st - Do you plan to finance the car through a bank? If so, they will only lend you 80% (from memory - could be different) of THEIR valuation of the vehicle. Unless you are a PR or Singaporean, you will also have to have a local guarantor to secure the loan.

When we bought our car, the previous owner had to come into DBS with us to fill in paperwork for our loan!

You also need to to insure the car (even though it wont be in your name yet) prior to the loan being given.

Transfer of rego requires that BOTH parties go to the LTA and do the paperwork - the price wasn't that expensive.

The PARF value should be listed on the rego or COE papers, but I'm not sure about how to scrap the car.

In hindsight - it would have been much easier to buy a car from a reputable 2nd hand dealer (if they exist!!)

Good luck! and do your homework!!

[Heart of Darkness]

You don't need a local guarantor. Just say that you can't get one and they will wiave the requirement (worked twice for me)

PARF rules/calc have changed recently, but you can find all the info on www.lta.gov.sg and www.aas.com.sg

Suggest you try NTUC income for insurance

[This message has been edited by BoardManager (edited 07-11-2002).]

[Hassles Again]

In regards to insurance etc - it will depend on make and size of the car.

we have a 1.6L Nissan sedan and from memory the insurance is about $1000 per year and road tax is about $1200

[potential car buyer]

if the bank finances 70 or 80%... is there any way to finance the rest of the amount when you buy or do you have to pay the whole lot up front?

[Heart of Darkness]

You have to find the cash yourself.  Though I suppose you could do it on overdraft or similar (Citibank readycredit for eg)

Also note that the max term of the loan is 7yrs for cars with 7-10yrs to COE expiry and the number of years to expiry for older cars. So for a 7yr old car you can take out a 3yr loan

and finally, some financial institutions will not loan EP holders past the expiry of the pass

[warned!]

the first link on this page will tell you the exact parf and pro-rated COE value for your particular car.  

MAS only allows 70 or 80% of you r car value to be financed, but if you buy from a second hand dealer they engage in all kinds of dodginess - inflating the value of the car then refunding some of the purchase price to you which allows you to buy with a smaller deposit.

A question - if I export or scrap a car I receive rebate vouchers for the parf and coe rebate.  These can be transferred to a 3rd party apparently if I dont wish to register a new car, but how do you go about selling them?  Is there a market for them?

[yes]

Yes, there is a market for the vouchers - look in the Straits Times and you'll see plenty of adverts from dealers looking to buy - a few calls should tell you what the going rate is - anything from just below face value, to 3-5% discount if you're unlucky....