FAQ when buying car

sailor83 SG

another clueless driver here

Buying a car is so complcated. PARF, COE, insurance blah blah.
Can anyone pls explain all the terms and how to calculate them, so that i can judge whether i can afford a car?

Thanks

sgboy2004 SG

u must be a car salesman

_______________________
sgboy2004, the Good Boi
Croco Corner

sailor83 SG

Hi,
any experts can help me with the below qn?

1) What is the Open market value of a car?

2) M i right? PARF is what u get back when u scrap ur COE, Provided that the car is not more than 10 years. Its value is dependant on the prevailing price of the COE at that present time

3) What do u get back when u scrap ur car? Is the value dependant on the vehicle log sheet. Will the value decrease if u modify ur car? Lets say a owner crashes (touch wood) his car in the 3rd year beyond repair, what value will he get back to scrap the car?

4) At the end of 10 years COE, if u choose to renew the COE for another 5 years, how much does it cost (say for a 1.5 l car)? Is the amt fixed, or must u bid or sthg? What happens after the 5 years is up? Can u renew again, if not, can u choose to leave the car at home and not scrap it?

Thanks