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Old 1st July 2008, 02:27 PM   #1 (permalink)
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Scrap car and get PARF, COE rebates in cash from Sept 1

Scrap car and get PARF, COE rebates in cash from Sept 1
Move is to make it easier for car owners to give up their cars and switch to public transport.


REVERSING a rule that dates back more than three decades, the Government will allow motorists to get their scrap and COE rebates in cash when they deregister their cars from Sept 1.

The move, announced by the Land Transport Authority (LTA) on Tuesday, is to make it easier for car owners to give up their cars and switch to public transport.

Currently, motorists who scrap or export their cars before they turn 10 years old get a paper rebate, which they can use to offset taxes on a new vehicle. If they do not want to buy a new car, they would have had to sell the paper rebate to dealers, who will take it off them at a discount.

In March, Transport Minister Raymond Lim announced that the Government was reviewing if it was possible to hand out the rebates in cash - as part of a holistic approach to encourage more drivers to give up their cars for public transport.

LTA, in a statement on Tuesday, said car owners can apply to get their rebates in cash if they wish to.

Those who are happy with the current situation - largely by leaving the arrangement in the hands of dealers or motor traders - can continue to do so.

To apply for a cash refund, motorists can do so online via the one.motoring portal, or download a form (Form FR02) from the site, fill it up and mail it to the LTA.

To enable more car owners to benefit from this rule change, the LTA will extend the deadline for scrap and COE rebates which are expiring between July 1 and Sept 29 to to Sept 30.

The news is welcome by motor traders and motorists, many of whom have been asking why the Government cannot simply give cash rebates.

Mr Raymond Tang, managing director of used car trader Yong Lee Seng, said: 'It's good for the public as well as dealers who trade in these rebates.

'In the past, they can only sell the paper to car companies, who use them when they register new vehicles. Now, they can go directly to the LTA and get cash.''

Since 2003, about 80,000 passenger cars are scrapped each year before turning 10 years old. It is estimated that about $2 billion worth of rebates are dispersed a year.

From Sept 1, if every motorist wants cash instead of a paper rebate, the Government would have to set aside the same amount in cash.


http://www.straitstimes.com/Latest%2...ry_253500.html

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Old 1st July 2008, 03:15 PM   #2 (permalink)
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Re: Scrap car and get PARF, COE rebates in cash from Sept 1

This is definately a step in the right direction to reduce congestion on roads, and offers more choices to motorists. Let's see if it has any effect on the car population.

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Old 2nd July 2008, 09:49 AM   #3 (permalink)
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Re: Scrap car and get PARF, COE rebates in cash from Sept 1

good move but even better if they move to restore 30% down payment. Besides artificially boosting demand, the removal of this rule ruins alot of people if they are not financially prudent enough.

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Old 2nd July 2008, 12:41 PM   #4 (permalink)
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Re: Scrap car and get PARF, COE rebates in cash from Sept 1

Originally Posted by happily1986 View Post
good move but even better if they move to restore 30% down payment. Besides artificially boosting demand, the removal of this rule ruins alot of people if they are not financially prudent enough.
The 30% downpayment rule closes the option of car ownership to a lot of people. If people are not "financially prudent" enough, then it is their own fault is it not?

The controls of the automotive market in Singapore is already high enough, with things like regular inspections, COE, and other taxes. Why make things harder for people?

Finances are a personal issue, and having the option to pay a higher interest in exchange for less downpayment is a fair trade off. (Note that I did not say it was the smart thing to do, or that it is a good tihng.)

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Old 2nd July 2008, 04:01 PM   #5 (permalink)
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Re: Scrap car and get PARF, COE rebates in cash from Sept 1

So, anyone interested to scrap car and get money?

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Old 15th July 2008, 03:50 PM   #6 (permalink)
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Re: Scrap car and get PARF, COE rebates in cash from Sept 1

I see alot of sellers nowadays, getting rid of their cars.

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Old 16th July 2008, 11:53 PM   #7 (permalink)
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Re: Scrap car and get PARF, COE rebates in cash from Sept 1

Wonder if it would be a good time to get 2nd hand car?

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