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Why Does Singapore Exports So Many Cars Out Is it better to scrap or export your Singapore used cars? Singapore is a country with limited land resource and is also one of the core reasons why there is such thing as COE (certificate of entitlement). A COE represents the right for an individual or company to own and use a selected vehicle in an appropriate vehicle class for a duration of ten years.
Storage zone for cars prior to export to overseas The introduction of COEs is due to the limited land resource that Singapore has and is definitely a need to curb the amount of vehicles allowed on the road to prevent over congestion. Before the end of the 10-year COE entitlement. Owners can usually decide to scrap the vehicle or to export the Singapore used car. Export used car from Singapore , which is estimated to have exceeded more than 60,000 cars last year, is set to export even more cars for sale abroad. This is because a car in Singapore can live only for 10 years, and unless its COE (Certificate of Entitlement) is renewed, you have to bid goodbye to your four-wheeled companion. This is the Singapore vehicle quota system which forcibly and prematurely end your Singapore’s cars lifespan on the roads after 10 years, unless its COE is renewed.
They are 4 ways you can sell your car in Singapore LTA have been setting up more export-processing zones to add to the four sites now that can hold 2,500 vehicles. These are yards where cars taken off the road and bound for overseas are stored and spruced up,
ready for buyers in other countries, especially those car exporter to New Zealand . These yards are operated by car dealers and logistics company. Due to the increase demand to export cars from Singapore to other countries, these yards which currently have a capacity of up to 2,500 cars, is apparently not enough. The Land Transport Authority (LTA) is inviting tenders for more operators for such zones to cater to more demands. The move to open up the export yards is because the LTA grapples with cases of motor traders still in possession of vehicles that were supposed to have been scrapped or left the country as Singapore used car. A series of raids conducted by LTA saw them netted more than 200 vehicles that were supposed to have been exported. Motorists in Singapore have been deregistering their cars rampantly since the late 1990s, many of them fairly new, when falling premiums for certificate of entitlement and lowered vehicle taxes made new cars cheaper and used ones unsaleable here. The trend has given rise to Singapore having possibly the world’s youngest car population. According to LTA data, more than 70 per cent of the country’s 405,000 cars are less than five years old. There are three different options when your car’s 10 years are almost up. You can either scrap the car yourself or get someone to do it, sell it to a Singapore used car dealer who will either scrap the car or export the vehicle to places such as Indonesia, or you can buy another car and trade in your old car. When weighing the options, you’ll definitely want to choose the option with the higher monetary returns and it is important to do a quick research to get the best deal.
A fairly new and luxury car waiting to be exported to other country To get the scrap value there is a simple formula that you can use. Do this simple calculation and you’ll get the amount if you scrap your car. Selling your car to a Singapore used car exporter is a straight forward method because all you have to do is get quotations from various exporters and evaluate which is better for you. At the end of the day, it is important to evaluate both to see which will give you a higher monetary return. Source: export cars from singapore