I scrapped my Nissan Cefiro which reached the 10 year COE expiry date. I obtained $0 as the scrap value, as there is no demand for this model. It is quite sad, as the car is still in good condition. How wasteful.
I wanted to renew the COE for another 5 years at a cost of $25,000. However, I would lose the PARF rebate of $13,180, so the actual cost was $38,000. The government gave a PARF rebate if the car is scrapped within 10 years, but do not give the rebate if it is extended by another 5 years.
I approached two workshops to buy my scrap car for a few hundred dollars. Both of them on separate occasion, offered $13,000 for my car. This was lower than the PARF rebate.
These workshops are not honest by offering me lower than the PARF rebate. Fortunately, I was aware of the PARF rebate and declined to sell my scrap car to these two workshop.
It is wasteful on the part of the government to force the car, which is in good condition, to be scrapped. It is dishonest of the two workshops to offer less than the PARF rebate.