Check how much my car is worth

Owning a car is exciting. If you are Singaporean, acquiring one would mean you have achieved one of the 5 coveted Cs. But don’t forget while a car is an asset; it is also a depreciating one.

The value of cars decreases over time. This means every time you drive it, its value drops. The depreciation value is calculated the following way:

Annual Car Value Depreciation = (Total cost of vehicle – sale value of vehicle)/Number of Years in Service.

So, if you bought your car for $80,000 and sold it for $40,000 in 10 years, it would have an annual depreciation value of $4,000.

There are several factors that have an impact on the total cost of your vehicle.

*Certificate of Entitlement

When calculating your car value depreciation, there are several things you need to take into consideration. One of them is the Certificate of Entitlement (COE).

The COE are taxes imposed on car owners by the government to control the number of cars in our densely populated city. Car owners are required to bid on a COE for the right to register, use and own their vehicles within Singapore for 10 years. At the end of 10 years, they must decide whether to renew the COE at the new current prices or scrap the vehicle.

*Open Market Value (OMV)

The OMV of a vehicle includes the purchase price of the car, shipping and other charges included in the delivery of the car to Singapore.

*RF and ARF

The Registration Fee (RF) and Additional Registration Fee (ARF) are additional taxes on registering a vehicle in Singapore. The RF is a flat fee of $140 while the ARF is based on the OMV of the vehicle and ranges from 100% to 180% of the car’s value.

*PARF

If the car is de-registered and scrapped at the end of the 10-year period, a Preferential Additional Registration Fee (PARF) can be received from the Land Transport Authority Singapore. This is a sliding scale which is based on the age of the vehicle when it is de-registered and scrapped.

Adding all these up will enable you to figure out the true cost of owning and operating a car and also whether you can afford to finance your car loan.

For over 90 years, Kelley Blue Book has been The Trusted Resource for used car values, helping car owners understand what their used car is worth. Depending on the method of disposal, there actually may be more than one Blue Book Value for the consumer's car, truck or SUV. The Kelley Blue Book Trade In Range shows what a consumer can expect to receive for their car this week when trading it in at a dealer. The Kelley Blue Book Private Party Value reports on a fair price when selling the car to an individual instead of doing a dealer trade in. Our Values are the results of massive amounts of data, including actual sales transactions and auction prices, which are then analyzed and adjusted to account for seasonality and market trends. Kelley Blue Book Values reflect local conditions in over 100 different geographic regions and are updated weekly to give consumers the most up-to-date used car pricing information.

The moment you drive your new ride out of the showroom is the moment your car starts depreciating. That’s the nature of the market and also why used car prices in Singapore are usually at a more affordable point. Along the journey of your car ownership, be it for getting a quote on your car insurance, or wanting to sell your car, you will likely be asked, “How much is your car valued at?”

This is also applicable to those who are interested in buying used cars. The most important thing you’ll have to take note of before transacting is the value of the car you are buying.

So how do you calculate a used car’s value? To help you out, we have compiled a few tips to help you find out how to determine the value of your car and how much it’s valued at.

1. Understanding How A Car Depreciates

By understanding how a car depreciates allows owners and buyers to have a gauge on how much their car is worth. This is extremely useful when you want to sell your car and also when buying a new car. Here is how the annual depreciation of a car is calculated:

Annual Car Value Depreciation = (Total cost of vehicle – sale value of vehicle)/Number of Years in Service.

When you have knowledge of this, it will be easier for you to negotiate better deals.

2. Do Market Research

Another way to determine the car’s value is to browse online catalogues. There are a wide variety of cars, of different models and age, that you can make comparisons with.

However, do note that some of the cars listed online are from dealers and may have their value adjusted according to the condition of the cars as well as the packages that it may come with. Hence, the estimate given may not be entirely accurate.

3. Place It on an Auction

What better way to know the value of your car than testing out the true demand and supply of the market? You can place your car up for auction and for dealers to bid for your car. Let the eventual demand from people determine the value of your car.

4. Valuations

The most direct way to find out your car value is to utilise car valuation services that are available! CARRO has a team of experts who will be able to give you a transparent and comprehensive price analysis.

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