My car is due for scrap in 5 months and I am studying the new car market at the moment.
I have a question regarding the CEVS rebate and PARF. If anyone knows, appreciate if you can enlighten me.
At the present, I understand that if a car's OMV is $20K and if it is entitle to a CEVS rebate of $5K.
The car's actual minimum ARF becomes $15K (i.e. OMV-CEVS rebate)
The minimum PARF value (at the end of it's 10years life span) is $7.5K (i.e. ARF x 50%)
My question is:
What happens if I scrap the car before the COE expires, like on year 6 or 8?
Will the CEVS rebate be pro-rated?
Or not applicable at all?
Or still the full $5K?