Originally posted by zoner3:
hey guys, need some help in omv.....
What is omv for?
What can they do?
If i get a 2nd hand car should i get higher omv value or lower?
Open Market Value means the value of yr car at the point of scrap. Yes, PARF value is normally 80% of yr OMV. That means, when u scrap yr car, u will get back the PARF value. Though car with higher OMV is better, u shud also consider how deep yr pocket is($$$) when u select a car. Jap cars like Toyota Corolla and Honda normally have higher OMV than average cars... that is why they cost higher also when u purchase them from 2nd Car Dealers.
Do not try to rush buying a car as dealers normally raise up the price by a few thousands of $ at least.
Take yr time in selecting and good luck!