PARF Car
In general, all new cars come with an Open Market Value (OMV). This is the original cost of production of the vehicle. If the vehicle is de-registered within 10 years from its first registration date, the registered owner will be entitled to a Preferential Additional Registration Fee (PARF) Rebate. This is normally a percentage of the OMV. This is how the term 'PARF Car' comes about.