Beyond just the aesthetic of a car, there are heaps of things you need to know as a car owner. We’ve compiled a 101 guide for anybody looking to purchase cars in Singapore.
Cost of having Cars in Singapore
Getting a car in Singapore is really much more than paying for the price of the car, there are also other factors that make it really expensive like:
- Parking – For HDB season parking it ranges from $65 – $185, Condo season parking varies
- Petrol – $2.13 – $2.70 (At time of publication)
- Road Tax–Calculated based on
- Type of vehicle,
- Engine capacity
- Vehicle age
Payable every 6/12 months depending on your preference.
- Car Insurance–Varies based on
- Driver age
- Driving history
- Car value
- Vehicle inspections
Based on the age of the vehicle, you can go to Vicom to get your vehicle tested, check out the table below to see when you need to send your vehicle for servicing
|Type Of Vehicle||Below 3 years||3 to 10 years||>10 years|
|Motorcycles & Scooters||Nil||Annually||Annually|
Source: One Motoring
OMV, ARF, PARF and COE Rebates
Open Market Value (OMV) is determined by the Singapore Customs and is the price paid including purchase price, freight, insurance and all other charges related to the sale and delivery of the car to Singapore. To check on your vehicles OMV go here.
Additional Registration Fees (ARF) is a tax imposed on registration of the vehicle based on a percentage of the OMV. This sum is paid on purchase of your vehicle.
Preferential Additional Registration Fee (PARF) is a benefit given to a vehicle owner to de-register his vehicle before its COE expires. It is calculated based on the age of the car at de-registration and varies from 50 – 75% of the ARF.
|Age at Deregistration (year)||PARF Rebate
(for cars registered with COEs obtained from May 2002 tender onwards)
|Not exceeding 5||75% of ARF paid|
|Above 5 but not exceeding 6||70% of ARF paid|
|Above 6 but not exceeding 7||65% of ARF paid|
|Above 7 but not exceeding 8||60% of ARF paid|
|Above 8 but not exceeding 9||55% of ARF paid|
|Above 9 but not exceeding 10||50% of ARF paid|
Source: One Motoring
COE Rebates are given when a vehicle is deregistered before it’s COE expires calculated based on the remaining months and days to expiry. For more details take a look here.
The Certificate of Entitlement (COE) for a vehicle in Singapore lasts for 10 years. The depreciation of a vehicle here is very much tied to that. To find out the depreciation of your vehicle, just take the OMV of your vehicle and divide it by 10.
Read: 4 Mistakes to Avoid When Buying A Car
Recommend0 recommendationsPublished in