The Cost of Owning a Car in Singapore

In my previous article, we touched base on What to Look Out for When Buying a Car. In this article, I am going to breakdown the cost of buying and owning a car in Singapore to give you readers a clearer picture of the cost components of car ownership in Singapore.

Disclaimer: The figures reflected in this article is accurate at the time of writing. 

cost of car ownership in singapore

BUYING 


1. Open Market Value (OMV)

2. Vehicle Tax Structure
  • Registration Fee (RF)
    • SGD $220
  • Additional Registration Fee (ARF)  
  • Certificate of Entitlement (COE)
    • In order to register a vehicle, have to bid for COE conducted twice a month
    • The COE is valid for 10 years
    • At the end of the 10 year period, you can choose to renew the COE by paying the prevailing quota premium or de-register the vehicle
    • The Automobile Association of Singapore provides the latest statistics for the COE prices and Quota for each Category. A Category A COE as of April 2019 costs SGD $29,159. 
    • How to Bid for COE
      • Bidding Schedule
        • From 12pm on the first and third Monday of the month and lasts for three working days, ending at 4pm on Wednesday, assuming no Public Holiday in between
      • Bid Deposit 
        • Category A, B, C and E – SGD $10,000
        • Category D – SGD $200
      • Indicate Your Reserve Price
        • The maximum amount you are willing to pay for your COE
      • Where to Place Your Bid
        • via DBS or POSB ATMs
  • Road Tax
    • Must renew the road tax every 6 to 12 months
    • The amount of road tax payable is calculated based on the vehicle scheme, propellant and engine capacity
    • The average road tax for a Toyota Corolla Altis is about SGD $686 for a renewal period of 12 months. 
The Cost of Owning a Car in Singapore


Road Tax (For Petrol, Petrol-Compressed Natural Gas (CNG), CNG or Diesel Cars)




Road Tax (For Petrol-Electric or Electric Cars)



Special Tax (For Diesel or Diesel- CNG Cars)


  • Excise Duty (the duty of goods manufactured in, or imported into Singapore)
    • 20% of Open Market Value (OMV)
The Cost of Owning a Car in Singapore


3. Vehicle Registration Number (VRN)

  • No charges if the Vehicle Registration Number is automatically assigned
  • Bidding charges apply if using preferred Vehicle Registration Number
  • The minimum bid amount is SGD $1000, in multiples of SGD $1. 

4. Vehicle Import and Registration
  • The cost is 7% Goods and Service Tax (GST) based on the total cost of importing a vehicle i.e. cost, insurance, freight.

5. Vehicle Emission Schemes

If you register a car
with cleaner emissions, you will qualify for emission rebates which will be used to offset the car or taxi’s Additional Registration Fee (ARF), subject to a minimum ARF payment of SGD $5,000.

If you register a car that emits more pollutants, you will have to pay an emissions surcharge.

If you register an electric or plug-in hybrid car or taxi, its carbon dioxide (CO2) emissions are rated by applying an emission factor to its electricity energy consumption. The emission factor is 0.4g CO2/Wh for vehicles registered from 1 July 2017 to 31 December 2019.


MAINTENANCE

1. Inspection

2. Insurance

  • Charges according to driver’s profile with the profiles that are high risk costing more premium. 
  • The average cost of a motor insurance is about SGD $1000
3. Parking

4. Electronic Road Pricing (ERP)

5. Fuel
The Cost of Owning a Car in Singapore