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.
1. Open Market Value (OMV)
The price paid when the vehicle is imported into Singapore
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.
Andronika is borderline mental. To prevent causing distress to those around her, she has decided to set up this personal blog as an outlet and connect to like-minded people. When she is not working on her blog, you can find her with catching up on her never-ending summer reading list, working on her barre moves or taking a siesta.
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