Cost of Motoring in Singapore
Discussion
OK here we go (deap breath, rolls sleves up!!)
Cars are taxed about 130% ontop of OMV (origional market value / manufacturer value of car pre any duties)
the PARF is a tax rebate that you get when you "scrap" or export the car out of the country.
I may be a little out of date here but
less than 1 year - 90% of duty paid back
1 to 5 years - 75% of duty paid back
then a progressive scale down to 9 years.
at 9 years the car is worth just shell value (or bare metal).
Every car needs a COE - this is your entatlement to use the road for a 10 year period. This is not road tax.
They calculate the number of new COE's to be issued based on a formula around number of cars exported vrs %age of new roads built. Currently they are not making any new road and are reducing number of cars on road (because too many Kia Katpoo's and Chery deathwishes) so COE is romping upwards.
You can import a car up to 3 years old into Singapore and register it as "new" so get a 10 year PARF rebate window and 10 year COE as per a car from teh factory. (This is what most Lambo's, Rarri's, Astons etc are)
You can finance a car up to 9 years for new cars or duration of COE minus 1 year for second hand cars.
Cars over 10 years. Yes they are allowed to stay here, just buy a new COE. This is the average of the last 3 months open value. You can only get 3rd party insurance on a 10 + year old car.
road tax also goes up by 10% per anum on a 10 + year old car until 15 years / 150%
You can bring a car over 35 years old into singapore and just pay GST plus some port handling fees, buy a 5 year COE and run it. However at 40 years it has to be registered classis. Then you can only drive it 28 days a year but your road tax is $250 and your COE is 10% of that months open bid.
Red plates are a waste of time.
You can do temporary imports of up to 2 years i believe on a foreign registered car but it is bloody expensive and complex.
EP holders are (apparently) not allowed to drive Malaysian registered cars into Singapore.
There that should keep you thinking for a while!!!
More info on www.onemotoring.com.sg or www.lta.gov.sg
i am off to the pub after that lot!!!
Ohh one last - you can haggle a lot for new cars - i got over $30k off the list of my 370!
finally - yea yea the spelling is terrible there!!!
Cars are taxed about 130% ontop of OMV (origional market value / manufacturer value of car pre any duties)
the PARF is a tax rebate that you get when you "scrap" or export the car out of the country.
I may be a little out of date here but
less than 1 year - 90% of duty paid back
1 to 5 years - 75% of duty paid back
then a progressive scale down to 9 years.
at 9 years the car is worth just shell value (or bare metal).
Every car needs a COE - this is your entatlement to use the road for a 10 year period. This is not road tax.
They calculate the number of new COE's to be issued based on a formula around number of cars exported vrs %age of new roads built. Currently they are not making any new road and are reducing number of cars on road (because too many Kia Katpoo's and Chery deathwishes) so COE is romping upwards.
You can import a car up to 3 years old into Singapore and register it as "new" so get a 10 year PARF rebate window and 10 year COE as per a car from teh factory. (This is what most Lambo's, Rarri's, Astons etc are)
You can finance a car up to 9 years for new cars or duration of COE minus 1 year for second hand cars.
Cars over 10 years. Yes they are allowed to stay here, just buy a new COE. This is the average of the last 3 months open value. You can only get 3rd party insurance on a 10 + year old car.
road tax also goes up by 10% per anum on a 10 + year old car until 15 years / 150%
You can bring a car over 35 years old into singapore and just pay GST plus some port handling fees, buy a 5 year COE and run it. However at 40 years it has to be registered classis. Then you can only drive it 28 days a year but your road tax is $250 and your COE is 10% of that months open bid.
Red plates are a waste of time.
You can do temporary imports of up to 2 years i believe on a foreign registered car but it is bloody expensive and complex.
EP holders are (apparently) not allowed to drive Malaysian registered cars into Singapore.
There that should keep you thinking for a while!!!
More info on www.onemotoring.com.sg or www.lta.gov.sg
i am off to the pub after that lot!!!
Ohh one last - you can haggle a lot for new cars - i got over $30k off the list of my 370!
finally - yea yea the spelling is terrible there!!!
OK - here goes with a worked example to see if I get it.
I got the rebate percentages from here:
http://www.onemotoring.com.sg/publish/onemotoring/...
Example car:
http://www.sgcarmart.com/used_cars/info.php?ID=144...
Reg date 24-Jun-2004
Price $30,800
OMV $18,733
COE $27,507
If scrapped/exported at between 9 and 10 years of age (i.e. 24 Jun 2013 to 23 Jun 2014) a PARF/COE rebate of 50% ARF (which is 100% of OMV) would be given - in this case $9366.
So the depreciation (if scrapped/expoted in Jun 2014) would be:
(30800 - 9366) / 30 months = 715 per month
It would also appear that cars less than 10 years old, registered before May 2002 enjoy a larger refund. I assume this is priced in to some extent, but there may be a sweet spot there...
NickHKent said:
What's the score with the ancient Toyota Crown taxis that whizz around? Are they given dispensation as they are essentially public transport?
Amazingly, none are older than 7 years, that is the limit for a taxi in Singapore, then they get shipped off to east Timor or similar.They still make the old crown in Thailand, although in sing a they are phasing them out for the sonatas, which as it transpires are crap so are replacing them soon with the new Toyota crown.
that would be about correct as they operate 24 x 7.
drivers usually do 12 hour shifts, swapping at 7am and 7pm, the wheels never stop rolling on them (until they get into a pileup on the PIE - AKA the Stressway, and get carted off to Sing Ming for 30 minutes of panel beating and a quick jig pull then back on the road.
they average about 150 - 200k km a year.
drivers usually do 12 hour shifts, swapping at 7am and 7pm, the wheels never stop rolling on them (until they get into a pileup on the PIE - AKA the Stressway, and get carted off to Sing Ming for 30 minutes of panel beating and a quick jig pull then back on the road.
they average about 150 - 200k km a year.
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