Unlike in other countries, owning a car in Singapore is a bit complicated because of the COE (Certificate of Entitlement), OMV (Open Market Value) and the ARF (Additional Registration Fee) system.
The car price is not fully transparent to buyers when dealers usually bundle the car with COE, which fluctuates twice a month.
The high cost of car ownership in Singapore, and the affordable, extensive and arguably reliable public transportation system, make it hard for many locals to decide to own a car or use public transportation.
Therefore we prepared a series of car ownership guides to help Singapore residents understand the whole procedure when considering buying a car in Singapore.
All Singapore car ownership guides are released from time to time after we fully checked the accuracy of all data and info in the guides. So, stay tuned.
For Singapore car driving guides, please check this page.
And for maintaining and servicing your car in Singapore, please check Singapore car maintenance guides page.
Here is the list of released and coming-soon Singapore car ownership guides.
1). Understand COE Price by 10 Simple Questions
Instead of a lengthy explanation which usually causes more confusions, this guide uses 10 questions to help you understand COE price fluctuations easily.
Read the guide to understand how COE works and how and why COE price fluctuates.
2). What is the Additional Registration Fee (ARF)? Why does it matter when you buy a car in Singapore?
3). What is the Open Market Value (OMV)? When does it matter when you buy a car in Singapore?
4). What is the new Singapore Vehicular Emissions Scheme(VES)? How does it affect your car price?
5). How is the road tax for private cars calculated in Singapore?
6). How to negotiate car price with the dealer in Singapore?
7). Authorized dealer vs. parallel importer: which one should you choose when you buy a car in Singapore?
8). Mid-size car vs. compact car vs. sub-compact car: which one is for you?
9). MPV vs. SUV vs. Crossovers
10). Continental cars vs. Japanese cars vs. Korean cars
11). How to finance your car purchase in Singapore?
12). Why is the car loan actually more expensive than a housing loan at an identical rate?
13). Should you buy the car insurance from the car dealer?
14). Should you buy a second-hand or a new car in Singapore?
15). Should you rent a car or buy a car in Singapore?
16). The annual running cost of owning a car in Singapore
17). Why are cars in Singapore are so expensive? The breakdown of the car cost in Singapore
Singapore is the most expensive place in the world to buy a car thanks to its successful car control policy. When you plan to buy a car, it is important to understand the breakdown of the car price you have to pay.
This owning a car in Singapore guide breaks down the car price into 10 components (COE, OMV, ARF, import duty, GST, VES, registration fees, IU, road tax, sales commissions and dealer’s profit) and explains to you who “gets” each component, and the size of each component.
Read on …
18). and many more
Are you considering buying a car in Singapore? Do you have any questions about owning a car in Singapore?
If you have any questions about buying a car in Singapore, or if you need any suggestions for buying a car in Singapore, please let us know in the comment box below.
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Safe driving! Happy driving!
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