Coe, omv, rebate, tax, insurance, depreciation on used car?
Coe, omv, rebate, tax, insurance, depreciation on used car generally?
These days, how much is it for Toyota Corolla made at 2003.May, 2006.May, and new car seperately by way of coe, omv, rebate, taxes, and insurance. Assume the condition of the car is nice. The future owner is 30 years old with 5 years driving and insurance experience.
This is just to get some assumption for my income and outcome with a new car or used car.
And I need some explanation why they are set like that.
Can I get some of the COE when I sell the car or when I scrap the car? I need overall explanation regarding the money transfer between seller and buyer.
You can get most of the answers at LTA : http://www.lta.gov.sg/ and One Motoring: http://www.onemotoring.com.sg/publish/onemotoring/en.html
Generally, in Singapore cost of car are set by these main costs: OMV, ARF, COE, Duty.
Current ARF for new car is 110% of the OMV, duty is 20% of OMV. COE is varied. Example: a new car with OMV of $15,000, the ARF & Duty you need to pay is $19,500 (130% of 15,000). Plus COE of about $12,000, so the basic cost of the new car is about $15,000 + 19,500 + 12,000 = $46,500. Of course this exclude cost from the agent or importers.
If you scrape the car before 10 years, you will get the ARF & COE rebate. ARF rebate is 50% of the OMV and more (you can check LTA website for detail), COE rebate is portionated to the period left.
If you scrape the car on 10 years, you will get the ARF rebate.
