While everyone was harping on the high Certificate of Entitlement (COE) prices, another spanner was thrown into the works with the recent announcements regarding cars.
First, the Monetary Authority of Singapore (MAS) has restricted financing for motor vehicles. Buying a car now requires a down payment of 40 to 50 per cent of the car purchase price in cash, including relevant taxes and the COE. In addition, the tenure of the loan has been changed to five years instead of 10. These revisions apply to both new and used cars, but not to motorcycles and commercial vehicles.
During the budget speech, it was also announced that there will now be a tiered tax rate for passenger cars. Instead of all cars paying the same main vehicle tax (or known as additional registration fee or ARF) at a flat rate of 100 per cent of the car’s open market value (OMV), more A tire For example, a Mercedes-Benz E250 which has an OMV of above $50,000 will need to pay 180 per cent of incremental OMV.
These coolingRead More »from Cars in Singapore to become a greater luxury