Budget 2013: New Tiered Tax Rates for Cars

[keith]

Actually silypore Coe is also enough to cover annual road tax. I think they should scrape road tax as well

[keith]

Actually silypore Coe is also enough to cover annual road tax. I think they should scrape road tax as well

[keith]

Sorry for double post something wrong with iphone

[blackmercs]

Here is another example

The Additional Registration Fee (ARF) is currently 100% of a car’s Open Market Value (OMV). This will be replaced by a tiered structure, where more expensive cars pay higher rates.

For Passenger Cars

  

An economy car with an OMV of up to $20,000 will see no change in ARF rate

A car with an OMV of up to $50,000 will pay up to $12,000 or 24% more ARF

A luxury car with an OMV of $75,000, for example, will pay $32,000 or 43% more ARF

[thaiedwin]

we goann to vomit blood feeding the govt pocket soon

[Tanzy]

Here is another example

The Additional Registration Fee (ARF) is currently 100% of a car’s Open Market Value (OMV). This will be replaced by a tiered structure, where more expensive cars pay higher rates.

For Passenger Cars

  

An economy car with an OMV of up to $20,000 will see no change in ARF rate

A car with an OMV of up to $50,000 will pay up to $12,000 or 24% more ARF

A luxury car with an OMV of $75,000, for example, will pay $32,000 or 43% more ARF

A supercar with an OMV of $390,000 for example, will pay $284,000 or 73% more ARF

 

The Aventador will now cost $1,700,000 before discount, placing it out of reach for the average Singaporean on the street.

 

More taxes yet will have ZERO impact on traffic congestion.

[apottedplant]

A supercar with an OMV of $390,000 for example, will pay $284,000 or 73% more ARF

 

The Aventador will now cost $1,700,000 before discount, placing it out of reach for the average Singaporean on the street.

 

More taxes yet will have ZERO impact on traffic congestion.

 

I don't think the Aventador was ever in the reach of the average Singaporean on the street. I also don't think that the Aventadors in Singapore contribute, in any way, to the traffic congestion. 

[daffy]

so many ppl kpkb when coe shoot up....now it feels like their saliva flew back on them. so wanna laugh.

[Tanzy]

I don't think the Aventador was ever in the reach of the average Singaporean on the street. I also don't think that the Aventadors in Singapore contribute, in any way, to the traffic congestion. 

Precisely. What are they thinking?

[zjared]

My wife just laugh at me. You really got what you wish for. I have always complain, make car super expensive, only for the rich. This time, I got double snook from Gov. That's goes my panamera dream. I search so hard for the prettiest body kit I have ever seen on a panamera

. Government cut down quota, it is gonna affect my business. Invested so much in Singapore, only to find my government try to kill me.

[bravooc10]

Wanted to change to either the c250 or a second hand e cabrio. Heard abt the possible changes in COE system and thought it may dip and waited.. Its a lot of cash put forward. As much as the intent is to bring COE prices down, it is not going to benefit the average singaporean.

Time to change bodykit. Suspension. Rims. Etc

[yc3333]

Cars is a want not a need so it is not the govt's job to satisfy everyone's want.

However, they should improve on the public transport system as thats a basis need in every society.

Hopefully they will use the extra revenue collected to improve the roads (potholes, etc) and of course public transport system.

[MarkCWQ]

There are still those who need it for business. Those doing sales? How to take public transport from one end of the island to the other? It's not like the public transport system here is fantastic. Gotta put my second car plans on hold already and play a waiting game. Hopefully COE dips enough to cover the additional costs, if not it's not even worth buying.

[yc3333]

Yeap, just like countless others who need a car for their elderly folks, young children, babies, work, etc.

Not a perfect system, but there is no such thing as a perfect system in the first place.

Its a limited resource with unlimited demands afterall....

[jes]

this measure really weeds out the needs from the wannabes..maybe I'm selfish but have to support these measures. How many really need a car instead of want? From what I've heard (no statistics to proof) even HDB dwellers have a high rate of owning 2 cars??? Hopefully this will ease traffic conditions down the road..Also think it helps to keep prudence in check..car is a DEPRECIATING asset, the moment you sign on that dotted line you are already poorer by 10-25% (depending on your car)..If you put that same amount of money into an investment, you at least have a fighting chance of seeing your money appreciate.

[Tigershark]

There are $30,000-$40,000 2nd hand cars in the market. Must we die die buy a brand new $150K car?

[Ah Bui]

My friend was at Leng Kee till midnight to secure his ride at PML... they all open till that time.....

[Tigershark]

My friend was at Leng Kee till midnight to secure his ride at PML... they all open till that time.....

 

Seems like got quite a bit of news on car sales working OT yesterday, which should result in COE... chiong!

[Ah Bui]

He told me Leng Kee yesterday was practically full....

[Arshavin]

Need to remind those government spies reading this topic -

All these extra measures dont and won't reduce the traffic jams we r facing every day

Because all the measures do not reduce the COE quota.

No matter a super cash rich guy buying a Honda jazz or an average income sporean buying a e class, they still fork out 50-60% downpayment and 5 yrs loan period and they will still get their COEs and drive on the road.

Now only those cash rich sporeans and those super rich ppl will go to the showroom. In the end every mth all the COE quotas will still be taken up and average every mth we will see at least 1000 new cars on our road.

But how many 10 years old cars will be scrap inside this 3 years.

If the COE drop to 30 to40k range , I wont mind renew another 10 yrs Coe for my ride if these measures still continue to stay for long term

[ShaneL]

Maybe soon they will have. 1st time car owners then 2nd car owner tax.. like property...hahah..or maybe start charging different COE of different income group....but honestly how does it help people who needs the car when you need to pay more money down for it and service a much higher loan?

 

 

Need to pamper my car liao..need to drive 20 years now.....siao liao...should buy 4 door. next time got kids need to put in car boot..

[apottedplant]

Precisely. What are they thinking?

 

oh.. sarcasm. sorry, i'm a bit dense. i think the ARF increase is to show more taxing of the rich and their consumption habits. the real impact is the MAS regulation for max loan amount and tenure. that will be really interesting. 

[chershen]

The rule will relax once ppl stop complaining of high COE and stop writing to papers asking government to let them buy affordable cars.

Now PAP really does something to solve the high COE prOblems

 

well-said.

 

go ahead and complain lor. now see what happens, LPPL, and now even worst!

 

those who are complaining just want the best of all the worlds, low COE and yet take 110% loan for 10 years.

 

WA-LAH, they heard you.

[chershen]

so many ppl kpkb when coe shoot up....now it feels like their saliva flew back on them. so wanna laugh.

 

another well-said post.

 

superb analogy.

[Ah Bui]

Banks are in for a very rude awakening. ... it'll be a very major chain reaction.....