Calculating the Cost of a Car in Singapore
To calculate the based cost of car in Singapore is quite simple. It is based on two basic elements - OMV and COE. Normally, the car importer and distributor will use the COE's Prevailing Quota Premium (PQP) in their calculation. Both these data a free available from most Singapore based Auto Portals as well as LTA website. The margin really on market sentiment - new model and more exotic brands usually comes with high dealers margin. While the older model and less popular makes, as smaller margins.
Open Market Value (OMV) is assessed by the Singapore Customs, based on the price actually paid or payable for the goods when sold for export to the country of importation. This price includes purchase price, freight, insurance and all other charges incidental to the sale and delivery of the car to Singapore."
Additional Registration Fee (ARF) 110% of OMV.
Excise or Customs Duty (ED) 20% of OMV.
Goods & Services Tax (GST) is 7% of the stated OMV.
Certificate of Entitlement (COE) Bid.
Registration Fee (RF) $140.
Cost = OMV + (OMV * 1.10) + (OMV * 0.20) + (OMV * 0.07) + 140 + COE
Cost = OMV * 2.37 + 140 + COE
Say "this car" OMV is SGD 14,000 and Prevailing COE is also SGD 14,000.
Total Estimated Cost of the Car is SGD 47,320.00.
Most distributorship and parallel importer will have a markup of around 15%, so the price tag for "this car" will 54,400.
Updated On: 07.12.19