The new Vehicle Emissions Scheme (VES), which replaces the current Carbon Emissions-based Vehicle Scheme (CEVS) on Jan 1, 2018, will be more stringent. Car prices are likely to increase even more.
On top of that, there are 5 main factors that would determine the price of a brand new car in Singapore. They are the Open Market Value (OMV), the Additional Registration Fee (ARF), Excise Duty & GST, Certificate of Entitlement (COE), and local dealers’ margin.
Watch the video below the find out more about each factor: