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Video: Why Are Cars In Singapore So Expensive?

ARF, COE, Excise Duty & GST. These are the reasons why Singaporeans are paying the more for our cars.

 

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:

Read more: No Nonsense Explanation On Why Cars In Singapore Are So Expensive

Considering Getting A New Credit Card?

SingSaver is running a special credit card promotion this month that gives you up to $150 in cash and $120 in cashback, on top of rewards from individual credit card companies. Offer is good until 31 May 2018.

Not sure which card is right for you? Check out the Complete Guide to Choosing Credit Cards in Singapore for a step-by-step walkthrough to help you make the best decision.

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