Question : Any idea of the cost of importing a car??
Answer: There are alternatives - get an old second hand car OR let the car dealers sweet talk you into getting a brand new compact Japanese car and pay the earth for it! Did you notice drivers here are in a constant state of stupor when they are not behind the wheel? Most haven't quite got over what came out of their piggy bank yet! But if you really must do it...
You can figure out the cost of import from www.onemotoring.com.sg - at Land Transport Authority new website.
First, bid for a COE (my advice...before you do, count the cost/time below first...) Basically you need to know an important value - Open Market Value or OMV ( to get that, you need to get back to www.lta.gov.sg under the topic of OMV - know your car model & you can determine the OMV...Click on the "Vehicle Tax structure" and click on "Private Cars" and you get to the formula for your calculation...
Under Vehicle Tax structure/Private Cars, you will be shown how the tax is calculated:
a. Registration Fee (RF) $140
b. Additional Registration Fee (ARF) 140% of OMV
c. Certificate of Entitlement (COE) Bid in Categories A, B or E
d. Customs Duty 31% of OMV
Roughly, you are looking at 2.71 x OMV + COE (roughly S$30,000 estimated for next month..depends on size of car also) and if it is not a new car, add S$10,000 to the bill. [NOTE: have not factored in the freight & handling & some preliminary test certificates you need on windshield/catalytic converters etc) e.g for a small Toyota Corolla -
OMV roughly S$20,000. So, if its a new car, it should roughly comes up to 2.71x20,000 + COE = S$84,200. If you bring your own...besides freight & handling...add another S$10,000 to it (it must also be no older than 3 years). For a Rover, it will be roughly S$125,000 (depends on model/cc).
For a Bentley at 6000 cc, it will set you back at S$822,000 without COE yet (what's another $30k on a more than $3/4 million bill??).
If you are ready for it...choose the right category of COE bid ... Have Fun on the lottery!!!
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