One of my relative in Singapore bought a Benz E200 Exclusive.
Singapore Government considers cars as luxury and ensures it is taxed heavily.
Since car buying is unique in Singapore, I wish to share the procedure briefly:
• COE: Anyone who wishes to register a new vehicle in Singapore must first obtain a Certificate of Entitlement (COE). A COE represents a right to vehicle ownership and use of the limited road space for 10 years. The COE is obtained by bidding. The Quota Premium (QP) for Car above 1600 CC or 97 KW (roughly 130 bhp) is SGD 57,903. The rate has gone up so much as Uber and other taxi companies are bidding aggressively.
• Once you obtain the COE, you can buy the car. Here again the Government taxes Cars heavily:
• Car registration fee is SGD 140.
• Additional registration fee (ARF) is 100% for first SGD 20,000 of OPEN MARKET VALUE (OMV) of car, 140% for next SGD 30,000 and 180% above SGD 50,000.
So for the Benz E200 Exclusive with a OMV of 37841, the tax works out as follows:
First SGD20,000 = 100% x 20,000 =20,000
Next SGD 30,000 = 140% x 17841 = 24977
Total ARF = SGD 44977
• Excise Duty 20% of OMV
• Road tax depends on engine capacity. For above 1,600cc, the formula is [SGD 475 + SGD 0.75 (Engine Capacity -1,600)] x 0.6256
• Rebate: You get Rebate for low carbon emission
• Car Loan: Maximum 50% of OMV Interior view of E200 Exclusive
Note the drive modes buttons
! : Back Seats