Reduced Car Taxes for 2005
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Hi guys, I just bought a new Toyota Wish from AML. Got my car today! Love the car, planning to install a new bodykit soon. Anyone knows where i can get a cheap one? hehe.
Anyway, i noticed on my log card that the OMV was $21,358. Don't know much about taxes but heard from my friend who bought a wish 3 months back that his was about $25,800 or something. Guess the authorities have finally decided to drop the costs eh... -
omv is scrap value, more shld be better right?
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ya, omv: open market value, the value you sell your car in the open market. The more the value, the more you get back when you scrap your car. But you probably paid less for your Wish than your friend, so more or less back to square one. Might be better to use depreciation as a guide
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If your friend's OMV is higher, it could also mean that his car has more gadgets than yours. From what I know, even an additional sunroof demands a higher OMV.
I may be wrong....Originally posted by Johnathan:Hi guys, I just bought a new Toyota Wish from AML. Got my car today! Love the car, planning to install a new bodykit soon. Anyone knows where i can get a cheap one? hehe.
Anyway, i noticed on my log card that the OMV was $21,358. Don't know much about taxes but heard from my friend who bought a wish 3 months back that his was about $25,800 or something. Guess the authorities have finally decided to drop the costs eh... -
Yep, the omv is the Open Market Value, which i believe is the price importers pay the exporters for the vehicle. But the weird thing is that for the same model, both Toyota Wish 1.8XE, with the same accessories has a difference of about $4000+ in value.
I'm pretty sure its not differences in accessories, the model code is the same (base model), without sunroof. More likely that LTA reduced taxes. I paid $84,800 for the car. My friend paid like $88,000, but that was like 3 months ago.
Getting bothered cause $4000 in OMV = over $7000 reduction in taxes... I kinda think that i was overcharged for the car.
Experts, any Toyota Wish owners over here? What's your OMV if you got your car recently, like this year. Its the 1.8L XE base model. -
No the govt hasn't changed any tax system. Yr frd's car is probly a higher spec car. Not to forget currency exchange rate will affect OMV and recently Sing dollar has strengthened over Yen. So u pay less for more or less the same thing in Jap.Originally posted by Johnathan:Hi guys, I just bought a new Toyota Wish from AML. Got my car today! Love the car, planning to install a new bodykit soon. Anyone knows where i can get a cheap one? hehe.
Anyway, i noticed on my log card that the OMV was $21,358. Don't know much about taxes but heard from my friend who bought a wish 3 months back that his was about $25,800 or something. Guess the authorities have finally decided to drop the costs eh... -
Nope, government did not reduce taxes.Originally posted by Johnathan:Hi guys, I just bought a new Toyota Wish from AML. Got my car today! Love the car, planning to install a new bodykit soon. Anyone knows where i can get a cheap one? hehe.
Anyway, i noticed on my log card that the OMV was $21,358. Don't know much about taxes but heard from my friend who bought a wish 3 months back that his was about $25,800 or something. Guess the authorities have finally decided to drop the costs eh...