Hi, I'm planning to buy a car for a first time. Most likely a Off Peak Car as i usually dun use the car when i work.
What are the points to consider when buying a car?
What is the cost like? ( Road Tax, COE, etc. )
Take for example the car below.
http://www.sgcarmart.com/used_cars/info.php?ID=30372&DL=1000
2 years driving experience. 21 years old.
Thanks!! Cheers!!!
Ok... from the website you provide, the car is about 8 months old. By right, to own a car, you need to provide an income statement to prove that you have the financial means to pay for the instalments. If you are not working, you cannot buy under your name.....then it would be better to ask your parents to buy for you. However, some 2nd-hand dealers do not need that income proof, so check with the dealer for more info.
Points to consider assuming you are buying it:
Instalments: Assuming you take full loan of 9 years, since the car is almost 1 year old, at a market interest rate of 2.68%, your monthly instalments will work out to be around $340. Interest rate varies so check out with the dealer.
Road Tax: $50 per year. (stated)
Parking: At least $65 a month.
Petrol: Average $150 a month
Insurance: Younger teens will have a higher premium than middle-aged adults. But because the car is off-peak, you wouldn't drive much on the road so the premium is lesser. Should average around $2000 a year for your age group.
COE: $13,500 (stated) At any time you wish to sell off your car, part of the COE can be used as COE rebate to offset the price of your second car.
OMV: Open-market value: $10,500 (stated). At any time you wish to sell off your car, part of the OMV can be used as PARF rebate to offset the price of your second car.
Miscellaneous: ERP charges, whatever Fines, Maintenance/Repair etc.
Restrictions: Only 7pm-7am on weekdays, 3pm onwards on Sat, whole day on Sun/P.Hols. Other than that, add $20 per day for coupon.
Therefore, add everything in and your monthly expenses just for the car should be at least $700 depending on how much you use it.
Hope this helps! :)
Originally posted by lianamaster:Ok... from the website you provide, the car is about 8 months old. By right, to own a car, you need to provide an income statement to prove that you have the financial means to pay for the instalments. If you are not working, you cannot buy under your name.....then it would be better to ask your parents to buy for you. However, some 2nd-hand dealers do not need that income proof, so check with the dealer for more info.
Points to consider assuming you are buying it:
Instalments: Assuming you take full loan of 9 years, since the car is almost 1 year old, at a market interest rate of 2.68%, your monthly instalments will work out to be around $340. Interest rate varies so check out with the dealer.
Road Tax: $50 per year. (stated)
Parking: At least $65 a month.
Petrol: Average $150 a month
Insurance: Younger teens will have a higher premium than middle-aged adults. But because the car is off-peak, you wouldn't drive much on the road so the premium is lesser. Should average around $2000 a year for your age group.
COE: $13,500 (stated) At any time you wish to sell off your car, part of the COE can be used as COE rebate to offset the price of your second car.
OMV: Open-market value: $10,500 (stated). At any time you wish to sell off your car, part of the OMV can be used as PARF rebate to offset the price of your second car.
Miscellaneous: ERP charges, whatever Fines, Maintenance/Repair etc.
Restrictions: Only 7pm-7am on weekdays, 3pm onwards on Sat, whole day on Sun/P.Hols. Other than that, add $20 per day for coupon.
Therefore, add everything in and your monthly expenses just for the car should be at least $700 depending on how much you use it.
Hope this helps! :)
Thanks for your time!!
But there is still a few more questions. What is each of their meaning and how it works??Sorry.. Really newbie here..
Wat's COE?
Wat's OMV?
Wat's PARF?
Oh ya.. I heard there's this dealer charges when they help you do the processing the car??
ya u need around $3000 as downpayment
think $700 goes to the so call "paper work" which is actually their extra income for the sale man
try not to gave in so fast when u purchase the car
they will actualyl cut down some more ^^
wat ever car u are purchasing
just remember its best to set aside at least $800 a month for yr precious car
Originally posted by Froz3nFir3:Hi, I'm planning to buy a car for a first time. Most likely a Off Peak Car as i usually dun use the car when i work.
What are the points to consider when buying a car?
What is the cost like? ( Road Tax, COE, etc. )
Take for example the car below.
http://www.sgcarmart.com/used_cars/info.php?ID=30372&DL=1000
2 years driving experience. 21 years old.
Thanks!! Cheers!!!
now economy down u still can buy car? u got stable income liao...?
Originally posted by Froz3nFir3:
Thanks for your time!!But there is still a few more questions. What is each of their meaning and how it works??Sorry.. Really newbie here..
Wat's COE?
Wat's OMV?
Wat's PARF?
Oh ya.. I heard there's this dealer charges when they help you do the processing the car??
|
1. The listed OMV value is that of the first registration date of the vehicle. OMV stands for Open Market Value. OMV is assessed by the Singapore Customs, based on the price actually paid or payable for the goods when sold for export to the country of importation. This price includes purchase price, freight, insurance and all other charges incidental to the sale and delivery of the car to Singapore. If the vehicle is de-registered within 10 years from its first registration date, the registered owner is entitled to a percentage rebate of its OMV value from the Land Transport Authority (LTA). A point to note is that the OMV rebate is non-refundable in cash. You can use the OMV rebate to offset the various upfront vehicle taxes and fees when you register a new car. Any excess amount that is not used will be forfeited. Another alternative would be to sell it to car dealers who would use it to register for new cars on their customers’ behalf. |
2. The listed COE value is that of original value of the COE when first registered.
The COE is otherwise known as the Certificate of entitlement. It is an amount that you pay the Land Transport Authority (LTA) for registering your car in Singapore for local use.
The COE system is essentially a vehicle quota system by the Singapore government to regulate the number of vehicles on the roads. Under this system, the LTA determines the number of new vehicles allowed for registration while the market determines the price of owning a vehicle.
If the vehicle is de-registered before its COE expires, the registered owner may be granted a rebate on the Quota Premium (QP) which he has paid. The rebate is pro-rated to the number of months and days remaining on the vehicle's COE.
However, the COE rebate is non-refundable in cash.
You can use the COE rebate to offset the various upfront vehicle taxes and fees when you register a new car. Any excess amount that is not used will be forfeited. You can also use a COE rebate purchased under your name to offset the Prevailing Quota Premium (PQP) when you renew your existing vehicle's COE. Another alternative would be to sell it to car dealers who would use it to register for new cars on their customers’ behalf.
Source: http://www.sgcarmart.com/used_cars/whatsCOE.php & http://www.sgcarmart.com/used_cars/whatsOMV.php
3. In your COE log card, there's PARF rebate eligibility, which means how much you can get after using the car for 10 years.
Hope this helps! :)
Originally posted by Froz3nFir3:
Thanks for your time!!But there is still a few more questions. What is each of their meaning and how it works??Sorry.. Really newbie here..
Wat's COE?
Wat's OMV?
Wat's PARF?
Oh ya.. I heard there's this dealer charges when they help you do the processing the car??
4. The dealer may charge you some transfer fees and stuff. It's better to know what you are paying for. Some might also set a deposit/booking fee for the car. But usually, for 2nd hand car, because the car is already there and its price already include everything, there shldn't be any booking fee or whatever other than deposit. Transfer fees are common. Other misc fees might include handling fee, commission for the dealers etc.
It's best to ask them and look thru the terms & conditions very thoroughly before signing on the dotted line.
Originally posted by lianamaster:1. The listed OMV value is that of the first registration date of the vehicle.
OMV stands for Open Market Value. OMV is assessed by the Singapore Customs, based on the price actually paid or payable for the goods when sold for export to the country of importation. This price includes purchase price, freight, insurance and all other charges incidental to the sale and delivery of the car to Singapore.
If the vehicle is de-registered within 10 years from its first registration date, the registered owner is entitled to a percentage rebate of its OMV value from the Land Transport Authority (LTA).
A point to note is that the OMV rebate is non-refundable in cash.
You can use the OMV rebate to offset the various upfront vehicle taxes and fees when you register a new car. Any excess amount that is not used will be forfeited. Another alternative would be to sell it to car dealers who would use it to register for new cars on their customers’ behalf.
2. The listed COE value is that of original value of the COE when first registered.
The COE is otherwise known as the Certificate of entitlement. It is an amount that you pay the Land Transport Authority (LTA) for registering your car in Singapore for local use.
The COE system is essentially a vehicle quota system by the Singapore government to regulate the number of vehicles on the roads. Under this system, the LTA determines the number of new vehicles allowed for registration while the market determines the price of owning a vehicle.
If the vehicle is de-registered before its COE expires, the registered owner may be granted a rebate on the Quota Premium (QP) which he has paid. The rebate is pro-rated to the number of months and days remaining on the vehicle's COE.
However, the COE rebate is non-refundable in cash.
You can use the COE rebate to offset the various upfront vehicle taxes and fees when you register a new car. Any excess amount that is not used will be forfeited. You can also use a COE rebate purchased under your name to offset the Prevailing Quota Premium (PQP) when you renew your existing vehicle's COE. Another alternative would be to sell it to car dealers who would use it to register for new cars on their customers’ behalf.
Source: http://www.sgcarmart.com/used_cars/whatsCOE.php & http://www.sgcarmart.com/used_cars/whatsOMV.php
3. In your COE log card, there's PARF rebate eligibility, which means how much you can get after using the car for 10 years.
Hope this helps! :)
Please note - Effective from 1 September 2008, you may encash your un-used and valid PARF/COE rebate(s) if you do not intend to use the rebates to offset either the upfront taxes payable at registration of a vehicle or the Prevailing Quota Premium (PQP) (for COE rebates only) to renew the COE of your existing vehicle.
Originally posted by BrUtUs:
now economy down u still can buy car? u got stable income liao...?
My income can never be stable..
How much income i earn depends on how hard i work.. Haha..
I got my own business ( Not MLM, property or insurance ).. So i guess it's possible for me to own a car??
Regarding economy downturn, i figure since everybody is dumping.
Everything will be a little cheap now. So i might have a good deal now??
Originally posted by lianamaster:1. The listed OMV value is that of the first registration date of the vehicle.
OMV stands for Open Market Value. OMV is assessed by the Singapore Customs, based on the price actually paid or payable for the goods when sold for export to the country of importation. This price includes purchase price, freight, insurance and all other charges incidental to the sale and delivery of the car to Singapore.
If the vehicle is de-registered within 10 years from its first registration date, the registered owner is entitled to a percentage rebate of its OMV value from the Land Transport Authority (LTA).
A point to note is that the OMV rebate is non-refundable in cash.
You can use the OMV rebate to offset the various upfront vehicle taxes and fees when you register a new car. Any excess amount that is not used will be forfeited. Another alternative would be to sell it to car dealers who would use it to register for new cars on their customers’ behalf.
2. The listed COE value is that of original value of the COE when first registered.
The COE is otherwise known as the Certificate of entitlement. It is an amount that you pay the Land Transport Authority (LTA) for registering your car in Singapore for local use.
The COE system is essentially a vehicle quota system by the Singapore government to regulate the number of vehicles on the roads. Under this system, the LTA determines the number of new vehicles allowed for registration while the market determines the price of owning a vehicle.
If the vehicle is de-registered before its COE expires, the registered owner may be granted a rebate on the Quota Premium (QP) which he has paid. The rebate is pro-rated to the number of months and days remaining on the vehicle's COE.
However, the COE rebate is non-refundable in cash.
You can use the COE rebate to offset the various upfront vehicle taxes and fees when you register a new car. Any excess amount that is not used will be forfeited. You can also use a COE rebate purchased under your name to offset the Prevailing Quota Premium (PQP) when you renew your existing vehicle's COE. Another alternative would be to sell it to car dealers who would use it to register for new cars on their customers’ behalf.
Source: http://www.sgcarmart.com/used_cars/whatsCOE.php & http://www.sgcarmart.com/used_cars/whatsOMV.php
3. In your COE log card, there's PARF rebate eligibility, which means how much you can get after using the car for 10 years.
Hope this helps! :)
I guess it will take quite a while for me to register all this in.
But thanks for all the information.
Greatly appreciate it!!! Thanks..
Originally posted by Froz3nFir3:My income can never be stable..
How much income i earn depends on how hard i work.. Haha..
I got my own business ( Not MLM, property or insurance ).. So i guess it's possible for me to own a car??
Regarding economy downturn, i figure since everybody is dumping.
Everything will be a little cheap now. So i might have a good deal now??
No matter how cheap a car can go..... it is inevitable that you need to set aside at least $800 for minimal frugal usage of the car.
Originally posted by Froz3nFir3:I guess it will take quite a while for me to register all this in.
But thanks for all the information.
Greatly appreciate it!!! Thanks..
Well.. u're welcome. At your age, are you still studying or stg?
Originally posted by sinicker:if got business buy van more worthwhile…
Yea... makes economic sense.
my car is not under instalment, but i need put $400 every month.. oil, erp, parking coupon
even if u think ur company is stable, to me i won't take anything using instalment..
u want u pay full or else don't even touch it..
too many people getting loans now adays.
some people drive porche/bmw/benz under instalment then end up no money to pay when they suddenly out of job. happen to my few friends..
don't take risk.. unless u really need it.. like property agent, sales.. all this..
if not public transport will be best... then save the money. one shot clear.. for a car
in singapore driving car is like paying fine..
Originally posted by lianamaster:No matter how cheap a car can go..... it is inevitable that you need to set aside at least $800 for minimal frugal usage of the car.
Yeah.. Touch wood in case anything happen..
Originally posted by lianamaster:Well.. u're welcome. At your age, are you still studying or stg?
Stg??
Means?? Haha.. I can't possibly afford to pay for a car if i'm studying and i dun really wanna depend on my parents too..
Originally posted by lianamaster:Yea... makes economic sense.
Yeah i know.. But i dun really use the vehicle for business purposes.
Meant for weekend trip to Malaysia to meet up with client at times. Yup...
Originally posted by Froz3nFir3:
Stg??Means?? Haha.. I can't possibly afford to pay for a car if i'm studying and i dun really wanna depend on my parents too..
Just curious... Haha.... So you using a car to meet clients, I see.
Originally posted by youyayu:my car is not under instalment, but i need put $400 every month.. oil, erp, parking coupon
even if u think ur company is stable, to me i won't take anything using instalment..
u want u pay full or else don't even touch it..
too many people getting loans now adays.
some people drive porche/bmw/benz under instalment then end up no money to pay when they suddenly out of job. happen to my few friends..
don't take risk.. unless u really need it.. like property agent, sales.. all this..
if not public transport will be best... then save the money. one shot clear.. for a car
in singapore driving car is like paying fine..
What car you drive?
Originally posted by youyayu:my car is not under instalment, but i need put $400 every month.. oil, erp, parking coupon
even if u think ur company is stable, to me i won't take anything using instalment..
u want u pay full or else don't even touch it..
too many people getting loans now adays.
some people drive porche/bmw/benz under instalment then end up no money to pay when they suddenly out of job. happen to my few friends..
don't take risk.. unless u really need it.. like property agent, sales.. all this..
if not public transport will be best... then save the money. one shot clear.. for a car
in singapore driving car is like paying fine..
Btw dun mind me asking, how long did you save for your vehicle??
Paying $400 a month for everything else.. My bet is a car less than 1.8cc??
Yeah i know about installments.. But i'm not getting a car that is out of my reach. Haha.. It's just a red plate car which is 1.6cc?? I dun think it's a lot??
I know a few of those BMW, Porches, Ferrari bah bah bah owners.
Most of them dun use them salary to pay off the car debt.
They use their dividends from their investments - property,stocks whatsoever to pay off that debt.
2 cents.
Frankly speaking.. I am in my 20s as well and are looking for a car to move myself around. Hehe.... I love driving but the costs of owning it can be a nuisance.
Originally posted by lianamaster:Frankly speaking.. I am in my 20s as well and are looking for a car to move myself around. Hehe.... I love driving but the costs of owning it can be a nuisance.
Yes, that's the reason why the government is making public transport so convenient and increasing the cost of driving at the same time.
I thought for a second there that you do own a car.. Hahaha..
Originally posted by Froz3nFir3:Yeah i know about installments.. But i'm not getting a car that is out of my reach. Haha.. It's just a red plate car which is 1.6cc?? I dun think it's a lot??
Since you mean a red-plate car, you would not see any diff. If it's a normal 1.6cc car, then the difference will substantiate to a wide amounts. 1 month's expenses can exceed $1K.
Originally posted by Froz3nFir3:
Yes, that's the reason why the government is making public transport so convenient and increasing the cost of driving at the same time.I thought for a second there that you do own a car.. Hahaha..
Aiyo... I also want people to sponsor me leh.. Haha