Originally posted by flash9933:
Take note of the different in the PARF values at the 10th year:
1) registered before 5/2002: 80% of OMV
2) registered between 5/2002 - 2/2004: 65% of OMV
3) from 3/2004: 55% of OMV
The scrap values also different from the 3 categories. If you buy a new car now, straight away 17.5% of the OMV is gone based on the the scheme with effect from March this year.
Correct me if I'm wrong ... Cheers!
You are mostly correct. The old system whereby PARF rebate is based on a percentage of the OMV is for vehicles registered before May 2002.
After that, it is mainly based on your ARF, 130% of OMV for between May 2002 to March 2004 registered cars and 110% for March 2004 onwards. This reduces the fixed up-front cost of car ownership. However the PARF rebate, as mentioned earlier, is based on a percentage of the ARF. Since there is a reduction of ARF, the PARF automatically reduces too.
example:
Case 1(<5 years)
For vehicles registered between May 02 to Mar 04:
PARF rebate = 75% * ARF(=130%*OMV)
= 97.5% of OMV
For vehicles registered Mar 04 onwards:
PARF rebate = 75% * ARF(=110%*OMV)
= 82.5% of OMV (This is what you refer to as the 17.5% gone)
Last Case(9-10 years)
For vehicles registered between May 02 to Mar 04:
PARF rebate = 50% * ARF(=130%*OMV)
= 65% of OMV
For vehicles registered Mar 04 onwards:
PARF rebate = 50% * ARF(=110%*OMV)
= 55% of OMV
The cases in between is obtained by a decrement of 5% from case 1 to the last case.
Hope this helps!