Singapore taxes luxury cars up to 100% – BMW 7 Series increases price RM142k, Aston DBX increases RM636k!
Luxury cars in Singapore are becoming even more expensive than they are now, as an Additional Registration Fee (ARF) 320% will be imposed on vehicles with an Open Market Value (OMV) of $80,000 Singapore dollars (S$265,041) and above, report SG . car supermarket.
The ARF rate has been revised to take effect in the upcoming COE bidding round for the country on February 22, and the revised ARF pricing structure will also affect mid- to high-end luxury cars. premium, are those with OMVs ranging from S$40,001 to S$80,000 (RM132,593 to RM265,041), according to the publication.
At the top end of the scale, models like Aston Martin DBX707 will sustain a spike in the ARF of S$192,000 (S$636,815), above its OMV of around S$252,000 (S$835,773).
The mid-to-high-end vehicle segment, previously unaffected by the ARF program, will now see their ARF increase; the Mercedes E 200 Exclusive (OMV S$55,314 or S$183,386) will see ARF increase by nearly S$6,000 (S$19,892). For electric vehicles like Tesla Model 3 AWD performance (OMV S$73,984, or RM245,277) is expected to increase the ARF by almost S$16,000 (RM53,044).
Move up the luxury stairs, the A8 (OMV S$79,392, or RM263,215) was boosted by ARF by nearly S$20,000 (RM66,307), while BMW Series 7 (OMV S$103,000, or RM341,485) gets an ARF increase of over S$40,000 (RM132,615).
Mass market models continue to remain unchanged in pricing plans, for models such as Toyota Corolla (OMV is S$21,508 or RM71,325), Hyundai Avante (OMV is S$21,741 or RM72,097), Honda CR-VA (OMV is S$34,723 or RM 115,160) and BMW Series 2 Gran Coupé (OMV is 33,581 or RM111,373).
Of course, the OMV is only one part of the vehicle pricing story, and for Singapore the other key component in the vehicle price list is the COE or certificate of benefit, which is the amount paid to the road transport authority. city-state department in the registration of cars for road use, and essentially a quota system to regulate the number of vehicles on the country’s roads.
Latest COE price, by SG . car supermarket since the last round of bidding earlier this month, the quota fee is S$86,000 (RM285,197) for Class A vehicles, which are vehicles with a displacement of less than 1,600 cc, 130 hp or engines. or 110 kW for electric vehicles.
Class B has a quota premium of S$105,524 (RM349,950) for cars with an engine displacement over 1,600 cc, an engine capacity of 130 hp or 110 hp for an electric vehicle. At the top COE level, Category E or open category, the current quota fee is S$105,002 (RM348,219).
These adjustments are part of a larger effort by the Singapore government towards implementing a “progressive vehicle tax system” for the country’s auto market. SG . car supermarket.
