COE Rebate for OPC car

[Hondajazz]

Hi, Anybody know how the COE rebate of 17k works?

when the COE is 5k, who going to fork out the different?

[Kokanadan]

The rebate goes to your COE, and ARF.

Hence if your COE is 5K, the remaining 12K goes into your ARF.

[Hondajazz]

that mean when the OPC due in 10 years, the OMV will be lesser?

[Jrage]

http://www.onemotoring.com.sg/publish/onem...ml#MainPar_0003

 

There is an upfront rebate of $17,000 on COE and ARF. And ARF is 110% of OMV, for cars registered with COEs.

 

 

If your COE = 5k.

And your OMV = 10k , then you ARF = 11k. So the max you can deduct is 16k

 

And your OMV = 12k , then you ARF = 13.2k. So your deduction is 17k(max).

[Fongs]

Also to note that if COE + ARF is <17k, u dont get anything back.

 

eg.

 

COE = 5.2k

ARF = 10k

 

COE rebate = 5.2k + 10k = 15.2k

ie. u 'wasted' the balance amt.

 

This can happen for cars with low OMV.

[Jrage]

OPC.. means when you deregister, you get back less from government. Cos' you dun get rebate frm COE/OMV lor..

 

anyway.. once your car is register, you can check how much is your car worth. Just check this one.

http://www.onemotoring.com.sg/publish/onem...nquiries/1.html

 

you want to know how much to convert to normal plate.. check this one

https://vrl.lta.gov.sg/lta/vrl/action/pubfu...D=EnquireCnvFee

[Hondajazz]

So does that mean the OPC scrape value not as high as a normal car when both type is due on the same day? i just want to figure out the different in term of Term & CONDITIONs applied to both type of cars. Thanks for all advice!

[Kokanadan]

Not that the OMV will be lower, but it's actually your PARF rebate will be lower as it's calculated off your ARF.

And when you pay lower for your ARF, means lower PARF rebate you'll be getting from scrapping.

Edited March 13, 2007 by Kokanadan

[Iziz]

The remaining will be nett off against ur PARF. ie to say u will get next to nothing for ur paper value.

[Hondajazz]

If my life style can suit a OPC, which type should i buy?

A low COE OPC or a normal low COE car?

[Tkl07]

buy OPC will be wiser, if it really suit u

[Jrage]

yup.. the scrape value of a OPC is ,of course, lower than a normal car lah. :P

 

Let's say you buy a normal car at 50k.

Normally, 10k goes to COE value (paid to gahmen)

- 12k goes to OMV (paid to carmaker)

- 15k goes to PARF (paid to gahmen)

- 10k profit to the dealer.

 

When you deregister on the day you bought your car, you can only get back

- 75% of PARF + 100% of COE = 20k from the gahmen.

- value of the car when exported/scrape.

So you hopefully get back only 50% lor :)

 

Let's say you buy a OPC car at 50-17k.

Normally, (10-10)k goes to COE value (paid to gahmen)

- 12k goes to OMV (paid to carmaker)

- (15-7)k goes to PARF (paid to gahmen)

- 10k profit to the dealer.

 

When you deregister on the day you bought your car, you can only get back

- (75% of PARF + 100% of COE ) - 17k from gahmen, which will be ard $0 lor :P

- value of the car when exported/scrape.

So you hopefully get back only 5k lor :)

 

 

Then again, if you can always topback up the 17k and convert the OPC back to normaly plate when you scrap .. then you get more rebate lor :P

Edited March 14, 2007 by Jrage

[Jrage]

Sorry.. deregister OPC is very complex. but you will get back some money from the gahmen .. like a few k.

Edited March 14, 2007 by Jrage

[Hiphiphoray]

I just calculate my OPC car registered on 11 Oct 2005.

 

OMV for 1st to 4th Year = 13,452/-. Total rebate = $10,424/- (COE rebate = 0)

 

And from 5th to 9th year onwards...it drops to 9,729 , 9,034 , 8,339 , 7,644 , 6,949 respectively.

 

So can i say scraping the car is at most ecomonical at just before the "end of 4th year"(10th Oct 2010) ?????

 

10,424 + body value(say 5k) ????? Is this assumption correct ????

 

Hence can use this $15,424/- to offset the next new car ??????? Of course the car loan part is settled separately.

 

If so...then its use to offset what first ? COE ? ARF ? As downpayment deposit of new car ?

Edited March 14, 2007 by Hiphiphoray

[Jrage]

http://www.onemotoring.com.sg/publish/onem...OE_Rebates.html

 

If your car has been a weekend car or an off-peak car (OPC) since its registration, the PARF rebate is as stated above or based on what the owner had actually paid as Additional Registration Fee (ARF) at the time of its registration, whichever is lower.

 

Actually, information you give me is not enuff for me to conclude.

 

Assumming your COE is >17k and OMV = 13k, your parf is 14.3k, thus, your rebate parf ard $10.75k. (75% of parf) from 0-5th year . For any car, rebate level is remains at 75% of PARF if car does not exceed the 5th year. This make 4-5th year the best time to deregister out of first 5 yrs. :)

 

As compared to 6-10th years, there is other issues involved when you deregistered. e.g.

1) health of the car (cost of maintance)

2) car price at that point in time.

.......

 

Assumming, there is no additional maintance cost and car price remains stable. Then right before 5th year is the best lor :)

 

That's why it always advisable for ppl to take 7 yr loan, by the 4-5th year. They can deregister without paying back the bank too much.

Edited March 14, 2007 by Jrage

[Jrage]

OPC... only consider ARF.. not COE involved.. So if you get 20k COE, you just get back the ARF rebate and not COE rebate lor :P

[Rickster]

If my life style can suit a OPC, which type should i buy?

A low COE OPC or a normal low COE car?

 

OPC would be better. Save alot on road tax (up to $700 rebate/yr) & insurance (15% off)in the long run. + you have the flexibility to convert your OPC car into a normal car anytime. Best of all, you get to enjoy the smell of new car!

[Tkl07]

up to $800 rebate/yr