OMV rebate?

[Latioboy]

Guys i would like to ask

Is it true that if you sell ur car BY 5th year of owning it, you get back 97.5 percent of your OMV, and whatever COE remaining, plus ur body work,

and if u are driving past 5th yr mark, its 87.5%?

 

would like to find out

 

cause trying to work out to see if Latio should keep or sell when i get my license ( when latio turns 4.5 yrs)

 

thanks!

[Sniperben]

82.5% for 1st 5 years, afterwhich, it will evenly drop until 55% at the end of 10 years.

[Latioboy]

sheesh! wao! Cool. thats LOW. Okay.

So , if sell 6th year, just take 82.5-55 divide by 5 lah, then thats the increase in OMV u lose eh?

Bro sniper, can advice? whether to keep Latio or sell by 5th yr.

cos when i get my license, latio alr 4.5 yrs old.. then dunno whether i can cont using, or sell get a small car. But i dun that like small hatchbacks..

[Sniperben]

just to clarify, 82.5% is the % that you are getting back from your OMV value, not lost 82.5%.

also, your math calcultion is correct.

 

from your signature, i think you love Lexus.. want to get one Lexus from me instead?

 

to keep or carry on with your latio?

there is many factor to consider.

 

example are:

if you do not have the budget to change to a new car, then you LL got to drive your latio.

 

if you are going to drive until 5.5 years and sell off your latio, then i advise you to change it before the 5 years is up.

 

let the car be your slave, never become the slave of your car. only change when you are comfortable with the idea, else stick to it.

[Latioboy]

Sorry ben, no budget for lexus. Im only like waiting to take my O's in oct later this year.

thus im planning.. maybe building sandcastles in the air but at least i have a rough idea wads happening to my car purchasing next time.

I dont know.

I like SSS, but i prefer sedan, thus, Latio appeals to me more than SSS. Yeah.

Latio i have faith it can last lah, but its whether want to sell or dont want. I previously thought that, wah after 5th yr, drastic drop in OMV returns.. then by 5th yr must sell.

Also, if i get into JC, i will go into army! then who knows the army posting after BMT/ whether i can get a 9 to 5 job? if 9 to 5, then no prob keep car, but if its stay in then what for keep?

 

=(

[Sniperben]

lol. don't have to say sorry. there is no obligation to buy anything from me. i am only kidding.

 

go and think hard of what you want to do to your latio. 2008 is a tempting year as quite a few face lift is coming out. if you can resist the temptation, then continue to drive your latio.

 

if you have any doubt, do get back to me. cheer!

[Latioboy]

when LATIO turns 5, it will be 2010. by then i would have more a less gotten my license, and more a less should go into army soon. Sian!

[Nkps]

oi, have u done your homework?

[Ahyoo2002]

3 years more to go, you plan so ahead one ah

[Latioboy]

Hey bro wad hw?

Hw for O lvls?

Or homework on how much to have one month to own car/ or hw on what car to buy..

[Latioboy]

666 days to my basic theory to be exact.

Yeah...

Not 3 yrs lor. Whatever.

HAHA.

good to have pro=active thinking

[Ahyoo2002]

[Ahbengdriver]

sorry to pull out this 3 yr old thread. When we sell our cars before 5 years, or at the end of 10 years, how do the authorities refund the car owner the 82.5% OMV and 55% OMV respectively. How is the rebate given back?

[Hungee]

sorry to pull out this 3 yr old thread. When we sell our cars before 5 years, or at the end of 10 years, how do the authorities refund the car owner the 82.5% OMV and 55% OMV respectively. How is the rebate given back?

 

Previously was "paper" value only, they "print" paper for the amt to be rebated when you purchase new car. For those who don't intend to purchase new car or don't need so much, have to pay LTA $10 or so admin fee to "break" up into multiple papers.

 

Now they change the rule to rebate as cash. But never try before :)

[Iisterry]

sorry to pull out this 3 yr old thread. When we sell our cars before 5 years, or at the end of 10 years, how do the authorities refund the car owner the 82.5% OMV and 55% OMV respectively. How is the rebate given back?

 

Giro if you have account with them, else a cheque will be posted if I'm not wrong.

 

Takes approximately a few weeks for us to get the $ back from LTA. If you're de-registering it yourself, there are procedures to follow which can be found on their site.