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Why are cars in Singapore so expensive

Tao Ming Hui
Updated

The new Vehicle Emissions Scheme (VES), which replaces the current Carbon Emissions-based Vehicle Scheme (CEVS) on Jan 1, 2018, will be more stringent. Car prices are likely to increase even more.

On top of that, there are 5 main factors that would determine the price of a brand new car in Singapore. They are the Open Market Value (OMV), the Additional Registration Fee (ARF), Excise Duty & GST, Certificate of Entitlement (COE), and local dealers’ margin.

Watch the video below the find out more about each factor:

Read more: No Nonsense Explanation On Why Cars In Singapore Are So Expensive

The post Why are cars in Singapore so expensive appeared first on DollarsAndSense.sg.