| ARF |
Additional Registration Fee, currently at
110% of OMV (see OMV below). |
| Body Value |
The market’s assessment of what your
car is worth when stripped of all paper value (see paper value
below). |
| COE |
Certificate of Entitlement – issued
by the authorities via a fortnightly bidding exercise (more
information at www.onemotoring.com.sg). |
| COE Car |
A term used in the local market to indicate
that the car is older than 10 years old and has had its COE
renewed. |
| COE Rebate |
This usually refers to the level at which
the COE prices must fall at a bid before the car retailer will
return the buyer the difference. For example, If the COE rebate
level is $18,000 and the retailer successfully secured a COE
for the buyer at $15,000, then $3,000 will be returned to the
buyer. |
| ERP |
Electronic Road Pricing – the mechanism
that is used by the authorities to control road usage, in effect,
it works like a toll. |
| Extended Warranty |
This is a warranty offered over and above
the standard warranty period offered by the manufacturer. Not
all dealers offer an extended warranty and when they do, it
usually attracts an additional charge (see also warranty). |
| GST |
Goods and Services Tax – a value-added
tax that is levied on all purchases from GST registered businesses.
Currently at 5%. |
| Guaranteed COE |
A term used by car retailers to indicate
that at a certain purchase price, they will guarantee that a
COE can be obtained within a specified time period. Individual
dealers have their own terms and conditions attached to such
a guarantee. |
| ICE |
In-Car Entertainment usually in the form
of audio and video equipment, can include other electronic entertainment,
for example, video games. |
| Import Duty |
Levied on all cars imported. Currently at
20% of OMV (see OMV below). |
| Market Value |
A term used by the insurance companies
when assessing the amount of coverage. |
| Lemon |
A term used to describe a car that has reliability
problems. |
| OMV |
Open Market Value or the value of the car
when imported, before taxes. |
| On-the-road price |
The price that a vehicle is sold for with
no additional upfront costs. |
| OPC |
Off-peak cars (with red licence plates),
formerly known as weekend cars that can only be used during
certain hours of the day unless an additional licence is displayed.
These cars are cheaper to own but are only suitable for people
who do not intend to use the car very often outside the allowable
hours. |
| Paper Value |
The base value of the car comprising the
value of the PARF benefit and value of the unutilised portion
of the COE at the point of deregistration. |
| PARF Benefit |
The residual (scrap) value of your car
backed by the government if it is deregistered and eligible
at a particular point in time. |
| Road Tax |
A tax levied on each car which is dependent
on the engine size. |
| Vehicle Inspection |
Every vehicle is required to undergo a
roadworthiness evaluation when it reaches a certain age. The
first compulsory inspection happens just before the car’s
third birthday. |
| Warranty |
Usually issued by the manufacturer to cover
manufacturer defects. However, some used car dealers offer “warranties”
on cars they sell with certain conditions attached. |
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