Car ownership continues to be one of the most expensive affairs Singaporean citizens and residents can engage in. Aside from the very high cost of buying a car, there are various registration fees and taxes you’ll have to pay in order to make your car ownership legal in this small country.
While citizens of neighboring countries in Asia think that owning a car is an investment, Singaporeans think of it the other way. Why not when on top of the high purchase price, you also need to pay for the Certificate of Entitlement and some added fees like the Additional Registration Fee just to drive your own car? So if you’re thinking about buying a new one or revalidating your COE, consider all these factors.
Is public transportation not good enough for you?
As a solution to the land area problems in Singapore, the government has always continued to find ways to improve public transportation. In fact, just this 2017, 16 new Mass Rapid Transport Stations were opened, one of which connects a university to the train station while the other benefits HDB residents near the Kallang Basin Swimming Complex.
On top of that, 33 more MRT stations are undergoing construction. That is the major step taken by the government’s to reduce vehicle usage and ownership. Just last Monday, Land Transport Authority (LTA) announced that it is targeting 0% vehicle growth rate for 2018. All the more reason to think twice or thrice about owning a car.
Is the COE cost worth it?
We all know that in order to be legally allowed to own a car in this country, you have to get your COE or Certificate of Entitlement, which costs pretty much a hundred percent of the Open Market Value (OMV) of your car. The CEO is government’s scheme to decongest roads, save the environment from carbon emission, and reduce the parking area needed for these vehicles.
This seems to be too high an amount but it’s undeniably effective in serving its purposes. The COE scheme was able to reduce the percentage of car ownership in the country to as low as 15%. The COE only entitles you to ten years of usage of your car, then after that you’ll have to revalidate the CEO at a high cost for another five to ten years. Why take this route if you can just enjoy the efficient public transport system?
Getting car scrapping services is your next best option
If you already have a car that you’ve been using for several years, you’re probably thinking right now as to whether to deregister your car and get a high rebate or hold on to that possession for some of the benefits you gain from it.
Come to think of it, though. With all the new MRT lines opened and others underway, who needs a car in Singapore? And should you decide to deregister your car, your best option is to get the services of a private company that offers car scrapping services.
Though you have the option to dispose it in LTA Appointed Scrapyards, you can get the best prices in hiring a reliable business to dispose and de-register your car. Just imagine getting a higher rebate for de-registering and disposing your car plus getting the best price for your precious possession.