Total amount of opc cash rebate

[Luoxy]

sorry if the question has been asked before.

 

for normal car say 3 or 4 yrs old convert to opc. is the total Amount of opc cash rebate capped at $17000? or prorated according to remaining years in the coe? I read LTA website it implies the former but a car dealer today tell me otherwise. can any bro here confirm?

Edited November 5, 2010 by Luoxy

[Kyrios]

I dun think they give you one lump sum. For every 6 mths ur car stays as red plate, you receive max 1100 depending on ur car CC. So say u buy a 5 year old 2.7l car and u decide to change to red plate for the res of the 5 years. You get 5x2200 = 11000. But it is not payable as a lump sum...u get 1100 at the end of every 6 mths..this is to prevent peeps from abusing the scheme.

[Luoxy]

I dun think they give you one lump sum. For every 6 mths ur car stays as red plate, you receive max 1100 depending on ur car CC. So say u buy a 5 year old 2.7l car and u decide to change to red plate for the res of the 5 years. You get 5x2200 = 11000. But it is not payable as a lump sum...u get 1100 at the end of every 6 mths..this is to prevent peeps from abusing the scheme.

but the car dealer say I will only get $2200 per year total amt capped at $17000 x 5/10=$8500, instead of $11000. which one is correct?

[Carer]

call lta ask la fark. so difficult?

[Luoxy]

call lta ask la fark. so difficult?

 

I don't like ur tone.

 

But you are right. I called LTA and to my surprise the call was answered. they confirmed total amt is capped at $17000.

 

I asked in the forum is becos I didn't know LTA hotline works 24hrs back then.

Edited November 5, 2010 by Luoxy

[Pelican]

you can check here for more info. there is a chart for various cases.

 

http://www.lta.gov.sg/motoring_matters/mot...mes_offpeak.htm

 

it will be capped at $17k

[Ekardo]

when you said capped at $17k, what do you mean?

 

meaning, u can get only 5/10 X 17k?

 

no, I just converted my 2 year old car to OPC, I am getting 1.1k every 6 month, so that will works out to be $17.6k if I hold on till the last day of the 10 year...

[Civic3106]

you can check here for more info. there is a chart for various cases.

 

http://www.lta.gov.sg/motoring_matters/mot...mes_offpeak.htm

 

it will be capped at $17k

 

 

Do you mean this:

where: QP (Bid Cat) is the actual Quota Premium paid at registration

Actual Green Rebate is the actual green rebate utilised at registration (if applicable)

* Amount capped at $17,000

 

But this formula work out still $1100 per 6 months until the car reach 10 year old.

i.e. 17000 (max capped) /17000 * $1100 per 6 months.

 

Did I miss out something. Where is the statement that said there is a total rebate capped ?

[Pelican]

Do you mean this:

where: QP (Bid Cat) is the actual Quota Premium paid at registration

Actual Green Rebate is the actual green rebate utilised at registration (if applicable)

* Amount capped at $17,000

 

But this formula work out still $1100 per 6 months until the car reach 10 year old.

i.e. 17000 (max capped) /17000 * $1100 per 6 months.

 

Did I miss out something. Where is the statement that said there is a total rebate capped ?

 

 

I saw the info at

 

http://www.lta.gov.sg/motoring_matters/mot..._offpeak.htm#10

 

Part C and Part D

 

There is a star

 

* Amount capped at $17,000

 

 

i might misunderstand the formula. probably 17k is not the cap but just some formula

Edited November 10, 2010 by Pelican

[Civic3106]

I saw the info at

 

http://www.lta.gov.sg/motoring_matters/mot..._offpeak.htm#10

 

Part C and Part D

 

There is a star

 

* Amount capped at $17,000

 

 

i might misunderstand the formula. probably 17k is not the cap but just some formula

 

Not lah this is not the cap of the total rebate but the cap of the number use for the formula for calculating max you get for every 6 months. In the end still max S$1100 per 6 months.

 

I think I ever check with LTA before and they said no cap on total rebate. How come we have difference story here from another LTA call from post #5.

[Luoxy]

Not lah this is not the cap of the total rebate but the cap of the number use for the formula for calculating max you get for every 6 months. In the end still max S$1100 per 6 months.

 

I think I ever check with LTA before and they said no cap on total rebate. How come we have difference story here from another LTA call from post #5.

 

sorry, my mistake. confirmed no cap.

 

converting to OPC will not even affect the car's paper value.

[Pelican]

assuming no loan taken, interest expense will not be a factor.

isnt it more worth to purchase a normal new car, then convert to OPC 1-2 months later.

in total the rebate will be more than $17k.

 

[Kangadrool]

the keyword is "UP TO".

[Civic3106]

assuming no loan taken, interest expense will not be a factor.

isnt it more worth to purchase a normal new car, then convert to OPC 1-2 months later.

in total the rebate will be more than $17k.

 

Yes, but some economists don't think that way. They always like to factor in inflation rate and what so ever.

 

My calculation is simple. The bank interest of $17K for 10 years is not going to be higher than $5K rigtht ($22K-$17K) right.

[Luoxy]

Yes, but some economists don't think that way. They always like to factor in inflation rate and what so ever.

 

My calculation is simple. The bank interest of $17K for 10 years is not going to be higher than $5K rigtht ($22K-$17K) right.

 

and your car paper value is the same as black plate car!