Import Used Cars - Good Deal?

[Piyopico]

Can someone explain what these car entails?

 

It seems you will be given a new 10 year COE but the OMV is murky. The description is always "eligible for PARF rebate". What does this mean?

 

I understand they are used but it is much cheaper than a comparative second hand vehicle. Why?

 

I also understand you can also bid for these cars yourself in auctions. Guess after that you settle the COE, Tax etc yourself. Cash settlement I believe.

 

Insight welcome.

 

 

[Mkl22]

see www.onemotoring.com.sg

 

all the info is there. the PARF is tied to when the car was 1st registered.

 

ie if the car was reg in 2008, the PARF will only be valid till 2018 even if the COE last till 2020.

[boonhat_91]

Reviving old topic here - how to calculate the 'real' depre of an imported used car?

Example here.

From what I understand, the PARF rebate is eligible until 30 Jan 2025 (original Reg date +10 Years). At Jan 2025 the PARF rebate would be ~13.5K, after which it will be forgone past 31 Jan 2025.

However, the COE is running until 4 Dec 2029.

If I bought this car and drive it until COE end, means at COE-end paper value is zero? How then do I calculate the depre?

A) $139800 / 9.7 years of COE left = 14.4K/year

B) ($139800 + $13500 forgone PARF) / 9.7 years of COE left = 15.8K/year

or any other methods?

[Volvobrick]

2 hours ago, boonhat_91 said:

Reviving old topic here - how to calculate the 'real' depre of an imported used car?

Example here.

 From what I understand, the PARF rebate is eligible until 30 Jan 2025 (original Reg date +10 Years). At Jan 2025 the PARF rebate would be ~13.5K, after which it will be forgone past 31 Jan 2025.

However, the COE is running until 4 Dec 2029.

 If I bought this car and drive it until COE end, means at COE-end paper value is zero? How then do I calculate the depre?

A) $139800 / 9.7 years of COE left = 14.4K/year

 B) ($139800 + $13500 forgone PARF) / 9.7 years of COE left = 15.8K/year

or any other methods?

This car shouldn't be allowed to be registered in the first place - cannot be more than 3 year old (original registration date) at the point of registration in Singapore.

Anyway PI C200 AMG Premium now about 160K plus brand new with much higher OMV dep 13K +..  This used import is not cheap.  

 

Edited March 11, 2020 by Volvobrick

[Mockngbrd]

Used import only worth if you import yourself. 

[boonhat_91]

On 3/11/2020 at 10:40 AM, boonhat_91 said:

Reviving old topic here - how to calculate the 'real' depre of an imported used car?

Example here.

From what I understand, the PARF rebate is eligible until 30 Jan 2025 (original Reg date +10 Years). At Jan 2025 the PARF rebate would be ~13.5K, after which it will be forgone past 31 Jan 2025.

However, the COE is running until 4 Dec 2029.

If I bought this car and drive it until COE end, means at COE-end paper value is zero? How then do I calculate the depre?

A) $139800 / 9.7 years of COE left = 14.4K/year

B) ($139800 + $13500 forgone PARF) / 9.7 years of COE left = 15.8K/year

or any other methods?

Another example here.

Assume for simplicity sake that I pay $240k for this car and assume the ARF is $80k, and I register it on 24-Sep-2020. And also assume $30k COE.

How do I calculate the depre?

A) $240k / 10 years = 24k/year

B) ($240k + $40k PARF forgone at 23-Sep-2029) / 10 years = 28k/year

or any other method of calculation?

Therefore does it mean that for such cars I should aim to de-reg it at (original Reg date +10 Years)? In this example then my depre would be (240k - 40k PARF rebate at 23-Sep-2029 - 3k COE rebate at 23-Sep-2029) / 9 years = 21.89k/year?

[Soundphile]

10 minutes ago, boonhat_91 said:

A) $240k / 10 years = 24k/year

AND

Therefore does it mean that for such cars I should aim to de-reg it at (original Reg date +10 Years)? In this example then my depre would be (240k - 40k PARF rebate at 23-Sep-2029 - 3k COE rebate at 23-Sep-2029) / 9 years = 21.89k/year?

Either of the above should be correct. 

Any reason why you only look at import used? they seem to have poor resale value although their depreciation is lower.

[boonhat_91]

17 minutes ago, Soundphile said:

Either of the above should be correct. 

Any reason why you only look at import used? they seem to have poor resale value although their depreciation is lower.

No particular reason. Just wanna better understand the used import scheme.

Since when renewing COE the forgone PARF rebate is factored into the 'actual' cost and depre, I am trying to understand how it is similar or different here.

[dmelrick]

yes definitely...

 

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Edited October 16, 2020 by dmelrick