How is the OMV of a car determined

[Lifemoveon]

Hi guys... it's been a while since my last post.

Can i find out how exactly is the OMV of a car determined. So if i'm looking to import a 1 year old used car from overseas, how could LTA determine the OMV of that car?

For example, I've got an Mercedes E class that I've bought of $80,000 in the UK and i have used it for 1 year. If I were to import that, will the OMV be $80K or $50K (based on what's sold on the 2nd hand market here) or some other value which LTA will determine?

I think that OMV is important because all the taxes are determined from it.

Thanks in advance.

[Apple-Tree]

13 minutes ago, Lifemoveon said:

Hi guys... it's been a while since my last post.

Can i find out how exactly is the OMV of a car determined. So if i'm looking to import a 1 year old used car from overseas, how could LTA determine the OMV of that car?

For example, I've got an Mercedes E class that I've bought of $80,000 in the UK and i have used it for 1 year. If I were to import that, will the OMV be $80K or $50K (based on what's sold on the 2nd hand market here) or some other value which LTA will determine?

I think that OMV is important because all the taxes are determined from it.

Thanks in advance.

Err ........ it is not like that one.  Just imagine LTA as a Bandit ...... ya ........ then you are on the RIGHT PATH .....

https://onemotoring.lta.gov.sg/content/dam/onemotoring/Buying/PDF/Importation_Guidelines/Car.pdf

 

[Carbon82]

Let me put it this way, whatever value you declared must be supported with some form of evidences, e.g. average used car value (of similar age, spec and conditions), market valuation report (something like property valuation), insured value (which is generally tied to market value), etc. 

BTW, OMV is not just about the car value, but also include fright charges, insurance payable, and any other charges related to the sale and delivery of the car to Singapore.

Hope that helps in your decision making.

[Gnahp]

OMV is determined by the Customs, LTA will take the number given by the Customs

If Singapore Customs officer is not convinced by the value that you declared (supporting documents are important as mentioned by bro Carbon82), you and the officer will go into a ping pong game until both parties agree on a number or you agree to their number

while you and the Customs officer are finalising the OMV, your vehicle will keep draining your $ everyday in the warehouse (warehouse charges by day)

 

 

[Inlinefour]

errrr...over market value tio bo 🤑🤑🤑

[Watwheels]

I dont think many ppl here has had experience importing used car here. If I knew I be a PI, pirate importer....I beg your pardon, parallel importer.

Got ask LTA? I bet LTA will want the original documents of the car from the car maker no less. Not the company you bought it from. I think this will be the most challenging part. Documentation of purchase and taxes paid. 

Depending on what kinda special car for the effort. If it's available everywhere it's not worth the effort.

 

 

[Hondaes8]

if OMV is 80K. with the rising COE, you may be better off buying a similar used one here , which probably cost the same, less the hassle.

Import cars here still need to arrange tow track to move into warehouse, send for inspection, tow back again, make trips to LTA, etc.

 

 

 

[Kangadrool]

Make sure all documentation has the tao gua chops in spite of the fact that we are/they are pushing for all the eeeeeeeeeeeeeeeeeeeeeeeee and iiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiii to cut down the papers. LOL

Not sure now if they still insist that the Copy B/L be chopped and signed anot. And getting these Copy B/L to be chopped and signed can be quite a PITA with some shipping lines and agents.

 

Edited January 22, 2021 by Kangadrool

[1fast1]

8 hours ago, Kangadrool said:

Make sure all documentation has the tao gua chops in spite of the fact that we are/they are pushing for all the eeeeeeeeeeeeeeeeeeeeeeeee and iiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiii to cut down the papers. LOL

Not sure now if they still insist that the Copy B/L be chopped and signed anot. And getting these Copy B/L to be chopped and signed can be quite a PITA with some shipping lines and agents.

 

B/L = Bills of Lading? 

[Kangadrool]

3 hours ago, Turboflat4 said:

B/L = Bills of Lading? 

Yup

[Newtosg]

Has anyone seen a new car with an obscenely low OMV get sold to them by a dealer? Hard to say if this is an oversight or fraud. If you come across this, do you raise to the LTA?

[kobayashiGT]

On 1/21/2021 at 11:41 PM, Lifemoveon said:

Hi guys... it's been a while since my last post.

Can i find out how exactly is the OMV of a car determined. So if i'm looking to import a 1 year old used car from overseas, how could LTA determine the OMV of that car?

For example, I've got an Mercedes E class that I've bought of $80,000 in the UK and i have used it for 1 year. If I were to import that, will the OMV be $80K or $50K (based on what's sold on the 2nd hand market here) or some other value which LTA will determine?

I think that OMV is important because all the taxes are determined from it.

Thanks in advance.

https://www.sgcarmart.com/news/writeup.php?AID=13

Hope this is helpful.