Singapore is the most expensive country to own a car

YouTuber Kuma Kuruma opens the topic using the Volkswagen Polo as an example, citing its open market value (OMV), or the price of the car before taxes and fees are applied.

According to B92, the value of the open market is 17,796 Singapore dollars. Then an excise tax of 20 percent of the value is added, in Paul's case 3,559 Singapore dollars. After that, there is the service tax (GST) which is 7 percent - 1494 Singapore dollars.

The worst fee is the registration fee (ARF), and for cars whose open market value is below 20,000 Singapore dollars, you pay an additional 100 percent of the open market value. This means that since Polov OMV is Singapore $ 17,796, its registration fee is that much more.

Add another 3,559 Singapore dollars in excise duty and 1,494 dollars in services tax, the total price of the new Paul in Singapore is 40,646 Singapore dollars, which is 30,226 US dollars, or 2,983,214.82 dinars.

However, once you've bought your new car, your troubles don't stop - you need one more thing before you can drive it: a Certificate of Rights (COE) that allows you to drive a newly acquired vehicle for up to 10 years. For one Polo, such a certificate would cost around 48,000 Singapore dollars, according to which the final cost of Polo would be 99,000 Singapore dollars, which is 73,620 dollars!

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