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Shiraz Hussain asked about Scrap/Export Car
over 5 years ago
What is omv and arf value? What does it mean if both of their values are the same? If i plan to buy a second hand car which is 8 or 9 years old, how do i calculate how much will i get after scraping at the end of 10 years?
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1 Answer
The listed OMV value is that of the first registration date of the vehicle. OMV stands for Open Market Value. OMV is assessed by the Singapore Customs, based on the price actually paid or payable for the goods when sold for export to the country of importation.
The Additional Registration Fee (ARF) is a tax imposed upon registration of a vehicle. It is calculated based on a percentage of the Open Market Value (OMV) of the vehicle.
The ARF determines your PARF rebate which is a component of your de-registration value.
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At the end of 10 years you will get back the minimum PARF rebate, which is usually 50% of the ARF paid. The PARF rebate is computed based on the age of the car at de-registration. The age of the car is computed from the date of its registration in Singapore or its original registration in a foreign country, whichever is earlier.
You can also check the PARF amount here:
1. Go to https://www.onemotoring.com.sg/content/onemotoring/en.html
2. Click on Quick access > eServices & Info > COE/PARF > PARF/COE rebate on Deregistration.
3. Enter Carplate
4. Select ID type and Enter last 5 characters of Owner's ID (Eg 3288F)
5. Input Intended De-registration Date
4. Click on 'I Agree'