Even if you drive, there are many things which drivers are unaware of .  Like how our cars work, what are the essential things to change and not change for a car.  There are many times, we get into something without knowing.  But in any case, here are some info about PARF and OMV rate.  In case, some of you car owners out there are not sure.

Preferential Additional Registration Fee (PARF) Rebate

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. For the full PARF breakdown, check out the full table at ONE.MOTORING here.

If you buy a PARF car ( second hand) you will be exempted to pay the following:

• The Additional Registration Fee (ARF)
• The COE Quota Premium
• The Registration Fee (RF)
• The $10,000 used car surcharge (if applicable)

If you deregister your car before the 10 years is up :

• The PARF rebate is computed based on the age of the car at deregistration. The age of the car is computed from the date of its registration (locally or overseas, whichever is earlier).

OMV: Open Market Value

The list Open Market Value or OMV of the first registration date of the vehicle.  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 price is inclusive of price, freight, insurance and all other charges incidental to the sale and also the delivery of the car to Singapore.

If the vehicle is de-registered within 10 years from its first registration date, the registered owner is entitled to a percentage rebate of its OMV value from the Land Transport Authority (LTA). Read more about the LTA PARF rebate scheme.

You may use the OMV rebate to exchange for cash at LTA. Do note that processing time is typically a few weeks.