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Information on the paperwork and process involved whether buying a new car from a dealership or a secondhand car through a classified advertisement. Details on the documents required and where they must be sent.
Buying a new carForeigners are not treated any differently to Singaporean citizens when buying or selling a vehicle. New cars can be bought through dealerships. Some dealerships have a monopoly on the types of cars they import. Dealerships and car dealers are usually willing to make a trade-in deal on any used car. To buy a new car the purchaser must provide proof of identity. Most dealerships will handle all the administrative work, including registering the vehicle. However, some may ask the buyer to arrange the Certificate of Entitlement COE. It may sometimes be cheaper to try for the COE in person.
Car prices are generally high; this is mainly due to taxes and the (COE). If a loan is taken the buyer must have proof of income. Although dealerships offer car loans it is advisable to shop around. Buying a Used CarSecond-hand cars are advertised in the classified section of the Straits Times or any of the motoring magazines available from all news stands or on one of the many websites. Many of the large dealerships offer second-hand cars. The notice boards at supermarkets occasionally have used cars for sale. It is often advantageous to buy a car of about one to three years old as the depreciation is greater in the first three years. However car prices can vary depending on the prevailing COE prices. Before buying a used car it is worth asking a garage or the Automobile Association of Singapore (AAS) to do a valuation and roadworthiness check.
Transfer Fees & Documentation requiredFor cars less than 10 years old with a valid COE, buyers have to pay a transfer fee of two percent of the assessed value of the car, as determined by the Land Transport Authority (LTA).
Transfer of ownership must be within seven days of making the purchase. This must be done personally at the LTA, Vehicle and Transit Licensing Division, 10 Sing Ming Drive or any Authorised Electronic service Agents premises. The following must be produced:
Selling a carUsed cars can be advertised in the motoring magazines or on the websites listed below. At the end of a COE of 10 years a part of the PARF value may be offset against a new purchase if the car is scrapped or exported. The car therefore has a value at the end of its COE lifespan. A car's COE can be extended by 5 or 10 years at the prevailing rate, however there will be no rebate at the end of its COE and the car must then be scrapped or exported. The following must be provided by the seller:
Advertising a Car for Sale
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