Honda Vezel 1.5 X [MY18/19] (A)
OMV, or Open Market Value of a vehicle is assessed by the Singapore Customs, based on the price paid or payable for the goods when sold for export to the country of importation. This price includes purchase price, freight, insurance and all other charges incidental to the sale and delivery of the car to Singapore. OMV is a determining factor for the amount of taxes, duties and Additional Registration Fee (ARF) payable when a vehicle is first registered in Singapore. In accordance with guidelines published by the Monetary Authority of Singapore, financial institutions are also required to consider a vehicle's OMV to decide the maximum loan-to-value ratios for motor vehicle loans.
Depreciation refers to the loss in value of the vehicle over its useful life. Annual depreciation = (List Price - Minimum PARF Benefit ) / 10 Years