â(49) Kia Picanto 1.1 Manual
Depreciation refers to the loss in value of the vehicle over its useful life. Annual depreciation = (List Price - Minimum PARF Benefit ) / Remaining COE in Years
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.
ARF, or Additional Registration Fee 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. When a car is de-registered before 10 years of age, a Preferential Additional Registration Fee (PARF) rebate may be granted if the car is eligible for PARF benefit. The PARF rebate is computed as a percentage of ARF based on the age of the car when it is de-registered.