In a rather shocking but perhaps unsurprising move just a day ago, the Singapore government’s latest attack on automotive enthusiasts has just reached yet another unprecedented level with a massive increase in car taxes yet again. With higher-end luxury cars taking the biggest hit with a massive 320% tax on their OMV (Open Market Value, in other words, what the car actually costs).
Whilst some might argue that such a move will only affect the Richie riches of society, this has been proven to be a rather flawed argument because, with the most expensive now about to hit even high highs, some potential buyers of these cars will have to eventually shop down, thus causing a trickling effect that will most likely than not, affect all cars down the ladder.
And with new “luxury” cars hammered with insane duties, it is only logical that second-hand dealers holding onto used premium cars will take it as an opportunity to increase their prices as well. So, for most of us who’ve been dreaming of one day buying a used 911 (for which a brand new one will take on approximately S$140,000 worth of extra taxes), I guess we’ll have to keep on dreaming. Or perhaps, seriously explore the option to move to another country.
I’ll be honest, seeing these heavy penalties imposed on car ownership through the years has taken its toll on keeping me upbeat with this car-loving hobby of ours. Not only are we constantly vilified by certain members of the public but now with year-on-year increasing penalties and obstacles to car ownership, it just gets very disheartening to have your dreams trampled on time and time again. Will it ever get better for car lovers in Singapore? I doubt it, but I do hope I’ll be proven wrong. Otherwise, does anyone have a link to home loans in Japan?
GARAGE36 