OMV Calculator
Category: AutoCalculate the Open Market Value (OMV) of imported vehicles in Singapore, including customs duty, GST, and total landed cost. This calculator helps car importers, dealers, and buyers understand the complete cost structure for importing vehicles into Singapore.
Vehicle Information
Cost Details
Tax & Duty Settings
What Is the OMV Calculator?
The OMV (Open Market Value) Calculator is a tool that helps users estimate the total landed cost of importing a vehicle into Singapore. It considers the vehicle’s purchase price, shipping costs, insurance, taxes, customs duty, and Goods & Services Tax (GST). This tool is especially useful for car buyers, dealers, importers, and Financial planners who want to assess the full cost of bringing in a vehicle from overseas.
How the OMV Is Calculated
OMV is based on the vehicle's value in its country of origin, along with additional costs incurred during import. Here’s the general formula used in the calculator:
Where:
- CIF Value = Purchase Price + Shipping + Insurance + Other Costs
- Depreciation is applied based on the vehicle's age and method selected
- Customs Duty = Depreciated Value × Duty Rate
- GST = (Depreciated Value + Duty) × GST Rate
Key Benefits
- Helps estimate the total cost of importing a car into Singapore
- Includes detailed breakdowns for cost transparency
- Supports different currencies and applies real-time exchange rates
- Accounts for depreciation based on vehicle age
- Includes COE (Certificate of Entitlement) estimates for completeness
How to Use the OMV Calculator
To use the OMV Calculator effectively, follow these steps:
- Select the vehicle type, engine capacity, and fuel type.
- Choose the vehicle’s age to apply the appropriate depreciation rate.
- Enter the purchase price and choose the currency.
- Add the shipping, insurance, and other related costs.
- Review or adjust the customs duty rate and ensure the GST rate is correct.
- Select the country of origin and preferred depreciation method.
- Input the exchange rate if applicable and any extra handling fees.
- Click "Calculate OMV" to see the results.
Who Can Benefit from This Tool?
This calculator is useful for:
- Car Importers evaluating vehicle costs from different countries
- Dealers preparing quotes or estimates for customers
- Buyers comparing new vs. used vehicle imports
- Financial Advisors assisting clients with cost planning
Frequently Asked Questions (FAQ)
What is OMV used for?
OMV determines how much tax and duty is payable when importing a vehicle into Singapore. It directly impacts the ARF (Additional Registration Fee) and total registration cost.
Does this calculator include COE costs?
Yes. You can choose to include an estimated Certificate of Entitlement (COE) value, which varies depending on the vehicle category and recent bidding prices.
How is depreciation calculated?
The calculator supports standard depreciation models such as the IRAS method. Depreciation is higher for older vehicles and directly reduces the OMV.
Can I change the exchange rate?
Yes. If the purchase price is in a foreign currency, the tool allows you to input the exchange rate for accurate conversion to Singapore Dollars (SGD).
Is this tool accurate?
The calculator provides close estimates based on current tax policies, but final OMV values may vary depending on customs assessments, trade agreements, and vehicle condition. Always verify with official sources for final figures.
Why It’s Useful
Importing a vehicle is a significant financial decision. The OMV Calculator gives a clear overview of all relevant costs before making a commitment. Whether you're comparing options, budgeting for a purchase, or running a car dealership, this tool simplifies cost planning and reduces the risk of unexpected fees.
Note: All estimates are based on standard inputs and may not reflect final government assessments. Users should consult with the Land Transport Authority (LTA) or authorized agents for official guidance.