Off Peak Car (OPC)

calfskin SG

Hi folks,

First time car buyer (soon-to-be) here. Some questions for the experts here on the Off Peak Car scheme.

Since car prices are relatively low now, I thought of getting a new car and register it under the OPC scheme. This is because:
1) I work in CBD. Sad
2) I dun need the car for work during office hours.
3) Only need it during the nights and weekends.
4) Company dun give car allowance (ARGH!).

I'm aware of the hours restrictions. AFAIK, the benefits are:
1) $17k rebate (can be used to offset COE)
2) $800 road tax discount per year, subject to minimum $50.

Questions are:
1) Assuming that the car costs $80k, can I use the $17k to offset cost outright, that means my purchase price is $63k? This could save me some $ on interest. In other words, I take a loan of $63k (assuming 100% loan) instead of $80k. Is that do-able? Or must I take a loan of $80k (assuming 100% loan again) and LTA credits me with $17k into my watever bank account?

2) Will there be savings on insurance? In other words, will the insurance co charge me a lower premium since its an OPC, or will the premium be just the same as a normal car?

Any experts can help/comment?

Thanks a million. ^^

elfhunter SG

1) Yes. The $17k will be used to offset the COE of the car, therefore the purchase price of the OPC car will be $63k if the normal car cost $80k.

Yes, you can try to take 100% loan of the $63k, subject to bank approval. U can let the sales executive know, and they will tell u more info on taking 100% loan.

2) Yes, the insurance permium is lower for OPC cars.

If you intend to get a parallel import car, please feel free to call me @94371122.
Otherwise, even if you got any queries abt OPC car scheme, u can also call me if u need any clarification, I wil be glad to help u if I can.

Elfhunter
Cheer!!!!!

calfskin SG

Thanks!

How much cheaper will the insurance be? Read on the other OPC thread (sorry! just realised there's another one AFTER i've posted Rolling Eyes ) that its only about 5% lower than premiums for normal cars?

elfhunter SG

I am not very sure how much lower,but I think will be more than 5% lower. Insurance will depends on the driver’s drving experience, age, occupation.

calfskin SG

Thanks!

Final question: Does anyone know whether OPC can be driven outta Singapore, i.e. Malaysia? If so, are they any special surcharge?

sbst275 SG

OPC can be driven to Malaysia... OPC is a restricted scheme to Singapore nia mah

If you want to drive in the day, 1 day cost $60 for the coupon (Buy from LTA @ Sin Ming or PSA Bldg)

mini-sized SG

Day coupon in Singapore is $20

sbst275 SG

Sorry... Yah, it is $20

Qitai SG

What is the penalty if kenna caught without day coupon for OPC?

sbst275 SG

Dun know... But confirm got a $10 adminstrative charge

Andrianie SG

its a fine to a max of $15K if you temper with the coupon. Non displayal possibly between 200-1K.

Wheels on Fire SG

I've purchased an OPC also and that question did pop up in my mind b4. Saw a lot of OPC without day license display zooming ard during restricted hours. Shocked Shocked Shocked Dun these guys know they risk paying more if kena caught? Or is there special privillege extended by LTA for special occasion e.g owner's birthday, wedding annevesaries etc? Rolling Eyes

BTW just to chip in some opinion, since nobody has mentioned. Other than those incentives posted, owning OPC also reduce running cost in the form of lower petrol usage & extended servicing interval Very Happy

hotxyz2002 SG

I honestly think that the OPC scheme caters to the needs of a very small pool of motorists.

In general, i think it would not be a sound investment. Imagine paying thousands of your hard-earned money but you can only use your cars at the designated time interval. I find it to be too restrictive. Might as well take public transport.

However, this is just my opinion.

fishing7 SG

Hi, initially i opt for an OPC also. BUt realise it is too much of a inconvenience than convenience. Although it is so much cheaper.

$17k off COE
Road tax per year is only $50.

But, check out the time that u can drive the car, so limited and dun tell me u will leave your car park at home and took public transport during those restricted hours.

In overall, if u are a low end user, mainly weekend then need car, then OPC will be a good choice. Wink

Qitai SG

I am thinking of buying one. But it is because I like to cheong Malaysia.

calfskin SG

I think buying a car in SG has never been an investment, and never will be ($1 COE notwithstanding). The only possible "investment" I can think of is the time saved from travelling from A to B, barring traffic jams and accidents. Other than that, its just a matter of throwing $ down the drain every month. The only difference is how much you throw away. Right? Shocked

The OPC caters indeed to a small pool of mortorists like me. Dun need to use during normal office hours, but only at nights and weekends. $17k discount is not very much considering the restricted hours, but still its $. Just my opinion la of course. Razz

BTW, road tax is not $50 a year. It is $800 off your regular road tax, subject to a minimum of $50, whichever is higher.

What about insurance for OPC? Anyone knows?

vroomvroom SG

I agree with calfskin.
If one works in CBD area e.g say City Hall,
I think it is not practical (in terms of $$ saving) to drive to work.
If that is the case, one has 2 choices.
either dont buy a car and stick to Public transport...
If not buy an OPC.

For e.g, Say a very small kelisa OPC. think now only $28.5k
with tt small investment, at least one still can bring his wife and family to outing on sat, sun.
Opinions differ .
Just sharing my thoughts.
Wink

Lancerlot SG

but then u still have to incorporate additional transport cost (taking public transport) incur during the weekdays when u work. this add on to your car cost, u are incuring two transport cost. Crying or Very sad if want to take public, go all the way n rent on weekends. if not go for a full fledge car. just my own opinion.

cheers

citrus SG

Hi Calfskin

You can take the 17K savings plus $800 road tax discount plus interest savings and divide by $20 over say 5 years (if you intend to do this for 5 yrs or whichever no. of years) and see how many day coupons you can buy.

calfskin SG

erm...assuming 5 year period, tat works out to be more than 10,000 day coupons. wo-hoo!

altho it was mentioned earlier that wif an OPC, i'll be paying TWO transport costs, my MRT/bus fare a month is only about $80 to and fro work. for any other transport needs, I got my OPC to rely on. By the time i reach home and shower, it'll just be after 7pm, which is juz after the restricted hours.

also for weekday supper and cheonging weekends, I save on cabbing and excessive midnight charges. also can cheong m'sia. dunno abt the transport patterns of fellow forummers, but OPC works for me la.

anyone driving the new 1.6 Lancer MT? I wanna register that as an OPC. any views/feedback on that car regarding FC, drivability etc?