Off Peak Car (OPC)

Qitai SG

INFORMATION FROM LTA
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You can apply to the LTA to convert your normal car to an OPC. Upon receiving a letter from LTA, you can proceed to change the car number plate to red and have it sealed by an authorised Inspection Centre. To complete the conversion, you will need to submit the required documents as listed in the letter from LTA and pay the conversion fee of $100.

You will be given the $800 discount on the annual road tax subject to a minimum road tax payment of $50 per year. No tax rebate on your COE quota premium or ARF will be given.

If your car is de-registered before it is 10 years old and is eligible for Preferential Additional Fee (PARF) benefit, an additional PARF may be granted on top of the normal PARF benefit. This additional PARF is computed as follows:

Lifespan of the car as a converted OPC (in months & days) x ($2,200/12)
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Essentially, I read that as you get more PARF value if you convert a normal car to OP car. And this amount is $2,200 per year. If you look at it over 10 years, you actually get $22K worth of rebate which is more than the $17K rebate.

rumie SG

Hi there,

I'm getting an OPC too. Actually, had already submitted the forms, now waiting for approval.

I got a mitsubishi lancer 1.6 (M). it costs $60k, and I got a total loan of $44k+ after COE rebate for OPC, over 10 years with 0 downpayment. It worked out to about $450/mth.

Of course, we just can't take monthly as the only cost. Take a look at what I've prepared for the car...

Installment 450
Petrol 250
Season Parking 65
Extra 35 (but will be more than this)
Road Tax/mth 0

Total: $800++

Which is about 33.33333% of my take home per month.

I dunno about the frequency of servicing, but when i used to have a normal car, and had it serviced once in 2.5months.

For the petrol part of $250/mth, think it's never an underestimate lor.

carmour SG

COE is so cheap now. Is it worthwhile to get OPC?

zenixth SG

from what i heard, normal Vios road tax is $874. after the $800 rebate, shld be $74

DarthVdr SG

OPC is not about whether COE is cheap or not. No matter how high or low the COE is, if you really need a car for your work and daily activties, you'll get one, at any cost. OPC is for pple who don't need the car during weekdays, as they don't need to drive to work (or if the parking at their workplace is too $$$, and so you'd rather take public transport instead).

It really adds up knowing that you save $800 per year over 10yrs plus $17K upfront for a total of $25K. In most other countries (maybe all other countries) you can get a brand new car for that amount.

Its bad enough we're paying through our arse in Singapore just to own a car (Some pple mentioned using one-third of their pay for the car?? That's totally ridiculous if you ask me!!). So should you get a normal car and let it sit at the parking lot most of the time if you're not using it actively? Sad

wbucket SG

100 is a good guide for OPC Vios, cause Vios is known to be a fuel saver. But then again, have to see how you drive and where you drive. If you drive to work during non-peak hours, you will be looking at 200-250 per month.

For me, I set aside 1k (half of my take-home) for the car for just in case senario. In actually fact only spend about 800. Better to calculation how much you need to survive, keep some for rainy days, especially since you are married.

Car under your wife's name should be better. Or should I say insurance under her name. Cause a 1 year old license definitely kanna chop by insurance company, no matter how old you are.

As for cars,
Japan: Lancer, City, Swift, Jazz(1k over budget).
Korea: Getz, Cerato.
Others: Aveo, Optra, Gen2.

Above listed are cars people buy nowadays that I actually think worth looking at. Of course always go for the Japanese car first, but if you want to try other variations, please do......at your own risk.

nick28 SG

So the reworked calculations are as follows:

Vios - $57,776
Vios OPC - $40,776
Downpayment - $3,776
Loan for 7 yrs - $37,000
monthly instalment based on 2.2% i/r and 1 yr rebate - $500
monthly carpark - $65
monthly petrol - $100
monthly road tax - $74/12 = $7
miscellaneous (carpark) - $40
monthly insurance - $1,600/12 = $135
car maintenance - ???

Did i miss out anything? Can anyone advise on amt incurred for car maintenance and the frequency? Thanks.

Saggice SG

I went down ubi borneo motors last wk, he said if i wanna get Vios OPC. From his exp, its better to put down 20% downpayment else it will be very hard to get the loan. Can any1 verify this ???

i.e: $57,776 - 17,000 = $40,776
20% downpayment = $8155.20

You will need to pay a booking fee of $3150 upfront first. The outstanding amt u will pay 1 wk or 2 before u get the car.

I still havent included the insurance money yet.
Can we include the insurance amt into the total loan amt ???

Thanks !!

nick28 SG

HSBC finances up to 95% so $3776 as downpayment should be fine for me. Insurance cannot be included in the loan amount. Can I check which model u looking at? Auto or Manual? what freebies did they throw in?

Saggice SG

Hi nick28, im looking at Auto Deluxe.
There are no freebies, only that the SE said can work out some cash rebates for me (upon my asking). What freebies u've got ?

yes HSBC finances up to 95%. but if getting a OPC, its different. my SE said for OPC, his experience is normally ppl need to pay 20%, else wont be approved... im quite puzzled too abt tis. cos it will be very tight on me if need to pay 20%.

nick28 SG

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nick28 SG

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nick28 SG

same here. when are u getting? I was thinking whether would there be a discount if we buy together. I will probably need to wait till March 05. Can u wait?

Ekit08 SG

Hi, Juz to ask all bros for advise… normally i reach my work place at 7 but i go home between 5.30 to 6.30.. i will not be driving during the peirod. Should i get an OPC or get a normal car? Any advise pls? thanks….

wbucket SG

From what I know, banks approve the loan base on the salary you are getting. I think the monthly installement should be less than a third or quater of your salary, something like that! Anyway, recently Toyota SE got a bit of problem with their attitude, I would strongly advise you to try Honda or Mitsubishi if you are not overly impressed by Toyota's car.

I would advise you to stay in your office until 7pm then drive back. Traffic is smoother then, more relax to drive. So depends on you, if you die die must get out of your workplace ASAP, then OPC doesn't work.

100% SG

Coolz.. thanks.

Saggice SG

Hi nick28, no prob im not getting so early too... my initial plan was to get last mth but now i think im postponing my plans.... prob to later. Im sure we can get more goodies or cash rebate if we get together... my email is [email protected]

Just a qns for the bros here, abt the 20% downpayment for OPC Vios, did anyone know abt it ??? Is it true ???

cejay SG

hi bros, i’m also interested in getting the OPC vios sometime soon. maybe we can concert a bargain. my email: [email protected][/quote]

nick28 SG

Great! anyway, guess we need to wait till the budget day is over. Heard that ARF will be slashed further. Price will drop.

rumie SG

IF you want a car, you're asking the obvious. Get an off-peak.

But then again, do you really need the car that will add on your financial burden for at least the next 3 years?

Don't think about whether to get an off-peak car or not,

but ask yoursefl whether you need a car in the first place or not.

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