4 Things you should know before buying a commercial vehicle in Singapore

by | Dec 12, 2023 | Happenings | 0 comments

Planning to buy a commercial vehicle in Singapore soon? Here are some tips and tricks you should know!

 

1. Requirements to own a commercial vehicle 

Certificate Of Entitlement (COE)
Every commercial vehicle in Singapore are required to have COE. Commercial vehicles fall under and must be registered under Category C.
Only registered companies/sole proprietary are allowed to purchase commercial vehicles.

 

2. Types of commercial vehicles 

There are 4 main types of commercial vehicle in Singapore.
  • Light goods vehicle (G/Y Plate)
  • Heavy goods vehicle
  • Very heavy goods vehicle
  • Goods / Passenger vehicle

 

3. Cost to consider

  • Additional registration fee (ARF) – Tax imposed upon registration of vehicle
  • Road Tax – Varies according to the type of your vehicle
  • Insurance – All vehicles need to purchase insurance, and the premium price depends on your car type, coverage and engine
  • Interest on loans – It is usually calculated as part of your monthly bill

 

4. Factors to consider before purchasing a commercial vehicle

  • Intent use – Consider the industry and purpose you’re going to use your vehicle for
  • Cost – Know your budget and stick to it before looking for a vehicle that fits your budget
  • Parking – Multi-story carpark can accept up to 1,800kg unladen weight for commercial vehicles