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.
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Light goods vehicle (G/Y Plate)
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Heavy goods vehicle
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Very heavy goods vehicle
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Goods / Passenger vehicle
3. Cost to consider
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Additional registration fee (ARF) – Tax imposed upon registration of vehicle
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Road Tax – Varies according to the type of your vehicle
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Insurance – All vehicles need to purchase insurance, and the premium price depends on your car type, coverage and engine
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Interest on loans – It is usually calculated as part of your monthly bill
4. Factors to consider before purchasing a commercial vehicle
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Intent use – Consider the industry and purpose you’re going to use your vehicle for
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Cost – Know your budget and stick to it before looking for a vehicle that fits your budget
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Parking – Multi-story carpark can accept up to 1,800kg unladen weight for commercial vehicles