Everyone knows that owning a vehicle is expensive.
But do you really know the annual costs of owning a Commercial Vehicle in Singapore?
When purchasing a commercial vehicle, here is what you need to take note:
Other Additional Costs
In addition to the cost of acquisition, there is also road tax, insurance, parking costs and many more.
Commercial Vehicle Insurance
You will need to purchase insurance for your commercial vehicle. The insurance premium price depends on the car type, coverage, and engine of the vehicle. Commercial car insurance costs between S$1,500 and S$3,500 per year in Singapore. Comprehensive insurance covers generally cost more and insure your vehicle against damage caused by accidents, vandalism, and theft.
CVES Surcharge / Rebates
The Commercial Vehicle Emissions Scheme was introduced for the period 1 April 2021 to 31 March 2023 to promote the use of newer and cleaner LGVs, in order to reduce harmful emissions. Vehicles registered during this period will get a rebate or surcharge depending on their levels of emissions.
Extracted from NEA on 10th May 2022
There are four main types of commercial vehicles in Singapore. These vehicles are generally classified according to their Maximum Laden Weight (MLW), with the exception of Goods-cum-Passenger Vehicles. The MLW then determines the road tax payable. The vehicle category also determines the Additional Registration Fee (ARF).
The charges depend on the unladen weight of the commercial vehicle, and the type of car park.
Extracted from HDB on 10th May 2022