SG: Government proposes levy for second car
If you are looking to buy a second car in the near future, you should act fast. The government announced today that it is considering imposing a surcharge for the second car owned by the same person. This will be in addition to the amount you pay for the COE. The government hopes this move will spread out car ownership more evenly considering the limited supply of COEs. If this surcharge goes through, it will not apply to owners who already have multiple cars.
This move will see some relief in the Cat A of COE where buyers of mass market cars compete with those of luxury cars with lower engine capacity.
In addition, the government is also looking to including engine power as a way to better separate car models in Cat A and B.
According to latest statistics, 50% of the COEs in Cat A are taken up by luxury cars.
The government will be seeking the public's response from both consumers and car dealers on the proposed changes and will likely take 2 - 3 months to compile its feedback.
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