Upgraded Car Loan Calculator to comply with MAS Restrictions

Citroen has revealed pictures and details of the new Ford Fiesta-rivalling C3 supermini, and the newly refreshed model will be unveiled at the Geneva Motor Show. The C3 gets a bolder front end than the outgoing car, and now features the extended double chevron grille fitted to Citroen’s latest models. Also new to the C3 are the LED daytime running lights and a new body-coloured splitter in the lower air intake, which was previously black plastic.

Major regulatory changes are set to affect the motoring industry after Finance Minister Tharman Shanmugaratnam outlined key changes to the tax structure for the Additional Registration Fee (“ARF”) for cars and to the conditions for car loans in the Budget for 2013. New ARF Structure The new tiered ARF structure will see high end cars paying higher taxes, as ARF rates become pegged to tiers in the cars’ Open Market Value (“OMV”). This is a marked change from the current flat rate of 100% of OMV, regardless of the OMV quantum. As outlined in the table below, there is no change to the tax on vehicles with an OMV of up to $20,000. Cars that fall in this category include the Ford Focus ($13,682) and the Mitsubishi Lancer ($16,615). On the next $30,000 (i.e. OMV of up to $50,000), the ARF rate is now 140% of the incremental OMV of $30,000. Cars in this bracket include the BMW 320i ($39,486) and the Toyota Alphard ($43,782). For the remaining OMV above $50,000 (i.e cars with an OMV greater than $50,000), the ARF rate becomes 180%. Luxury and performance cars such as the Lexus GS350 ($66,239) and the Ferrari 458 Italia ($325,203) make up the cars in this segment.  

Already renowned for offering all the refinement of a much larger car, the all-new Audi A3 now has an even more compact engine that also deftly belies its size.  With 57mpg potential the latest generation 1.2-litre TFSI petrol unit comes remarkably close to achieving the economy of a TDI without the attendant penalties at the fuel pumps or the diesel surcharge on the company car choice list.