Honda may be the next King

Honda is all set to over take Toyota as the King of Singapore Road. In December 2007, for the second time in a row, more Hondas were registered compare to new Toyotas. Both having a huge commanding shares of the road, which make up of half of all newly registered cars. So for now, it is Toyota Corolla and Honda Civic owners fighting for car park spaces.

About 8,100 new cars were registered during December 2007, Honda have overtaken Toyota as the most new car registered. Here is a breakdown by Car Brands registered:

23% HONDA
23% TOYOTA
8% MITSUBISHI
6% NISSAN
5% B.M.W., Read on..

HONDA - The Power of Dreams

To dream the impossible dream, to fight the unbeatable foe, to bear with unbearable sorrow, to run where the brave dare not go. To right the unrightable wrong, to love pure and chaste from afar, to try when your arms are too weary, to reach the unreachable star...

Branded Cars on Singapore Roads

There is a one-in-three chance of seeing a Toyota on Singapore roads. And a one-in-four chance of seeing a Nissan or a Honda.

Here is the 2007 Car population (517,000 cars in Singapore): 

TOYOTA 28%
HONDA 13%
NISSAN 12%
HYUNDAI 8%
MITSUBISHI 7%

Here is the 2006 Car population table provided by LTA.

TOYOTA 29%
NISSAN 14%
HONDA 11%

HYUNDAI 10%
MITSUBISHI 7%
MERCEDES BENZ 5%
MAZDA 4%
B.M.W. 4%

KIA 3.28%
SUZUKI 1.73%
VOLVO 1.14%
PROTON 0.98%
RENAULT 0.66%
VOLKSWAGEN 0.61%
AUDI 0.50%
PEUGEOT 0.46%

Singapore Car Population Statistics

25% of road worthy cars in Singapore is between Less than a year old.
23% of cars in Singapore is between 1 to 2 years old.
20% of cars in Singapore is between 3 to 4 years old.
13% of cars in Singapore is between 4 to 5 years old.
6% of cars in Singapore is between 5 to 6 years old.

So about 70% of the car population is less than 5 years old.

More that half of all cars (60%) have engine capacity of between 1001 to 1600 cc. And about a quarter of the car population (24%) is between 1600 to 2000 cc. Very few cars (2%) are below the 1000 cc range.

Based on 2006 Data from LTA.

Calculating the Cost of a Car in Singapore

To calculate the based cost of car in Singapore is quite simple. It is based on two basic elements - OMV and COE. Normally, the car importer and distributor will use the COE's Prevailing Quota Premium (PQP) in their calculation. Both these data a free available from most Singapore based Auto Portals as well as LTA website. The margin really on market sentiment - new model and more exotic brands usually comes with high dealers margin. While the older model and less popular makes, as smaller margins.

Open Market Value (OMV) is assessed by the Singapore Customs, based on the price actually paid or payable for the goods when sold for export to the country of importation. This price includes purchase price, freight, insurance and all other charges incidental to the sale and delivery of the car to Singapore."

Additional Registration Fee (ARF) 110% of OMV.
Excise or Customs Duty (ED) 20% of OMV.
Goods & Services Tax (GST) is 7% of the stated OMV.
Certificate of Entitlement (COE) Bid.
Registration Fee (RF) $140.

Formula is
Cost = OMV + (OMV * 1.10) + (OMV * 0.20) + (OMV * 0.07) + 140 + COE
Cost = OMV * 2.37 + 140 + COE

Say "this car" OMV is SGD 14,000 and Prevailing COE is also SGD 14,000.

Total Estimated Cost of the Car is SGD 47,320.00.

Most distributorship and parallel importer will have a markup of around 15%, so the price tag for "this car" will 54,400.