OMV (Open Market Value)
OMV, or Open Market Value, is the assessed value of a vehicle for taxation purposes in Singapore, calculated by Singapore Customs based on the vehicle's purchase price, freight, insurance, and other costs of importation.
What it means
OMV is the base figure that Singapore Customs assigns to a vehicle the first time it is imported. It is calculated from the actual cost of the car at point of export, plus freight to Singapore, plus insurance during transit, plus any other charges that contribute to the cost of getting the car to Singapore. Once OMV is set, it is the base on which ARF is calculated under the tiered Singapore tax structure. OMV is published by Singapore Customs and is consistent across like-for-like vehicles, which is why dealers and manufacturers cannot simply discount OMV to lower a car's tax bill. For owners, OMV is the number to look up first when budgeting a new car, since every tax downstream of it (ARF, PARF rebate calculations, depreciation modelling) flows from this base.
Why it matters in Singapore
Knowing OMV before falling in love with a car is one of the most useful Singapore-specific habits a buyer can build. Two cars that look comparable in monthly payment can have very different OMVs, which leads to very different ARFs, very different PARF rebates, and very different long-term cost profiles. OMV is the leading indicator of total cost.
How Revol Carz handles this
Revol Carz does not assign or transact OMV; that is Singapore Customs' role. Where we help is in giving owners a long-term view of how their OMV-driven taxes interact with paint and mechanical decisions over the 10-year COE term.