High-end motorbike dealers have adjusted their prices for their high-end bikes, as the budget restructured the Additional Registration Fee (ARF) for expensive bikes. Now, the more expensive the bike was, the more expensive it is now (???).
A refresher on the change: the ARF is now tiered, and any bike with an Open Market Value (OMV) higher than $5,000 will be susceptible to 2 new tiers. Subsequent $5,000 beyond the first $5,000 will incur a 50% ARF, and anything beyond that will have a 100% ARF. Bikes with OMV of $5,000 or below will remain at the 15% level.
This means that super expensive bikes will cost way more, up to an increase of more than $27,000, in the case of Ducati’s costliest model, the Superbike Panigale R. This bike used to cost $76,000 as of last month, and after adjustment now costs $103,800.
That is only a little more than some small cars out there.
I can’t claim to understand how exactly these final prices are calculated, but hot damn that is expensive.
According to the Ministry of Finance, this change was designed to deal with the rising trend of motorcycle buyers buying more expensive bikes. When compared to the similar scheme in 2013 for high-end cars, it is expected that motorcycle COE premiums would fall, at least in the short term, as it did for cars back then.
It is also noteworthy that more than half of current motorcycle buyers would not need to pay any more than they would have before this change, so if you’re looking to buy a bike, you’re probably not affected. And if you are, you’re probably too rich to care.
Read this article in the Goody Feed App now! It’s fast, seamless and ad-free! Download now and stand a chance to win $50 weekly!
iOS: https://goo.gl/a0FZdy
Android: https://goo.gl/WlJzV8
Featured Image: yahoo.com
This article was first published on goodyfeed.com
Read Also
- 7 New Rules You Have to Know if You’re An E-bike User or Planning to be One
- Everything You Need to Know About S’pore Budget 2017 in 60 Seconds
Here’s a simplified summary of the South Korea martial law that even a 5-year-old would understand:
Read Also:
- Salon Allegedly Charged $880 Treatment Package to Elderly Who Has Hearing Difficulties
- Man Replaces M’sia-Registered Car With a S’pore Plate & Drives It Without a Driving Licence
- Confirmed: Allianz Withdraws Its Offer to Buy Income Insurance
- 10th Floor Resident Leaves Baby Stroller On Air Conditioner Compressor
- $400 Worth of Durians Delivered to Customer; Customer Allegedly Takes Durians Without Making Payment
- Woman Borrows Touch ‘N Go Card From S’pore Driver to Cross JB Checkpoint & Didn’t Return Card
Advertisements
