What is OMV

Insurance, Motor Insurance

Ivan Guan

April 23, 2009

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What is OMV? It stands for Open Market Value.

OMV is assessed by the Singapore Customs (Tel: 6355 2000), 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.

To obtain the average OMVs of commonly-registered car models, please follow the steps from LTA website. The OMV obtained serves as your reference only and may differ from the actual OMV of the car you wish to purchase.

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About the Author

Ivan Guan is the author of the popular book "FIRE Your Retirement". He is an independent financial adviser with more than a decade of knowledge and experience in providing financial advisory services to both individuals and businesses. He specializes in investment planning and portfolio management for early retirement. His blog provides practical financial tips, strategies and resources to help people achieve financial freedom. Follow his Telegram Channel to join the FIRE community.
The views and opinions expressed in this article are those of the author. This does not reflect the official position of any agency, organization, employer or company. Refer to full disclaimers here.

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