What is OMV?

The listed OMV value is that of the first registration date of the vehicle.

OMV stands for 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.

If the vehicle is de-registered within 10 years from its first registration date, the registered owner is entitled to a percentage rebate of its OMV value from the Land Transport Authority (LTA). Read more about the LTA PARF rebate scheme.

You may use the OMV rebate to exchange for cash at LTA. Do note that processing time is typically a few weeks.