Will the recent changes to the preferential additional registration fee (PARF) rebate and the current COE prices turn away car buyers?

Prime Minister Lawrence Wong announced in his Budget speech on Feb 12 that the PARF rebate will be lowered by 45 percentage points.

The maximum rebate a car owner can expect to receive will be halved from $60,000 to $30,000.

If you're looking to buy a car, should you go for a new car, a second-hand ICE vehicle, or just give up that dream altogether?

In this episode of The Usual Place, ST’s senior transport correspondent Lee Nian Tjoe and veteran automotive consultant Say Kwee Neng share their thoughts.

Highlights (click/tap above):

1:21 What is the significance of the PARF? 

4:21 Is the PARF rebate reduction a “stick” to get buyers to choose EVs? 

8:56 A stealthy wealth tax? 

14:53 The implications of older EVs on the road

19:11 The iPhone vs older EVs comparison 

24:11 What’s happens to the used car market now?

27:06 Most cost-efficient option now

30:36 Are your dreams of owning a car over?

Filmed by: Studio+65

Edited by: Teo Tong Kai, Eden Soh and Chen Junyi

Executive producers: Danson Cheong, Elizabeth Khor & Ernest Luis

Editorial producers: Elizabeth Law & Lynda Hong

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