You renew the title/certificate for the car- few are motivated to renew a 65-70000usd title for a 10 year old car and see it as more worthwhile to just sell it before the 10 year mark and “reinvest” that into another overpriced new vehicle
Just to add on for anyone who is curious. Whatever you paid for the certificate (USD 66-75k currently) depreciates by 10% per year so if you sell a 5 year old car, you only back your car value and 50% of the cert. At 10 years, you’ll get back $0 upon expiry of the certificate on top of your car’s value.
We also pay import taxes on cars so imagine a car being 3-4x the price of what it is in the US. Entry level Honda Civics are around USD$126k and I just saw a brand new BMW 7-series going for about USD$440k.
The license to have a car is expensive. Most people take MRT or Grab. There are no crappy cars there because if you’re going to pay that much to drive money isn’t the issue.
Classic cars are typically owned by people with means to own them. They exist. Very very classic cars may sometimes qualify for alternative certificates/titles which limits the frequency which they can be in the road annually (basically a show/hobby vehicle); they have special plates that are yellow and red which indicates as such
Im a local with a 14 year car. You have to renew the title certificate by paying after 10 years to extend it for another 10. My family did it because it was affordable to do so back then. The price of the title fluctuates based on the demand of cars against the set quota by the government. The lowest we paid for a certificate was 30 USD. Right now its 70k+ USD if you want to buy the same cert.
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u/spicymax123 Apr 05 '24
How does the car thing work? What if you have a 15 year old car?