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OnMyWay

New Vehicle Excise Tax

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This was brought up in another thread but was getting off topic, so I will start a new thread.  I thought I had started one before but I don't see it.

Apparently the new vehicle excise tax rates are decided.  There will be a 2 step phase in: Jan 1, 2018 and Jan. 1 2019.  There are a lot of websites with information on the impact.  Here are two I like.

This one tells you the current tax rates in addition to the new ones:

http://motioncars.inquirer.net/49956/dof-robust-car-sales-continue

This one is a nicer table format but doesn't have the current rates

https://www.ecomparemo.com/info/auto-excise-tax-heres-an-updated-list-of-cars-and-their-2018-2019-prices/

 

 

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Who in the hell is crazy enough to finance a car at 50% interest is what I want to know....

 

“This means that even when automobile loans were financed at 50-percent interest rate per year, which is a very high assumption even at the worst financing terms"

 

 

In the end the 1/10 of 1% and up here will be fine - its the people at the 1% to probably 1/2% of income that will fee the pinch on these taxes when they want to try to look like their betters - IMO.  I would think though that taxes this high just drive tax avoidance and out right illegal schemes to avoid the ad valorem taxes.  How is that really helpful?

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Here is a funny side note.

I stopped by a KIA dealer to take a look at a Carnival, and picked up their price list.  It had their financing requirements on the bottom:

For OFWs / Foreigner

==================

2 valid government ids

OFW contract / COE

Payslips last 3 months

Bank statement last 6 months

Proof of billing

Sketch of residence

PDCs / ADA

Proof of remittance / proof of pension

Alien Certificate of Registration

-------------------------------------------------- 

I'm not interested in financing but I got a chuckle out of the list.  I wonder if a little stick figure drawing of my family in front of our little box house will do?

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8 minutes ago, OnMyWay said:

Sketch of residence

 Although we paid cash for our car, I  needed to Bridge for 10 days, (I needed to transfer funds from Malta) PNB sent a Clerk up to photograph the House :89: Why I asked? well this Address is in a fairly unknown Area for the Bank. Yep I am in  the wilds somewhat although only 4 km max from the City limits But Hey, we know where we are EH?

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11 minutes ago, OnMyWay said:

Foreigner

I am impressed they would even finance a foreigner.  My bank manager offered to finance a vehicle for me, but only because I have been dealing with him for years.  When I asked to finance a car at dealerships the ALL turned me down.  Didn't even get to first base with them.

By the time I figured out that the best and cheapest course of action is to go direct to my Philippine bank manager I had decided to buy a cheap used car that I did not need to finance.

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2 minutes ago, Dave Hounddriver said:

I am impressed they would even finance a foreigner. 

 Oddly enough strange things do happen, Before I decided which way we would go "A" Contacted Inhouse Finance, Banks and others. all approved in principle but we are married and she is working and of course owns the House, Yet they took my Status as the Payer :89: Hmmmmmmmm 

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Well, I'm ready if I ever decide to finance.

house.jpg

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