The base value Singapore Customs assesses for an imported vehicle, covering its purchase price, freight, insurance, and other costs of bringing it into Singapore. OMV is the figure on which taxes like ARF and excise duty are calculated, so it largely determines a car's final cost.
Example: A car with a higher OMV attracts proportionally more ARF, which is why luxury vehicles cost far more on the road than their OMV alone would suggest.