at first i thought you cannot buy m'sia car, but this shouldn't be anythig to do with LTA.. after all, it's in malysia..however others like wuqi have already confirmed (in the 'all about car' thread) that singporean can buy msia car, something about reciprocity of m'sia/sgp driver license. the issue is using the MY car, owned by you, IN SINGAPORE. So I interpret the LTA wording as "you can't keep or bring the car into Singapore ". you had better email LTA if you want to be sure, get official confirmation.
The last time I tried, the VEP is just a flat fee per day charged, and is deducted from a pass card, called the "autopass" card. So when yuo enter singapore for the first time for each MY car, you need to get the autopass. basically it's a cashcard. You also get a certain no of free days a year (10 or something) that the car can come in. Beyond that , you have to pay the VEP using the autopass. Every time the car comes in, you slot in the autopass just like you use the cashcard to pay toll. this is done at the immigration counter. This is what I remember based almost 8 or 9 years ago. As mentioned, don't worry - the ICA officers will lead you through the procedure and payment, it's on the spot done the first time any MY car goes in. The autopass is tied to the MY car VRN. The autopass can also be used to pay for stuff (it's a cashcard) and you may top up at any ATM too.
http://www.lta.gov.sg/content/ltawe...le-entry-permit-vep-fees-and-toll-charge.html