Cost of Car Ownership in SGP Per Year - Wats Yours ?

[Deividz]

Your car itself has no cost?

 

You should include estimated yearly depreciation.

[macrosszero]

B&B car basic depreciation around $900 a month.

Road tax at 1600cc is $750 at $63 a month.

Season parking at home HDB carpark is $90. Condo or landed also indirectly paying via conservancy and property tax.

Parking at work ranges from free to $300, so let's take $150 as a guide.

Petrol for average car with average mileage and FC is $300.

Servicing is occasional but breaks down to $100 a month.

ERP - $50 but depends on driving pattern.

Miscellaneous parking - $20-50

Insurance -  around $100 a month, again an average.

 

What does it total to - about $1,800. 

 

What it does not account for are incidentals like non-warranty repairs, accidents or car mods, or interest incurred on car loans. 

 

The major variation is the basic car depreciation, because everything else doesn't vary very much. A low-COE car will depreciate at maybe 5-6k a year ($500 a month) versus a brand new car above at $900. But you end up paying servicing/repairs more often.

[Apengrg]

Is there cars depreciate 5-6k per year today?

[Skymax]

Is there cars depreciate 5-6k per year today?

Yes, renewed COE cars.

[Victor68]

 

I think firstly you need to consider... if you don't have a car, will you still get that $650 allowance?

 

Is the travel really damn ulu, like you have to go to places that's hard to get to with public transport? Can you claim taxi instead?

 

OK, if it is decided that it's time to find a car, please be prepared to spend at LEAST $1,500 on the car a month. This is instalments or rental + fuel + ERP + parking + summons + etc.

 

Is this a comfortable figure to you?

 

In that case, then now ask yourself how much spare cash you have lying around. If you are very tight on cash, i.e. very little savings under $20K, then rental may be a better choice for you.

 

BUT if you have a good amount of cash buffer, then you can try to source for a cheap second hand car with around ~1-2 years left of COE. I think that's quite a good duration to consider. Afterall, you do not know what happens after 2 years if you will still be in the same job.

 

 

You have to also tell us your preference of cars -- hatchback or sedan, brand preference if any, what do you prfioritize? fuel economy? comfort? speed?  safety? budget? Many bros here will be able to give you a recommendation. Try to narrow your choices to make the search easier.

 

Also how old are you? This will tell how much the insurance costs.

 

At the end of the day if you decide to buy a car it is possibly cheaper than rental as you will start to accumulate your own insurance NCD over time. The rental company needs to make money...

Old folks usually more kiasu. first thing that come to my mind is, without the car, do i still get that job and how long is this job opening?

 

then i need to know for $650 depreciation, what car can quality and how much more i can afoord to top up. in todays context, i dont think there is any even for pre-owned. you also need to consider maintenance, insurance, parking and road tax although you can claim for mileage and erp.

 

so, that job must be worth the additional expenses would be my answer for a monthly additonal budget of $1.8k