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Blog post by sgbluechip: I drive a humble Japanese car which I bought brand new 3 years ago. I paid the full amount in cash and hence no expense on loan interest was incurred. I would like to see if it is worth keeping my car or change to taking taxis on a daily basis. Cost of car: $46,000 Yearly costs:- Road tax and radio: $769 Insurance: $700 (50% NCD+5% police white card for good driving record) Petrol: $1200 ($100 per month. My workplace is near my home but extremely inaccessible, though parking is free) ERP: $20 (I rarely go to town area) Yearly servicing: $150 (I do it only once a year, since I drive an average of 10,000 km per year) Other wear and tear: $200 Parking at home: $765 (No way to avoid this unless you are living in private property) Parking outside home and office: $120 Car wash: $144 (twice a month@ $6 each time) Depreciation: $4,000 (minimum) If I were to drive my car for the full 10 years, it will cost me $40,000. As the scrap value at the end of 10th year is $6,000. Hence the total cost of my car ownership is $8168 per year. If I were to take a taxi everyday to work, it will cost me about $20 daily. That alone will cost me $4,800 a year. Though there are days I am on MC and leave, let