What is the actual cost of owning a car in Singapore ?

[Nalin]

Hi

Can any car owner here share with me what is the monthly cost of owning a car ?

Also,I know many do not take the depreciation of the car into the calculation.( E.g a japanese car 1.6cc depreciation is $6,000 per year and that works out to be around $500 per month )

Does the monthly loan instalment to the bank take into consideration the depreciation ?

As I am currently taking taxi everyday and my monthly transport bill comes up to around $1,000.

I would like to know is it still worth to continue Taxi or buy a 1.6cc car ?

Thanx

[Gouldian]

Average 1.6l car monthly installment - $600+

Average monthly petrol (100km/day) - $300+

Average monthly parking (not taking into consideration city parking) - $200+

Average monthly - $50+

Servicing (per 10,000km) - $180+

Car Wash

Tires

Wipers

Others

HTH

Hi

Can any car owner here share with me what is the monthly cost of owning a car ?

Also,I know many do not take the depreciation of the car into the calculation.( E.g a japanese car 1.6cc depreciation is $6,000 per year and that works out to be around $500 per month )

Does the monthly loan instalment to the bank take into consideration the depreciation ?

As I am currently taking taxi everyday and my monthly transport bill comes up to around $1,000.

I would like to know is it still worth to continue Taxi or buy a 1.6cc car ?

Thanx

[iskay]

Owning a car will be more expensive than $1000/month. Period.

On top of Bro Gouldian's items, theres:

ERP

Road Tax - 1.6l will be about 1000/yr

Insurance

Disposables - Tyres, Wiper blades, etc...

Upgrades

In exchange, you'll get more convenience. I find public transport in Singapore still needs improvement to increase convenience.

Of course, you can consider the chinese makes but I would stay far away from them. until their safety records improve.

[Gouldian]

That's right, forgotten to cost in road tax and insurance.

IMHO, owing a car means you have to set aside 2k monthly.

HTH

Owning a car will be more expensive than $1000/month. Period.

On top of Bro Gouldian's items, theres:

ERP

Road Tax - 1.6l will be about 1000/yr

Insurance

Disposables - Tyres, Wiper blades, etc...

Upgrades

In exchange, you'll get more convenience. I find public transport in Singapore still needs improvement to increase convenience.

Of course, you can consider the chinese makes but I would stay far away from them. until their safety records improve.

[dachkie]

2k is excluding repairs and the worst ( vandals) , taking taxis at least saves you the trouble of having heachache of owning a car,

alternatively is to buy a cheap old coe 1.6l car and pay full in cash , less than 10k for a 18 yr old toyota corolla.

so you only need to worry about

Petrol ( $300)

Insurance can go 3rd party ( $600/yr) depending on age

Roadtax 1.6l ($1.8k/yr) included 150% above normal rates for 15yr old cars and

$???? if you bang anyone or anything

$???? repairs (max $20k to go back to showroom condition )

[bugattilambo]

That's right, forgotten to cost in road tax and insurance.

IMHO, owing a car means you have to set aside 2k monthly.

HTH

actually if ur income is more than 3 k a month you are able to fund for a car

but when its at 3k or lesser its gonna be abit tough

[dachkie]

actually if ur income is more than 3 k a month you are able to fund for a car

but when its at 3k or lesser its gonna be abit tough

yup agreed, and you cant spent on corals and fishes as much as you use to

[bugattilambo]

yup agreed, and you cant spent on corals and fishes as much as you use to

haha thats of coz cant have the best of both worlds unless

you are earning alot of moolah hmm

[ReDDeviLs]

i find that 3k is still not sufficient unless u got no commitment and dont do much savings.

[ReDDeviLs]

just to add, the good point of having a car then taxi is to avoid long queues.

even if call cab,at times you wouldnt b able to get a cab. a very common area that facing this is at takashimaya on a crowded wkend.

[Nalin]

Hi

Thank you all for the reply.

By the way, the calculations that you guys gave to me does not take into consideration of thedepreciation correct ?

What I mean is , when I take over the key from the dealer assuming its a brand new car the depreciation starts from day 1

and when I sold it later lets say around 5 years my selling price of the car will be lower than my redemption value (as due to interest rate being factor into the calculation when I took the loan 5 years earlier ) , do i have to take this into consideration.

If based on an average depreciation of an 1.6cc jap make car is $6,000 per year that will work out to be around $500 per month.Do I have to take this into consideration ?

When I add this in...assuming based on Bouldian calculation average every month I need to set aside $1,600 for the car.But when I add this ( depreciation cost ) in which its unrealised cost as I have yet to sell the car.The fianl figure will comes to $2,100 am I right ?

I just want to be sure I make the right judgement..if the total cost of owning a car, falls between $1,500 to $1,600 i will make a switch to car as my taxi fare is around $1,000. However , if the total cost of owning a car is $2,000 to $2,100 I will choose to stay with Taxi

I just want to be sure as the depreciation cost many do not take this into consideration as part of the total cost, should I include this into my overall consideration ? Especially for those who have sold their car before can you help.

Thank you all for your prompt reply and Bouldian for your detailed explaination

[dachkie]

always keep in mind that you might have to top up money for the car if you are to decide to sell it before break even period, you should ask the showroom to calculate for you the break even period depending on your loan ( subjective to car's market rate at the time you want to sell )

thats y you always hear people say they cant sell the car because they will have to fork out extra money

[mitlancer]

oh, i think the bros forgot one very important cost contributor, CARPARKING cost... unless u stay landed property and own your own office space... (which i doubt so, if not, no need to do this calculation liao)

HDB non-cover $62/mth covered MSCP $$90+/mth

office car park depending area, if town, good luck to you, easily >$200/mth

then u go shopping, between $1.20 to $2.20/hour....

If married, think combine monthly salary of $7-8k will be very comfortable to own a car. If single, at least $3.5-4k/mth to be safe.....

Of cos, u can always have a choice of getting an OPC, straight $17k rebate when you buy new car.... makes owning more affordable but inconvenient cos time restriction for free usage.... win some lose some....

: )

[singleisure]

Bro life has been good to you ya

$1000 budget for taxi

[peacemaker]

Mind if I ask, but why do you need to take cabs everyday?

[iskay]

Regarding depreciation, You will care about it only if you intend to resell your car later on. If you consider it, then TCO will certainly be over your target.

Japanese cars usually have better resell value (lower depreciation). It's best to do so before the car surpasses 5 years.

[Nalin]

Mind if I ask, but why do you need to take cabs everyday?

Peacemaker

Huh...Bro, your question pretty strange leh....I take taxi to go to work & back from work.

Its much more convenient for me as I do not leave near the MRT station. Also , its much faster than taking a bus.

[Nalin]

Bro life has been good to you ya

$1000 budget for taxi

Singleisure

Life is so far so Good...May I ask Why do you say that life is Good leh when I put aside Taxi fare of $1,000 ?

Is it too much to set aside for transport ?

[limsc]

Singleisure

Life is so far so Good...May I ask Why do you say that life is Good leh when I put aside Taxi fare of $1,000 ?

Is it too much to set aside for transport ?

Bcos for most of us who don't own a car and travel by public transport.

It will be MRT and buses. Taxi is considered a luxury.

By MRT and buses, the daily cost will be ~$3-$6 for a 2-way trip.

Thus it is <$200 per month if purely travel by MRT and buses.

[thomas_lim]

You may want to check out the insurance cost. It had been escalating over the years.

Some dealer give first year free insurance so you tend to get blind sided by the cost.

I had heard many cases where the premium had jumped 30% to 50%.

And without any NCD. It is going to be very costly.

Do note the comprehensive insurance of younger driver are a lot more compare to old man like me.

Keeping my fingers crossed as mine is due in the couple of months.

[peacemaker]

Peacemaker

Huh...Bro, your question pretty strange leh....I take taxi to go to work & back from work.

Its much more convenient for me as I do not leave near the MRT station. Also , its much faster than taking a bus.

Bcos for most of us who don't own a car and travel by public transport.

It will be MRT and buses. Taxi is considered a luxury.

By MRT and buses, the daily cost will be ~$3-$6 for a 2-way trip.

Thus it is <$200 per month if purely travel by MRT and buses.

Bro limsc pretty much summed up what I wanted to say.

I'm assuming you are already getting very used to the convenience of taking cabs, and it is starting to hurt you in your wallet? Sometimes, it just takes good time management and discipline, and the bus or the MRT will meet your needs just fine.

Quite some time back, I used to take cabs to work and back home. I was so used to this "convenience", that I took cabs everywhere I went, which really drained my income, till I told myself, enough was enough. I slept earlier at night to wake up earlier in the morning, and cycle to the nearest bus stop to take the bus to work. I found that I had more savings, and the extras could be used to buy more corals!

I'm not discouraging you from getting a car, by all means go ahead if you can afford it! Its just that sometimes, it is better to deal with underlying issues rather than seeking other means to negate it.

Cheers!

[shiraz]

Have you considered getting a bike? It's the best mode of transport .. really! Though most would disagree.

[iskay]

Have you considered getting a bike? It's the best mode of transport .. really! Though most would disagree.

If you are talking about motorcycles, you might want to look at these PDF files:

http://www.spf.gov.sg/prints/tp_annual/200...asualties4B.pdf

http://www.spf.gov.sg/prints/tp_annual/200...asualties4A.pdf

Motorcyclist/riders have the highest rate of fatalities and injuries among motorists in Singapore.

[pokmingsheng]

If you are talking about motorcycles, you might want to look at these PDF files:

http://www.spf.gov.sg/prints/tp_annual/200...asualties4B.pdf

http://www.spf.gov.sg/prints/tp_annual/200...asualties4A.pdf

Motorcyclist/riders have the highest rate of fatalities and injuries among motorists in Singapore.

no matter what,

i'll never ride a motorcycle...

[dachkie]

If you are talking about motorcycles, you might want to look at these PDF files:

http://www.spf.gov.sg/prints/tp_annual/200...asualties4B.pdf

http://www.spf.gov.sg/prints/tp_annual/200...asualties4A.pdf

Motorcyclist/riders have the highest rate of fatalities and injuries among motorists in Singapore.

because there are alot of bobo riders who expect cars to give way to them ,

previously i have rode a bike for almost 10 yrs and not 1 road accident. u let those people drive car will also kena accidents