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