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Cost of car ownership In Singapore (for my case)

Cost of car ownership In Singapore (for my case)

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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)

 

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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




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Well, car ownership is almost never cheap.Especially if you live in a city and take car every day.Lots of expenses are connected with a car , it takes out a lots of money from your wallet.You just spend it every day and maybe it's not so noticeable but, like in your case, you took time and started counting , then you discovered how expensive car ownership is.Honestly reading your article I expected that using taxi would be cheaper for you and was surprised with your conclusion.But taxi can never be so comfortable as your own car, that's why people spend money and apply for advance loan to enjoy this comfort.Furthermore, taxi service isn't always good enough.That's why even if you spend lots of money for the car ownership anyway it's hard to refuse it because of multiple advantages.

 

 

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