The true cost of driving in Singapore

[Khng8]

The article is true for more marginal buyers. Who can be rewarded with a bigger nest egg than spending on a car.

For the rest, my take is either they will spend it elsewhere or the net increase doesn’t mean much as compared to what they derived from car ownership.

Life is after all not all about chasing the number of digits in your bank account.

[CarNutz]

Very interesting and insightful perspectives especially from fellow drivers here. Yes I agree that if money and digits solely defines everything in life,then I believe it is a sad situation. Buying and maintaining a car is expensive for sure but I never once regretted my decision. Perhaps I may be more financially well off if I didn't choose to drive but the sheer joy of driving is priceless especially those beautiful moments I shared with family and loved ones. How we spend is a matter of priorities too. Other than cars,there are countless money wasting activities but unless it is a vice,who are we to dictate how others spend? We are not here to justify spending on cars to make us feel better just who are we to judge if others spend on watches,travel to exotic places,fine dining or what not. Bottom line is we love cars and we love driving!!

[Kangadrool]

do what you can reasonably afford. On the other hand, you can't bring your monies when you are gone from this place. So, not spending on it when you can easily afford also may not be right.

[Aventa]

What's the point of life if one is to abstain from all the luxuries and experiences that the life has to offer, just to increase the numerical figures in the bank? To put a smile on his way to the coffin?   

I think that one should spend wisely within his means and achieve a balance of spending and savings.

 

Having said that, average annual salary is $5,596 and median is $4,437 (incl. employer cpf), that works out to be $3,826 and $3,033 nett pay to bring home. (I know this figure is less than a week's salary of a regular MCF-er, just want to use national average for reference)

I'd think it is fair enough for a household to purchase a car that is within their annual household income ($72k ~ $92k range for a couple with average income) 

Edited July 2, 2019 by Aventa

[Vinceng]

The benefits of owning a car is intangible - cannot be measured with money.

 

The time saved, the improvement in quality of life etc. 

 

Save so much money for what? To bring to your next life? You may not even wake up alive tomorrow. 

[Evoz08]

Most non car users will tell you the deposit for car downpayment, assuming you buy Jap brand new car is about $40-50k, can be used to pay off the loan for your house, or use for a few long holidays with family, or renovate your house or for wedding. These are considered more "worth while" events than using it on depreciating assets like car.

 

What is worth while? I guess it's up to each individual to define that.

 

Plus every month the $1.5k-2k car expenses can be used to save for retirement or use for holidays etc. One year that's $18k-24k.

 

the above are usually what I hear when friends, relatives, colleagues talk about why not to get car.

[CarNutz]

Most non car users will tell you the deposit for car downpayment, assuming you buy Jap brand new car is about $40-50k, can be used to pay off the loan for your house, or use for a few long holidays with family, or renovate your house or for wedding. These are considered more "worth while" events than using it on depreciating assets like car.

 

What is worth while? I guess it's up to each individual to define that.

 

Plus every month the $1.5k-2k car expenses can be used to save for retirement or use for holidays etc. One year that's $18k-24k.

 

the above are usually what I hear when friends, relatives, colleagues talk about why not to get car.

Well,can I have a car then and still do all the above?

[awhtc]

Cars attract babes.  Hard truth.

[Solar]

Most non car users will tell you the deposit for car downpayment, assuming you buy Jap brand new car is about $40-50k, can be used to pay off the loan for your house, or use for a few long holidays with family, or renovate your house or for wedding. These are considered more "worth while" events than using it on depreciating assets like car.

 

What is worth while? I guess it's up to each individual to define that.

 

Plus every month the $1.5k-2k car expenses can be used to save for retirement or use for holidays etc. One year that's $18k-24k.

 

the above are usually what I hear when friends, relatives, colleagues talk about why not to get car.

It's like asking why MSW when there are much cheaper $1 durians out there.

[Wt_know]

why lolex when there is seiko? muahahaha ....

pardon my hairy wrist ... LOL

 

It's like asking why MSW when there are much cheaper $1 durians out there.

Edited July 2, 2019 by Wt_know

[Kia7200]

An average bnb car daily dep is ard $50

If u bought cars like attrage, maybe only $30

 

These amt can be easily reduce by doing grab hitch.

 

Driving a car give u the convenience of bringing kids, elderly or family for outing. And u arrange road trip to genting or drive to ur favorite ulu kopi shop to eat ur favorite food. These pte moment u can spend with ur family members r priceless la

 

And yes, u can book taxi or grab, try to book one when u have 5 family members or with kids below 1.35m n during surge charge or peak period.

 

Btw there r jokers who always tell me its a waste of money to own a car in sg. When they r smoker plus drinker n chiong ktv or massage parlour plus buy 4d. And I don't do all the above thus I have the extra money to spend on a car that I like. BTW I bought a realistic car that I like, not a car that tiagong reliable or cheap svc then end up u don't even like it

[Inlinefour]

Like this comparison

[Vinceng]

The most bang for buck brand new cars are the Mitsubishi Attrage at $60K and Perodua Bezza at $57.8K.

 

That's an average annual dep of $5,500 or $15 a day.

 

If you add in HDB season parking, road tax, insurance and maintenance, that adds up to $25 a day.

 

Relatively affordable. The problem is people splurge on the badge for snob appeal.

[Ct3833]

Well,can I have a car then and still do all the above?

what the article mention is one would have $450k lesser if he drives throughout his life, so yes you can still do the above while still driving but you will have $450k lesser relatively.

 

The article serves as a very good reminder to those who keep changing car but have not much saving, or those who really do not need a car but stretch financially to buy one. Otherwise, by all means to buy car if one is clear about his spending priorities.

Edited July 2, 2019 by Ct3833

[BenTong]

Cars attract babes. Hard truth.

Not if u drive a taxi.. u may get hails or bookings..

[Vinceng]

what the article mention is one would have $450k lesser if he drives throughout his life, so yes you can still do the above while still driving but you will have $450k lesser relatively.

 

The article serves as a very good reminder to those who keep changing car but have not much saving, or those who really do not need a car but stretch financially to buy one. Otherwise, by all means to buy car if one is clear about his spending priorities.

Taking inflation into consideration, $450K today is worth probably less than half the value 30 years down the road, assuming one owns cars from the age of 30 today to 60 yrs old.

 

Just buy a car if you need one. Use your brain instead of your ❤️ and don't splurge on the badge. It's not as bad as it seems.

[Jamesc]

Don't have kids can save even more.

 

Kids have higher maintenance costs and are less reliable than a Volvo. Statistically speaking kids also make you more unhappy and give you more stress. Also, if very unhappy with kids cannot legally just sell them of them.

 

Not a great investment either since some kids don't give any returns when we get older.

 

I question why I ever had kids when I could be driving a 2-door sports car with no seats for the kids.

 

If we're talking truths about savings, then that is an undeniable truth.

For me I just love making kids.

 

And now pay the price of maintaining them.

 

[Jamesc]

Why people so kaypoh one?

 

I never tell people not to buy car or dun go massage parlor or dun smoke or dun drink.

 

I only tell people we go together if they feel like driving to massage parlor and then to the music lounge.

 

 

Of course I only go to the clean massage parlor.

 

I even pay more if the decor is nice.

 

I don't mind paying a lot more.

Edited July 3, 2019 by Jamesc