Understanding Car Expenses in Singapore — for Dummies
Owning a car in Singapore is very expensive — if not most expensive. Last year, we bought a Subaru Impreza for like $53,500. In Indonesia, the same car is $36,900, while in Hungary it’s $43,257. It’s not the kind of car with big engines like you see on Need for Speed; but it serves its purpose. Other top-selling brands are Mitsubishi, Nissan, Chevrolet, and Toyota. Of course, you can always pick one of the Spykers, which can be around $1.5 million, or one of the Ferraris, which typically range between $780,000 and $1.1 million.
But why would you need a car in Singapore, you ask. Let me tell you why. Contrary to common belief, public transportation in Singapore is not that perfect. Well, at least not in suburbs like where we live. A trip to my office in Lorong Chuan takes around 1.5 hours by bus, that’s if I don’t have to wait for the bus. MRT is definitely not a choice, since both my flat and office are far from any stations. By car, otherwise, it’s only 30 minutes.
Another case was when I fell sick last year. I could only manage to walk to the nearest bus stop, only to find that the bus going to my GP — which is only 4km away — only went once each hour. Thankfully, a taxi was willing to take us — sometimes they refused, since the distance is too short, you see. Other than that, a car would also be most useful when you are with children or elderly people.
In short, there are situations in which you really need a car. But it’s not just the price that daunts car buyers in Singapore. It’s also the higher fuel prices, ERP, parking charges as well as inflation.
As for ourselves, we are lucky that parking is free at home, but in most HDBs you will be charged as much as $90 per month. That means, you should spend double price if you live in HDB and you also have to pay parking in the office. Click here here for parking rates for commercial buildings.
For us, fuel costs $167.68 per month, but it should not be the same for each person. Currently we travel for above 1,000 km in a month, and the car consumes more than 80 liters.
ERP charges are varied, but if you work in CDB area from 9-6, there is no way you could avoid it. Prepare with at least $50 per month, though most likely that would not be enough, as new gantries have recently been operated.
On top of those, depending on the type of your car, you’d still need to pay road tax and insurance. The two together would cost at least $1,200 per year, if you are a first-time driver. Other expenses will include services and repairs cost. Altogether, you should be ready with at least $1,000 per month to keep a car. If it’s still too expensive, worry not. You can still go for an off-peak car scheme. Click here for more details.
So, is it even worth it to own a car in Singapore? Maybe, maybe not. Funnily enough, with all those expenses we could still save more money than if we chose to sell the car and move to CBD. Methinks the soaring property costs are way more frightening.
Related article: Unsafe Roads in Singapore?
