Getting a car in Singapore is a huge undertaking, not least because cars here are e-x-p-e-n-s-i-v-e.
A look around SgCarMart shows a new Honda City (1.5L) listed at $97,000 and a Kia Cerato (1.6L) at close to $94,000 — that’s more than half the price of a 3-room BTO in Woodlands.
But we get why zipping around in your own set of wheels can be enticing and exciting.
There’s the freedom of going wherever you want at the drop of a hat without having to squeeze with the crowds on buses and MRTs. Plus, the option of going to ‘ulu’ and far-flung corners of Singapore without much consideration (Lim Chu Kang dairy farm, anyone?)
However, convenience comes at a cost.
Here are some cost considerations that you would probably have factored into your budgeting:
- Monthly instalment on the car
- Parking (season parking at home and/or work)
- ERP charges
This would easily come close to $1,000, depending on the car loan amount, which would usually take up a bulk of the monthly expenses.
Read more at AsiaOne