Ultimate Car Buying Guide

Oneshift Editorial Team
8 Oct 2013

Getting Started

So you’ve had enough of waiting for taxis and being squeezed on the train next to people who don’t exactly smell great. So you’ve decided to bite the bullet and buy yourself a car. What’s next? We’re going to illustrate to you roughly how much it’ll cost per month to upkeep a basic entry-level car so as to help you settle down with the ownership of a car.


Buying a normal car

After spending a fair amount of time looking around, we discovered that the most affordable car you can buy in the market today sets you back about $100,000. Based on current legislation, you can only loan a maximum of 60% of the selling price of the car, for a maximum tenure of 5 years.

This means you’ll need to have $40,000 in cash to make the down payment. And for this illustration, we’re going to assume that you don’t pay a single cent of interest. Therefore, your $60,000 loan over 5 years would come out to $1000/month.

Unless you live in a privatised home, season parking is going to set you back a minimum of $65/month. Let’s not forget insurance at around $100/month and road tax at $50/month. And what’s the point of owning a car if you don’t use it? Assuming one drives about 30km/day, which works out to about 900km per month, your petrol bill would probably be around $150/month based on an average fuel economy of 12km/L. And lets not forget about ERP and parking. Working in the Central Business District (CBD)? Expect parking to cost upwards of $200/month. And ERP can cost easily up to $4/day. But to average it out against those who do not work in the CBD and have free parking at work, let’s say that ERP and additional work/leisure parking works out to a conservative $4/day or $120/month.

So at this point, we’re at around the $1500/month mark to own and operate a brand new entry-level vehicle in Singapore. Add in other real world extras such as regular vehicle maintenance, interest on auto loan, parking fines, and one should be prepared to shell out close to $20,000 per year to own the most affordable brand new car in Singapore.


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