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Cost of owning a car: Is it worth it?
How should I begin...
See, the population in Singapore is rapidly increasing, but unfortunately the land in Singapore isn't (okay it is, but not fast enough).
Wary of the fact that uncontrolled growth in the number of vehicles will result in traffic jams in land and road scarce Singapore, the government has implemented a range of measures to manage car ownership and usage.
And what are these so-called "measures"?
Well... The Certificate of Entitlement (COE), Vehicle Quota System (VQS), road taxes and Electronic Road Pricing (ERP). And of course, all motor vehicles must be registered with the Land Transport Authority (LTA).
Overall cost of the car
Registration fee + Cost Price + Road Tax + COE + additional registration fee (140% of OMV) and customs duty (31% of OMV).
There's more...
Let's not forget the insurance, car maintance, petrol and stuff like that, that adds up to the total cost of actually owning a car.
In short, I would say that the cost of owning a car in Singapore is seriously ridiculous.
Come to think of it, Singapore is somewhat known as one of the most expensive places in the world to own and drive a car.
However, looking at the situation on the road. It seems that doesn't stop the many wanting a four wheel route to freedom!
Question is... Is it worth it?
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April 8, 2011 - 9:07pm
It is still worth to buy your own car after these expenses. With the convenience it brings to you, you can't refuse that owning a car entails a lot of responsibilities.
April 5, 2011 - 9:13pm
If you have 2 kids and having to carry their strollers to get into a bus with no seat with you carrying the kid worrying he might fall. You will know whether you will need a car, not want a car. You can travel alone if you have no kids. With kids and no car, it tough to go anywhere and you will be so tired when you reached home.
April 12, 2010 - 4:29pm
However the car registration is difficult and expensive in sigapore, buying a car is always worth.
February 18, 2010 - 7:44pm
I also agree when you are planning to have a sports car then car insurance is the matter of necessity.
December 11, 2009 - 5:24pm
After all these stuffs and expenses, I think it is still worth to buy your own car. With the convenience it brings to you, you can't refuse it. Meanwhile, owning a car entails a lot of responsibilities. But if you know how to follow and live up to these responsibilities, there will never be any further problem.
October 6, 2009 - 6:02am
Financially, it doesn't make sense. granted.
But think of the time savings of getting a car. Time saved can be used to nurture relations like meeting up with friends, spending more time with family, making more sales if one is a salesperson..e.t.c.
So how does one put a value on time?
If one can put a value on time, then we would know how much a human is worth in their lifetime...
Well my opinion.....trust me ,i have been struggling
with the pros and cons of owning a car.
SGDividends
September 29, 2009 - 8:12pm
Owning a car is a dream for others. They just don't know that cars are high maintenance. Although cars are now necessary, the cost of owning is something like a burden.
September 27, 2009 - 1:51am
great blog thanks for sharing.
September 15, 2009 - 7:45pm
Cars are now necessary. The only drawback is their maintenance. It is far from buying and owning one. It's worth it if you can afford to have one.
September 11, 2009 - 12:27am
Well, if you can afford it and owning a car is a thing you need it most, then it's worth buying one even if you are living in an expensive country like Singapore. It's a matter of capability to own.
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