Another recurring cost that car-owners face is the road tax, payable by all owners of Singapore-registered vehicles every six months. Still, drivers can save up to 50% or more by switching to one of the insurance companies below. Brought to you by GoBear Insurance Broker (SG) Pte. Whether you’re new or a seasoned investor, our research and tools will help you build and manage your portfolio. As your car's engine capacity increases, the amount you'll have to pay in road tax increases, making this essentially a tax on your fuel usage. Owning a weekend car in Singapore — How much would you save? The road tax for a Toyota Altis is $742 per year. Read Also: 5 Cheapest Cars In Singapore That You Can Buy In 2020. Often, maintenance is recommended either every 10,000 kms driven or every 6 months, whichever comes first. Car loan over 5 years at 2.78% interest rate: $69,706, Believe it or not, you do actually get some money back when you scrap your car at the end of the 10-year COE tenure. Simple math suggests that 1) the more you borrow and 2) the longer your loan duration is, the higher your interest cost is going to be. If you took out a car loan to finance the purchase of your car, another cost you'll need to bear in mind is your monthly car loan repayments. Do note that the final cost does not include maintenance fees, parking as well as fuel charges as these vary for each person. As you can see, the cost of owning a car is relatively high. We have reviewed over 100 credit cards in Singapore to simplify your card shopping process. If we assume a 3% p.a.
These are usually included in the total purchase price you are quoted when, for example, you survey cars at a dealership. Throughout the lifecycle of your car, you will also need to pay the recurring cost of regular maintenance to keep your car working as it should. Assuming you drive about 25km per day and are able to achieve the fuel consumption being advertised, you will find yourself pumping a full tank once every month. COE and PARF Rebate . This estimate is based on the profile of a 45-year-old single male driver with 5 years of driving experience and 0% NCD of a 2016 Toyota Corolla Altis. Beyond the car price stated in advertisements, do you really know how much the total cost of a car comes up to? Over a 10-year period, you can expect to pay about $15,000. The maximum loan amount is 60% of the car price if the car's OMV is above $20,000. The LTA has a calculator available on its website where you can check the ERP rates for your type of vehicle on the roads you use most frequently.
Woodpecker Asia Tech Pte Ltd (UEN 201420994D) operates the GoBear websites which compares financial products in 7 countries. The New Normal – Life at Home After the 2020 Circuit Breaker. Over a 10-year period, car owners would pay $7,420. Total cost of owning a car for 10 years = $110,506 + $7,440 - $0 - $4,994 + $8,287.50 = $121,239.50. , and it’s essentially a carrot to entice you to let go of your car. These factors can include characteristics such as gender, age, driving experience, qualification for No Claim Discount (NCD) and occupation. Season parking at HDB estate is $110 per month. Download the Motorist App to Get the Best Car Maintenance Service in Singapore. How to refinance home loans in Singapore: Cash in the time of COVID-19: Should you get a personal loan? Of course, all other cost factors such as Excise Duty, GST and ARF are presented in a clear and easy to understand format. Singapore's best selling cars in 1st half of 2017. Owning a car in Singapore is an expensive endeavor, with many costs involved with car ownership that go beyond its purchase price. In our example, we will assume that a buyer pays a 40% down payment ($37,600) and borrow the remaining 60% ($56,400). Singaporean drivers are further required to pay road tolls on a daily basis. This is in the form of COE and PARF rebates, and it’s essentially a carrot to entice you to … Unless you intend to pay the sales price of the car in full, interest is a cost area that you cannot ignore.