Skip to main content

Owning a Car in Singapore: How Much it Really Costs?

Unlike in other countries wherein owning a car
Unlike in other countries wherein owning a car is a practical thing for it does not cost that much, in Singapore, buying a car can truly be hefty when it comes to financial, given the fact that the country has a high cost of living. And with purchasing an auto, private car insurance comes next, since it is mandated by the law.

Despite this fact, there are still a large number of Singaporeans who consider owning a car in the future, thinking that it brings convenience, which is true. For those who are trying to decide whether to purchase four wheels, knowing the underlying costs is an absolute must!

1. Car maintenance cost
Have you seen a car that stayed brand forever? If you answered ‘yes’ to this, then all thanks to great car maintenance. But the more you try to keep your car looking fresh equivalents to high expenses. Another factor to take in mind is not all cars have the same maintenance costs; it varies depending on the mileage of the car, as well as the engine capacity, and the make and model of the vehicle.

Paying for a regular servicing in line with the recommended maintenance intervals of your car is the key that will keep your vehicle from the chances of breaking down. For instance, car owners need to have their auto serviced every 6 months or 10,000 kilometers, which can cost around $250 per visit, without extra work that needs to be done.

2. Fuel costs
No matter how luxury your car is, if it doesn’t have fuel, it would never work. Which is why, as a car owner, expenses on petrol charges should be a part of the budget. The fuel costs vary according to how much you use your automobile. On the contrary, you can be able to save money on fuel charges by choosing the right fuel grade that is perfect for your car. In addition, look for the best petrol brand which offers great deals and saves up to 20 percent on fuel charges with the use of petrol credit cards, membership cards, discounts, and whatnot.

3. Parking fees
It may take you some time looking for a space in Singapore where you can park your car for free. Remember, these days, there’s no such thing as free lunch, and so parking your vehicle comes with a price. In order to leave your vehicle in a secure space, you’ll need to pay a parking fee, in which the rates vary according to the location. It may cost around $1-$2 per hour, in which your parking fees can reach up to $100 or so per month.

4. Road tax
Aside from parking fees, another recurring cost every car can’t escape is the road tax, which is required for all the registered vehicles in Singapore every 6 months. The road tax charges that you need to pay depends on your car’s engine capacity.
It is also important to note that road tax for COE cars, or those vehicles that are older than 10 years require higher charges.

5. Car insurance
Getting your auto insured is may lead to expenses but it is a great way to safeguard you, your car, the other passengers you’re with, and other drivers in case an accident happens on the road.

On the other hand, there are some ways on how you can save money for insurance aside from choosing the company that offers affordable car insurance: being a safe driver! No Claim Discount is a privilege given to good drivers who did not get into a car accident or those who didn’t file a claim.
Labels:

Comments

Post a Comment

Popular posts from this blog

5 Common Driving Problems Most Singaporeans Often Complain About

Although owning a car seems to be the answer to the hassle you experience from commuting every single day to work, school or when running errands, being the owner or driver of your own car is not enough to spare you from such road problems. There are even times which you believe will be going to be a smooth ride can turn into stress due to some external factors that are beyond your control. If you are planning to get a car one of these days, here are some of the common complaints most drivers bring up when it comes to driving in Singapore. Regardless of the fact that the situations, which we are about to list down, is uncontrollable, you can somehow manage your feelings towards them ─ in case you encounter some. 1. High costs enveloped to owning a car in Singapore Singapore is known for being one of the countries with a high cost of living. That being said, owning a car entails a notably high amount of money; starting from the Certificate of Entitlement (COE) (a system which gi...
Post a Comment
Read more

Borrowing a Car Equals Borrowing Car Insurance Too!

You might have experienced sharing clothes, food, and other stuff with a friend, or a member of the family, which are somewhat a common thing. But have you ever tried tossing your car key to someone? Well, allowing a person, may it be your friend, family, or neighbor to drive your car is not as easy as sharing the above-mentioned things. Believe it or not, when you borrow someone else’s car or lend a person your key, it is like borrowing or lending car insurance , too! It is because auto insurance goes after the car and not the driver. At this point, the question “are you insured when you borrow a car” has already been answered, but let us go deeper. Despite the fact that you are like being covered by the insurance of the car you borrowed, it is important to know that it still depends on the terms of the car possessor’s policy and not yours. That is why it is indeed important to have research regarding car insurance just so you have a little background about the process in case ...
Post a Comment
Read more

Secure and Protect Both Your Car and Business with Commercial Vehicle Insurance

These days, vehicles are not just used as a means of transportation but for business purposes too. For instance, the Grab company utilizes four wheels for business, and with managing a vehicle for business, taking care of it is a crucial thing. This does not simply mean comprehensive maintenance and operating plan but having commercial vehicle insurance . Not to mention that owning a car (whether it is commercial or private) entails having car insurance. However, it is important to know that standard and commercial vehicle insurance policies vary in some ways. When it comes to insurance purposes, a vehicle can be identified as a commercial vehicle if it is owned by the business, provided to employees by the business, and personally owned vehicle that is used in business practices. With your commercial auto being insured, the business, vehicles, and operators will have protection in case a problem occurs. That is why if you want to safeguard the two important things (your busines...
Post a Comment
Read more