Even if the public transport network consisting of MRTs, Buses is very strong supported by taxis, owning a car is still a goal for many of us. In fact, many of us have a dream of getting a plush car of their own since childhood.
And believe me, the car proves be very useful especially if you are busy working professional and / or you have kids. Driving to work, dropping and picking up kids, shopping in Johor Bahru and road trips to Malaysia are some of the reasons where car comes in very handy.
If you have been a car owner then you know that owning a car in other countries like USA, India and so on is pretty cheap compared to Singapore. We must consider certain factors before taking a decision to buy a car.
Cost Of Owning A Car In Singapore
Singapore has one of the highest car prices in the world and that’s the point that should be on your agenda on the top when it comes to buying a car. Other than actual price of the car, COE is a big chunk of amount that will actually make or break your decision making of owning a car.
Certificate of Entitlement (COE) in short is a certificate that gives you a permission to own a car and use it on roads for 10 years. This is a major amount that’s already included in your car price. Even if you decide to get a second-hand car, COE is a must.
COE prices keep fluctuating and you need to monitor it. When they are stable or even lower, it’s the best opportunity to own your car. The prices are available online and you can check with your car dealer too.
Other expenses that add up to the total car price are:
- Total amount of Car Loan
- Road Tax
- COE and PARF Rebates which is essentially an amount that we will get back if we scrap our old car.
- Car Insurance
Type Of A Car And Purpose
You name it and you can get it! Singapore has all the latest varieties of cars right from luxury cars to family car to small cars and so on. Even if there are n number of options, we have to firmly keep in mind these points:
- Budget – How much budget we have on mind and in our wallet?
- Type of a car – This partly depends on the cost of the car and partly on your personal liking
- Purpose of a car – Back to the basics. Why do you need a car? Ask yourself before making a purchase. For some, it’s a status symbol and for some, it’s for the whole family’s convenience to commute to schools and work. Some buy cars for weekend getaways.
So when you walk in the showroom to purchase a car, there has to be some clarity about all the above points.
Car is an investment and it’s a prized possession for any car owner. After investing in its cost, COE and other expenses, it’s very important that we choose Car Insurance very carefully too.
Right car insurance policy provides a complete peace of mind.
A good car insurance will cover the costs of damage to your car, to someone else’s car or property, and even hospitalization fees if you or someone else gets injured.
In a nutshell, Car Insurance just like any other insurance covers you in case of an unexpected event. In Singapore, it is not just dangerous to drive without car insurance – it is against the law. So you need at the very least a third- party car insurance to cover damages to someone else’s car or property, or in case they are seriously hurt.
Click here to compare different options of car insurance and choose the one that works the best for you and your car.
Happy and Safe Driving!
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