Car Rental vs ownership? What are the cost and benefits?

Depends on your life stage bah

It depends on your travel needs and if married with children, your family care needs.

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Once you have a car, your total travel expenses will increase, eg, wife, gf, kids will need chauffeuring.

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For car ownership, look at your needs for the next 10 years. Marriage, parents getting on in age and needing to go to hospitals would be part of your expenses.

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Therefore look at your next 10 years life progression. If you are meticulous and a planner, you might have also planned your salary progression over the next 10 years too. With all those information, calculate your total cost of ownership depending on your life stage. Now map that life plan with rental and you can see the benefit of each.

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My personal experience to share for a car. Bought my car at $54,000 in 2006 when I had young kids. For the next 10 years of ownership, because I driver a lot, my total cost of ownership which include tax, petrol, parking, service and maintenance is about $250,000 with a scrap value return of $10k.

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Hope it give you an idea of car ownership. Would I change that car ownership for that $250k? No because I brought the kids to do thing which I cannot without the car. I drive enough to service my car every 3months which is quite usual.

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Go to SG Carmart website, they do have a good article on car ownership.

Actually depends on the rental rates and the current COE. & consider take grab/tada etc. after comparison to make an informed decision!

What about take Grab?