AMA SG Budget Babe
Asked by Anonymous
Asked on 14 Aug 2018
Nope, buying a car is for the sole purpose of convenience
i do not think that it is a wise decision. a car is a liability. it only depreciates. having a car is like having a huge hole in a bucket of water. you never stop losing money with all the fees that you pay.
however, IF you require a car to, say, meet clients or work with uber, etc, then of course a car is necessary :)
Top Contributor (Jun)
No. it's not wise at all unless you're married with kids and have folks to take care, so all the ferrying to preschool/ sitter to and fro, folks to hospital, outings of family, groceries buy and others, with that it might be a bit more justifiable.
A Toyota Altis will cost about 1.6k/ month (inclusive of parking, ERP, petrol etc. Ref: https://dollarsandsense.sg/2018-edition-cost-owning-car-singapore-10-years/ ) .
The 1.6k for single would have bring in more returns if is investment or go for studies/ course would have bring back many times more returns.
The str forward answer is no, due to COE.
For Grandma and Parents it will be very convenience to ferry them and save them a lot of waiting time in all kinds of weather.
Like now, such a pouring rain, you can park at a shelter area or carpark to ferry your family rather then getting them wet and running from public transport.
If you have the time and willingness you can do grab hitch or even grab if times and situation allows for some extra income.
Hope my reply helps.
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Depends on what the alternative is. If you must take cab >=4 times a day, then having a car may prove more cost efficient.
No. Based on general conversation with friends. It is still cheaper to travel with a mix of taxis, bus & MRT vs owning a car that need pay COE, road tax, ins, petrol, parking & maintenance.
You can read some insights in the below article why is it a financial wise decision to go without a car...
After including all of the usual costs (maintenance, insurance, road tax, parking, petrol, and so on and so forth), you also have to consider potential incidents such as road accidents and fines for traffic offence.
Unless your a high income earner or need it to bring family about. I spend 80 a month on transport. Your looking at 1.2 to 2+k costs in a car. Singapore is very well connected with public transport and unless its related to your job ( drive grab insurance or sales) its going to be a huge finanicial burden.