facebookIn your honest view, do you think buying a car is a wise (financially) decision in Singapore ? - Seedly
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Anonymous

Posted on 14 Aug 2018

In your honest view, do you think buying a car is a wise (financially) decision in Singapore ?

0 comments

31 answers

Discussion (31)

No.

Costs involved are too high. Often, we forget that beyond the monthly installments, you have to account for petrol, inspection, insurance, parking, maintainence, ERP, and did I mention petrol? Even a 1.6L sedan will likely cost $1500/mth at this point.

Even if you were to get around half of the time by taxis, you actually save the trouble of having to find parking lots, and can even doze off until your destination. With the state of driving in Singapore being this stressful, I'd rather be driven to my destination than drive there myself.

However, there is a possibility that a car may in fact help you since you don't have to rely on PHVs which can be tricky to book during peak periods, your car is always yours to drive as and when you like. So the question would be, compared to a $1000/mth taxi bill, is the $1500/mth you are paying for a car worth the convenience? Some might say yes. There's no right or wrong answer.

2

John

John

07 Mar 2020

Why u answer No in the first place and then at the end of your answer you wrote thereis no right or wrong answer so contradicting

Elijah Lee

Elijah Lee

07 Mar 2020

No is my own honest view as that is what the question asked. But for others, there may be a value to it, as I have explained in my last paragraph.

Post

In Singapore, our transport system is getting more and more robust and convenient.

While owning a car means an entirely different thing in Singapore - the financial status.

If you own a car, it is a liability unless you use it to generate more returns/sales for you, or you have a family and you value family convenience over public transport system.

If not, I would not recommend owning a car in Singapore.

0

Post

Rais M

Rais M

Level 12. Master

Posted on 05 Mar 2020

Cars in Singapore are very expensive due to COE. Besides the cost of purchasing the car and its mont...

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