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

AMA SG Budget Babe

Asked by Anonymous

Asked on 14 Aug 2018

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

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Nope, buying a car is for the sole purpose of convenience

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Yong Kah Hwee
Yong Kah Hwee
Level 6. Master
Answered on 20 Sep 2018

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 :)

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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.

Eg.

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.

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The str forward answer is no, due to COE.

But

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.

If you feel this reply have Quality, please upvote and check other Quality Reply.

https://seedly.sg/profile/a-kenichi-xi

Thank you.

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Nicholas Chan
Nicholas Chan
Level 5. Genius
Answered on 19 Sep 2018

Depends on what the alternative is. If you must take cab >=4 times a day, then having a car may prove more cost efficient.

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Ck Chai
Ck Chai
Level 4. Prodigy
Answered on 19 Sep 2018

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...

https://coolerinsights.com/2015/06/the-day-i-said-goodbye-to-my-car/

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Gabriel Lee
Gabriel Lee
Level 6. Master
Answered on 09 Sep 2018

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.

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Kevin Tan
Kevin Tan
Level 1. Freshie
Answered on 09 Sep 2018

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.

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Dawn Fiona
Dawn Fiona
Level 5. Genius
Answered on 14 Aug 2018

No unless it will help to boost your income, or if you spend a lot more on taxis right now anyway. Depends on your circumstance.

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