Anonymous
Which is more cost-efficient in Singapore: Taking 1 Family Car or 2 Taxis?
We all know that owning a car in Singapore is not cheap. Often, we see families needing the car most to ferry kids here and there. With kids, Gojek and Justgrab are usually out.
Just like to check if anyone has done the sums comparing owning a family car vs taking 2 taxis each time you go out, assuming couple with 3 kids and helper? Weekend trips.
Could it be possible that owning a car is cheaper if you had to take 2 taxis each time you went out?
Many thanks in advance Seedly community!
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Pang Zhe Liang
20 Feb 2020
Fee-Based Financial Advisory Manager at Financial Alliance Pte Ltd (IFA Firm)
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If you are looking at the upfront cost of owning a basic car in Singapore, then here is how the cost breakdown looks like: https://www.blog.pzl.sg/cost-of-owning-a-car-in...
For your case, it depends on a number of factors, e.g.
Affordability for downpayment
Affordability for ongoing maintenance, e.g. instalment, petrol
Dollar value for convenience
Frequency of travel
Buying your own car can be cheaper if the frequency is high enough, and you give a high rating to the value for convenience. Without either or both factor, it may be better to stick with taking two taxis.
Otherwise, you may consider a secondhand or COE car. In order to do so, it will be important to understand your cashflow to find out its feasibility. Here is a guide to help you: https://www.blog.pzl.sg/understanding-your-pers...
If it is just for weekends, it is unlikely that the cost of two taxis will be higher than the total cost of owning a car.
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