Wednesday, July 6, 2011

Buying a car in Singapore...

My sis came over to my place this afternoon and we had a little discussion on car ownership. With the rosy economy and influx of rich expats, the price of COE has risen to nearly S$70,000. COE is the little piece of paper that gives you the right to own the car for the next 10 years. You still need a car along with other stuffs (insurance etc) to put it on the road.

A brand new car in 2008 cost S$100k will cost around S$160k now. A resale car registered in 2008 will cost S$55-65k now. A resale car works out to approximately the same price as a car bought in 2008 but a new car cost like 60% more.

My sister, in her saleswoman pitch, gave me a summary of why a new car is not a good idea now:"A S$160k car works out to about S$44/day, not including insurance, petroleum and other taxes. You probably can take a cab all over Singapore with that money and sometimes you don't go out on weekends!"

Seriously I need to look at resale cars... but before that... a full-time MBA or continue my search for a dream job~


Joyce Lau said...

It sounds similar to HK.
We thought about buying a car, with the new baby coming. (The fact that there's almost no way of getting a safe baby seat into a cab kind of frightens me).
But then we did the math. Even with a 2nd-hand car, the price of the car, plus parking, insurance, gas, etc, was so expensive that it would cost less to take taxis all over Hong Kong every day.

I don't know the details of why you were "crushed" in your last post. But I hope everything is well.

Don't worry about the job hunt so much. Last year, my husband went through several months of joblessness. He just tried to enjoy the time off, and it ended up OK in the long-run.

WhiteDuskRed said...

Hi Joyce,

Thanks for the encouragement. I'm getting a bit beaten up with job disappointments here and there. Particular hard when it's jobs I'm really interested in. Then I also failed my level 2 bowling coach course so it was kind of a double blow. That really spoilt my yesterday~

Anyway I'm fine now. I had a chat with the missus and i might take up a full-time MBA which I gave up years ago due to family commitments~

Once again thank you always for the kind words. Sometimes I keep forgetting that health (mental and physical) comes before money~

WhiteDuskRed said...

And on the car front, I found it more affordable in HK than SG because the cost of a car in SG is around 3 times as much as a car in HK.

I bought a resale VW Beetle Cabriolet for HKD130k. I will probably pay HK$650 for a similar make and year. Surely your carpark and petrol don't cost that much!!!

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