Buying a car is the next most expensive investment after buying a house in Singapore. Additional costs that also come with car ownership makes one think twice. When you can easily Grab from place to place, is car ownership here still worthwhile?
We list the different transportation options available to you, along with its costs, so you can easily make a decision.
SHOULD I BUY A CAR? IF NOT, WHAT ARE THE ALTERNATIVES?
1. BUYING A CAR
Singapore cars are the most expensive in the world. Even before the additional costs of petrol, insurance and road tax, owning a car is truly an expensive investment.
Owning a car approximately costs $160,000 in total over a ten year period (assuming the car is an economy car with engine capacity of 1,500 CC such as a Toyota Corolla).
However, it remains the most convenient form of transport for many. So should you consider buying a car in Singapore?
Total cost/year: $14,244 - $17,040
Cost/month: $1,187 - $1,420 (average 1,500 CC car)
2. RENTING A CAR
Your next best option is renting a car if you don't think you should buy a car after looking at our recommendations.
If you're still looking to drive but want some flexibility and hate long-term financial commitments, renting might work best for you.
Cost/month: $1,500 - $2,000 (average 1,500 CC car)
3. CONVENTIONAL TAXI
The arrival of ride-sharing companies has changed the taxi industry in Singapore. Ride-sharing has relatively lower fares and increased the convenience of bookings. The conventional taxi now seems like a remnant of the past desperately clinging onto changing times.
Cost/ day: $30 - $40 (2 rides)
Cost/ month: $900 - $1,200
4. PRIVATE HIRE VEHICLE
Ride-sharing is arguably the most popular mode of travelling in Singapore. With attractive fares and convenience, it is easy to see why. Despite rare incidences of reckless and irresponsible drivers, it is still largely considered safe and reliable.
But if you have a driving license, is ride-sharing still the best way to go?
Cost/ day: $20 - $35 (2 rides)
Cost/ month: $600 - $1,050
5. PUBLIC TRANSPORT (TRAIN & BUS)
Definitely the cheapest mode of transport in Singapore (if you discount bicycles, e-scooters and your own two legs). However, with occasional train breakdowns and bigger crowds, commuting on public transport can occasionally be a hassle.
Cost/ month: $120 (concession)
ONLY IF YOU CAN REALLY AFFORD IT
In the most expensive city in the world, spending nearly $200,000 over ten years on a single item can be unthinkable for some. If you cannot afford a car, there are other reliable means of transport in Singapore. Furthermore, public transport will become increasingly accessible with the opening of new MRT lines in the near future.
This article was first published in ShopBack.