Car ownership in Singapore involves a huge financial expense, probably the highest in the world. Therefore a frequently asked question is how much dough do drivers in Singapore have to sacrifice in order to own a car.
Here are some factors to consideration before getting yourself into the financial commitment of car ownership:
- Loan Installment
- Motor Insurance
- Road Tax
- Fuel
- Parking
- Servicing / Maintenance
- Electronic Road Pricing
- Cleaning & Car Grooming
- Inspections
- Others (eg, Radio License, occasional fines, etc)
And all these add up to around $1,000++ per month, depending mainly on your loan installment.