Singapore is known for its modernity and efficiency. It is also known for its distinctive approach to car ownership.
Certain advantages, disadvantages, and financial considerations come with owning a car in SG. This article will explore all that and more so you can make a well-informed decision.
Pros of Getting a Car in Singapore
Imagine the convenience of hopping into your car and heading wherever you please. Here are a few more benefits to owning your own vehicle in the Lion City:
Convenience and Mobility
No more waiting for buses or squeezing into crowded trains. You can go where you want whenever you want.
Increased Comfort and Privacy
Enjoy the comfort of your own space. You no longer need to worry about other passengers or stand under the scorching sun or cold rain waiting for a bus.
Exploring Beyond Public Transportation
Singapore is lovely, and having a car means you can go on weekend getaways to places not easily accessible by public transport.
Cons of Getting a Car in Singapore
Just like everything else, car ownership in SG also has its downsides:
High Upfront Costs
Acquiring a car in Singapore can be expensive, mainly due to the Certificate of Entitlement (COE) system. COEs are like golden tickets that allow you to own a car in the Lion City.
Remember, it’s not just about buying the car. There’s also the matter of COEs, road taxes, insurance, fuel costs, and parking fees. It all adds up.
Limited Parking Options and Congestion
Finding a parking spot in Singapore can be really challenging. Traffic congestion during peak hours can also be pretty bad. You can’t just get down and walk, unlike public commuters.
Costs Associated With Owning a Car in Singapore
As already mentioned, owning a car entails additional expenses on top of the initial purchase cost:
Certificate of Entitlement (COE)
COEs are like magic tickets you must bid for to own a car in Singapore. Quick money lenders can help you secure the necessary funds for this.
Additional Registration Fee (ARF) and Goods & Services Tax (GST)
These are additional fees that come with buying a car in Singapore.
Road Tax, Insurance, and Maintenance
Set aside a budget for these recurring expenses, as they will add up over time.
Fuel Prices and the Cost of Parking
Fuel prices can fluctuate, and parking in Singapore often comes with a hefty price tag.
8 Steps to Getting a Car in Singapore
If you have your heart set on buying a car in Singapore, here are some practical steps to take:
Step 1: Determine Your Budget
Understand the upfront and ongoing costs of owning a car in Singapore.
Step 2: Decide on the Type of Vehicle
Consider whether you want a new or used car and the type of fuel that suits your needs.
Step 3: Understand the COE Bidding Process
Learn how to bid for your COE and the requirements.
Step 4: Choose a Reputable Dealership or Seller
Research your options and thoroughly inspect the vehicle before making a decision.
Step 5: Look for Financing Options and Loans
Explore loan options from banks, financial institutions, and reliable money lenders to help fund your car purchase.
Step 6: Complete the Necessary Paperwork
Ensure you’ve registered your vehicle and purchased insurance.
Step 7: Consider Parking and Maintenance Costs
Find a parking space and budget for regular car maintenance.
Step 8: Learn Singapore’s Road Rules and Regulations
Familiarize yourself with traffic laws, parking rules, and the Electronic Road Pricing (ERP) system.
Tips for a Smooth Car Ownership Experience
To ensure a hassle-free car ownership experience, consider the following tips:
Carpooling and Ride-Sharing
You may offer carpooling services to minimize your expenses. You may also share rides with friends or use ride-sharing services as an alternative to buying a car.
Managing Fuel Consumption
Drive efficiently and plan routes to minimize fuel costs.
Staying Updated on COE and Road Tax Renewals
Don’t forget to renew your COE and road tax when they expire.
Exploring Green and Sustainable Options
Consider eco-friendly car choices to minimize your environmental impact.
Monitoring Car Depreciation and Resale Value
Keep an eye on your car’s value, as it can affect your long-term costs.
Wrapping It Up
Getting a car in Singapore is a significant decision. By understanding the pros, cons, and costs, you can make an informed choice that suits your needs and budget. Car ownership involves more than just the initial purchase; it’s an ongoing commitment. Be sure to weigh the benefits and drawbacks carefully before you make the jump.