Cost of Car Ownership in Singapore

It is more expensive to own a car than to run it in Singapore. The pie chart and the table below indicate that the annual fixed costs of owning a car in Singapore are significantly greater than the fuel cost.

Analysis of motoring cost in Singapore shows that petrol cost contributes 16% of annual expenditure.

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Cost of ownership is higher than cost of using a car in Singapore.

Motoring costs		Annual (S$)	Monthly (S$)	%
Ownership	Depreciation(1) Financing (basis 3% fixed) Road Tax(2) Insurance(3)	4,869 6,435 950 2,300	406 536 79 192	24 32 5 11
Sub-total		14,554	1,213	72
Usage	ERP and other parking charges GST on petrol Duty on petrol Petrol: Cost of Product(4)	2,400 155 845 2,256	200 13 70 188	12 1 4 11
Sub-total		5,656	471	28
TOTAL		20,210	1,684	100

Sources: Car Buyer 6-19th August 2005

www.onemotoring.com.sg

www.lta.gov.sg

(1). Based on a $55,000 car with a 10% downpayment financed over a 10-year period at an interest rate of 3% p.a. Eventual scrap value $6,312 (based on 50% OMV $12,623) eg Mitsubishi Lancer 1.6M or Toyota Vios 1.5E.

(2). Some finance companies offer the option of 12 interest-free payments to pay road tax and insurance. For this example, we based the figure on a car with an engine capacity of 1,600cc which would cost about $950 per annum. 

(3). Based on a 30 year old male with at least 10 years driving experience & zero no-claims discount. The approximate premium of $2,300 is divided into 12 equal payments.

(4). Parking charges consists of ERP $90 per month, HDB $80 per month, office and miscellaneous $30 per month.

(4). Based on 40L tank capacity with weekly refills on UL98 with nett price of $1.696, duty on petrol is $0.44 per litre and GST at 5% pump price.

Disclaimer:

All information provided herein is intended for general information purposes only and does not constitute an advice or directive. You should not rely on it in connection with the making of any decision. While we try to ensure that all information provided herein is correct at the time of inclusion, we do not guarantee the accuracy of such information, in particular, information that is obtained from a third party source. We are not liable for any action you may take as a result of relying on such information or for any loss or damage suffered by you as a result of you taking this action.