What’s more value for money, owning a car or taking grab daily?
We’re here to break it down for you.
Cost of Annual Car Ownership
|Annual Car Installment||S$11,600 (Assuming S$100,000 car, 30% desposit, loan tenure of 7 years)|
|Annual Road Tax||S$168 (1.6 liter car)|
|Annual Insurance||S$2,400 (Assuming a Mazda 3)|
|Annual Fuel Fees||S$2,600 (Assuming S$1.85/liter, mid grade petrol)|
|Annual Servicing Package||S$500|
|Annual HDB Season Parking||S$960 (Assuming minimum monthly parking)|
Let’s assume you need to commute to and from work daily from Pasir Ris to Marina Bay Financial Centre, and you book a Grab at least twice on the weekends
|5 day work week||S$20 x 10 = S$200|
|Weekend Grabs||S$20 x 2 = S$40|
You could easily save at least $6000 a year without a car, even if you went ham on taking Grabs. We’re assuming very few people would take Grabs on this frequency.
Of course, owning a car is very much a lifestyle choice. Having a car comes with the convenience of being able to take control of your own transport. So if that all rounds off nicely for you, car ownership can still be on the cards for your financial goals.