Today in The New Paper, the front pages was filled with a story about Singaporeans who got into serious money troubles after buying a car. Basically, they were doing well. So they decide to buy a car...and then they became poor.
Seriously, how is this news? I have been saying this for years on this blog that a car in Singapore make no financial sense. The COE for a car in Singapore is between $40,000 to $60,000. Outside that, there's the registration fee which will depend on the car you buy. Even a small car will put you back $20,000 at least in Singapore.
That's $70,000+, and that's just to get the car. You still have to count in the Road Tax, the insurance, the season parking, and petrol. All for just 10 years because that's how long the COE will last. Renewal of the COE will cost you another $40,000+.
So of course buying a car in Singapore makes no financial sense. It's designed not to. Take public transport please; having a car in Singapore is just not worth it.