How much a car in Singapore costs you (with hidden costs)

[@CarLifeSG]

Hi guys, as mentioned by some viewers, the depreciation and instalment is double counted in the video. My mistake, and i apologise for this. if we remove deprecation from the calculation, a car costs about $1,992 per month on average : Instalment - $1,000 Parking - $310 Road tax - $62 Insurance - $125 Fuel - $345 Maintenance - $150 i should have also added in fines - because getting fined for speeding/parking illegally etc. is a part and parcel of car ownership. Also some of you messaged me saying you clicked on this video but you can't see it, do let me know if you can't and i'll re-upload it again. or you can join our fb car talk group and leave a post there : facebook.com/groups/1979191038783359 thank you !

[@sabrecruz6721]

Thank goodness my ONLY fine since getting my licence in 1988 was 5 years ago for a red light chiong. WLE.

[@Owshua]

Great video! $23k per year to drive an average car in Singapore, that's scarily high and this video puts that amount in perspective. I bought my first new car in 2018 and in June this year, decided to stop driving due to the high cost which I calculated to be around $1500 per month just on installment, parking & petrol cost, forgot to add in so many other hidden costs!

[@mahadhirzulkefly0612]

Won’t be buying a car anytime soon.. thanks bruh.. Very detailed vid :)

[@DunoLa]

This is the definition of good video

[@curiosityignite6711]

Great vid man! This is so detailed 👍

[@Callsign-Blade_RunnerSG]

These costs are Daylight robbery by the powers that be…

[@jeremyjayy8723]

Thanks for sharing the info. Its very informative

[@imranansari7006]

9:05 & Subtitles on :D! Great video though, keep it up!

[@CarLifeSG]

Thank you 🙏🏻🙏🏻🙏🏻

[@Fmiso8581]

"chit-chat"?

[@stressboy4326]

How about ERP charges? Has it also been factored in?

[@ernestquek6697]

Kudos !! 🤙🏻🤙🏻

[@APEXPOPPER]

What happened if you have an e-car

[@nelsonwoo4664]

e-car also got instalment, insurance, road tax, maintenance

[@bryanvoon5424]

whats the main difference between renting and buying one?

[@Fmiso8581]

One difference : zero down. Another difference: the convenience, as you only deal with one party and they will take care of all the fixed cost and servicing. But in long run cost of rental will be higher

[@keithyihui9669]

Thanks for sharing! =)

[@CarLifeSG]

welcomed :)

[@GalaxybearBoss]

I will just take cab everyday

[@joellim7010]

I believe you haven't factor in Fines and ERP charges.

[@joelmadrid2193]

"PANAMA RELOCATION TOURS!! WITH JACKIE!! 🙋 😊 👍❤ 👈"

[@benjaminong9854]

Nice video! But where’s the link to the group

[@CarLifeSG]

here you go ! sorry i missed it out : facebook.com/groups/1979191038783359

[@leonxing5797]

thanks for sharing, where to buy a second hand car in Singapore?

[@CarLifeSG]

Welcomed 👍 You can check on sgcm/carousell for used cars?

[@SG-he4cy]

Ohh i am so proud of myself then. I scraped my car few years ago & now own Rolex, Omega, Panerai but take bus or Grab 😂 Occasionally I rent cars. I can retire early without owning cars. So...

[@abusdriv3r]

your installment would have covered the depreciation. you are double counting

[@gchiazx85]

Jason Lee yep agree

[@milo6685]

Jason Lee can explain ?

[@justinvqm2667]

Jason Lee why tho? If I’m paying monthly 2k for the car , and it’s depreciating 3k monthly as well, then technically I’m losing 5k. I pay 2k + my car lose 3k in value

[@jlin995]

@@justinvqm2667 It's basic financial accounting taught in school textbooks. When you pay $2k a month in car loan, you're converting your asset from $2k in cash to $2k worth of car . You're not actually losing $2k, you're just converting your cash to a physical asset. Depreciation is when you're actually losing money because it means your asset is losing value. So the true cost you're paying for the car is actually just the depreciation.

[@nelsonwoo4664]

@@jlin995 let's say below scenario : My car cost 100k I pay 1k a month instalment After 10 months, I spent 10k on instalment My car depreciates at 1k a month My car now valued at 90k If I sell my car now, I get 90k. so i lost 20k already? because I just forked out 10k for the car, and another 10k in value is lost from my car ?

[@daneenlife]

Love your vid ❤️ Come and join our party 🎉🎤🎉