For most Singaporean car owners, car expenses take up majority of their household budget. Apart from Certificate of Entitlement (COE), annual road tax, monthly car payments and daily car costs such as gas, Electronic Road Pricing (ERP), parking and maintenance costs certainly create a larger dent in your monthly car budget. In this article, we give you some simple tips you can use every day to minimise your car spending.
Petrol is an unavoidable expense for car owners. For drivers who covers a mileage of 30,000km a year, gas expenditure can reach as much as $4,816 per year (Based on current 98 unleaded price at $2.47). Good news is there are actually quite a few basic yet clever tricks you can do to save on fuel. By limiting your trips and avoiding rush hour, you can avoid unnecessary time in the road. Plan errands and trips ahead of time to reduce multiple trips and lessen gas consumption. Not only will it save you gas but you can also save on ERP and parking charges. Another way you can save is by switching to a cashback credit card. There are some credit card companies that give significant discounts in specific petrol stations where drivers can expect to save as much as 20% off their fuel expenses.
Singapore is surrounded by ERP gantries. Although it’s primary purpose is to reduce traffic, passing multiple gantries on your way to work and back can add up really quickly. Peak hours ERP charges can cost between $2 – $6 per gantry. Based on the average peak hour cost of $8 a day, you would’ve spent at least $2,496 within a year not including errands and other special trips. By being smarter about your route and timing your trip accordingly, you can avoid high ERP charges. You can check the One Motoring website or gothere.sg to find out about current ERP rates and what routes you can take to minimise ERP. Since Sundays often mean free or lower ERP rates, it’s always best to do errands on Sundays.
As one of the most densely packed cities in the world, it’s understandable that parking spaces in Singapore – even in most residential areas – are expensive. If you have a 9-to-6 desk job in the Central Business District, parking can easily cost you $20 per day. If walking is not an issue with you, one way you can save is by parking elsewhere. There are car parkswhere you can park near to the MRT stations and travel to your workplace. Apps like Park&Go @SG and Singapore Parking gives you a better idea on available parking and rates nearby.
4. Car Trouble
Car issues sneak up even on the most experienced car owner. Whether it’s due to a faulty engine or a minor car accident, not only is it a hassle to deal with but it will also cost you. Apart from protecting yourself with comprehensive car insurance, the best way to avoid getting into car trouble is by routinely checking and maintaining your vehicle. It may seem tedious but it can save you from numerous repair costs and stress.
5. Traffic Violations, Demerits, & Fines
Depending on the traffic violation, fines in Singapore can be quite expensive. It’s an unforeseen expense that all Singaporean drivers want to avoid as much as possible. One sure-fire way to avoid it is by following the proper traffic laws.
Owning a car in Singapore is definitely expensive. But keeping these easy tips in mind, you can significantly minimise these out of pocket expenses.
Save more money by choosing a motor insurance company that works for you. Get a direct quote now and find out how you can enjoy the best coverage that suits your budget. Choose the plan you want. Pay the way you want. You are insured!