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The Hidden Costs of Buying a Car in Singapore - DirectAsia Insurance
Tue, 11/08/2016 - 13:52
If you're thinking of buying a car, you already know about the road tax and monthly repayments. However, there are plenty of other things motorists often forget:
1. Parking Fees
Season parking at the average office: $90 to $120 per month
Parking at other offices or the mall: $2 per hour is a typical rate. Assuming 6 hours per week, that's $48 per month.
One booklet of parking coupons per month: $10
Total price for parking: around $148 to $178 per month
2. Servicing Costs
Servicing cost is around $200, performed every 10,000 kilometres. Assuming an average travel distance of 46 kilometres per day (estimate based on travel from east or west end of Singapore to Raffles Place), this distance is reached every seven months.
Including tyre change: Around $160 to $200
Including air-conditioner top-up: Around $20
Assume you pay the excess for one major replacement, such as cracked windscreen, every seven months: Around $100
Base maintenance cost is $520 every seven months, or around $74 per month.
Not forgetting that you will need to frequently clean out the layers of carbon deposits in your car’s fuel system built over time to maintain the optimal performance of your car engine. You can also choose to DIY by getting fuel additives to clean fuel injectors, intake valves and combustion chambers to save some cost.
3. Towing Costs
Around $40 in Singapore and Malaysia. You may have to pay for this, if it is not covered in your policy (some policies do not cover towage if the breakdown is in Malaysia).
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4. Using the Wrong Petrol Station
Assuming fuel consumption is 135 litres per month, average petrol cost is about $297, without discounts.
With the correct petrol card and discounts, this is typically 15 to 20 per cent cheaper (right credit card + promotions). Total loss from not paying attention to the card used: around $44.55 to $59.40 per month.
5. Cleaning the Car
Thorough car cleaning (including vacuuming inside the car): around $12 to $18 at a petrol station.
Cost of waxing: around $40
Cost of car wash once per week, plus cost of waxing once per month, is around $88 to $112
6. Cost of Inspection (for Older Cars)
Cars between three to 10 years of age must be inspected every other year. Covers over 10 years of age must be inspected annually.
Cost of first inspection: $62
Cost of subsequent inspections: $31
7. Cost of Fines
Most minor fines in Singapore (idling, illegal parking) range between $70 to $200.
Forgetting to top up your cash card results in a fine of $10 plus the ERP charge.
You May Be Interested In: Steps to Renew Road Tax in Singapore
8. Dashboard Camera
Essential for insurance claims, or contesting fines in court. A quality dashboard camera is often between $60 to $70, although low end versions can be as cheap as $30.
Do you know: DirectAsia gives you 4% discount if you install an in-car camera? See more details.
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