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What are the Options for Owning a Car in Singapore?

It is not a secret to all that Singapore is a small country. This is one of the reasons why its government does its best to ensure that the number of vehicles on the road is strictly controlled. Who wants traffic anyway?

Good thing, the public transport system in Singapore has been fully developed. With its public buses and MRT reaching every island there is, you would not care less about being carless. As a matter of fact, most of the residents just rent a car when it is vital. They do this while going to neighboring places such as Malaysia.

Do not get the aforementioned wrong though. It is still understandable that there are those who would rather have a car of their own. However, if you consider yourself qualifying for a low-income earner, is having wheels still practical?

The Truth about Owning a Car

The good news is that there is no need for you to be that hefty wealthy to have a car. As a matter of fact, you do not even have to be a part of the upper middle class so that you may justify your purchase. Indeed, to own a car comes with its advantages. It is not only about the financial burn. Gone were the days when having a vehicle is only considered a “luxury.”

If you are one of these people who go for a three-hour commute through the public transport every day, it is about time to re-think your lifestyle. The same is also true for parents who send their kids to school every morning. The extra cost that has to be initially shelled out in this can be helpful.

At the end of the day, it is still a matter of personal decision. The answer really lies on you. Do the math. If you are ready to own a car, there are tips that you may employ so that you can do such without losing a fortune. What are these?

  • First, it will help if you compare prices of second-hand cars. You can do this online. If you are not that rich, this can be the answer. Typically, a second-hand car would not require the moving of scrap metal. This will only be expensive. There are pre-owned cars out there with remaining 8 to 9 years of COE. Consider this!
  • Look at car loan prices too. Compare them! Of course, your goal is to find the lowest interest loan. It is understandable that not a lot of people have the cash to purchase a brand new car. This may imply that you have to borrow money in order to make the buying happen. There are always changes in this. You have to look it up yourself!
  • Make a comparison of the car insurance prices set every year. This may work if you already settled the car and its COE. Car insurance has to be paid every year. There are still other matters that you have to arrange including the car insurance policy.

About John C. Welborn