car for one year

[katbh]

My van costs bugger all. Vans are the big loop hole here. We pay $800 a year insurance. Van worth 8 K with 1 year 8 months left on COE. Diesel requires service perhaps once or twice per year.......
What do you guys drive... rolls!

[PNGMK]

My van costs bugger all. Vans are the big loop hole here. We pay $800 a year insurance. Van worth 8 K with 1 year 8 months left on COE. Diesel requires service perhaps once or twice per year.......
What do you guys drive... rolls!

Yes, they tried to tighten that loop hole a few years back by no longer allowing private owners to own commercials. However even the COE on commercial vehicles has jumped to extremely high levels.

[Strong Eagle]

My van costs bugger all. Vans are the big loop hole here. We pay $800 a year insurance. Van worth 8 K with 1 year 8 months left on COE. Diesel requires service perhaps once or twice per year.......
What do you guys drive... rolls!

Yes, they tried to tighten that loop hole a few years back by no longer allowing private owners to own commercials. However even the COE on commercial vehicles has jumped to extremely high levels.

Also no PARF rebate on commercial vehicles.

[Beeroclock]

hi jimmccb, before you scrap your idea, you can find out this kind of cars in resale market:

Model: small size hatchback car
car price: 15K approx, type : PARF car
COE remaining 1 year.
Downpayment: 7K approx
Road tax: $500 approx
EMI: $450 approx
Deregistration value after 1 year: 6K approx (this amount you will get back, just 1K less than downpayment)
So, finally you are paying $450 per month (EMI) + 1K + $500 road tax = almost $550 per month.

So, bottom line is: with $550 per month spending you can have a small car. I think it will fit your budget.
Think about this. Anybody please tell me if there is anything wrong in this calc.

PS: I am not a car agent , I am also exploring & thinking to buy similar one

Where's your insurance? That's $1200 per year minimum if you don't have a NCD, even for 3rd party only! Fuel is a min $200 a month IME. ERP another $50. We're up to $900.... I think the OP is shit outta luck.

@PNGMK, yes good point ! I have missed the insurance. But are you sure - it is that much for small cars? need to check...may be...

Except Insurance, all others you mentioned - Parking, ERP, Fuel is not the point here when the guy asked if he can have $500 can on lease. Lease price is not included with Parking, ERP and Fuel cost I believe.

I finally went ahead and bought a car.... Certainly it is possible to achieve a monthly cost around these levels, particularly if you consider a small, manual car, and even more so if the Off Peak Car (OPC) scheme works for you. Actually, my effective monthly cost (including insurance too, but not petrol/parking/ERP etc) works out quite a bit less than $500/month, and I regret not doing it earlier, because I listened to what everyone said (it will cost minimum $1k/month), and as the system is so complex here with COE/PARF etc etc I never really looked into it to check for myself and all the different options available..... Now I just have to hope the wheels don't fall off

[sundaymorningstaple]

But you have to factor in the fuel, servicing, parking, etc. as without the car you will not have those cost either. So, to me, it appears that you are only fooling yourself. But, if you are happy, that is all at matters.

[Beeroclock]

Even with fuel, servicing, parking, etc, everything included, my effective cost will be definitely under $500/mth, maybe even closer to $400. To be clear this is based on weekend use only. Really just posting as there might be other expats who were like me assuming the minimum cost is much higher, but if you just want a basic car mostly for weekend use, then there are options available to meet lower budgets. I made use of this and a few other threads to help me research, so wanting to share back the outcome of what I ended up doing. And certainly having a car does make a big difference to your weekend activity if you young kids, we are finding so much easier to get out and about!

[Beeroclock]

But you have to factor in the fuel, servicing, parking, etc. as without the car you will not have those cost either. So, to me, it appears that you are only fooling yourself. But, if you are happy, that is all at matters.

As above have included but not a huge difference in my case... Also have not deducted the taxi fares I would otherwise have spent if I did not buy this car, which would lower the effective cost even further if that adjustment was included. Just keeping my fingers crossed it keeps running til I'm done with it or the 10 year mark, whichever comes first

[PNGMK]

But you have to factor in the fuel, servicing, parking, etc. as without the car you will not have those cost either. So, to me, it appears that you are only fooling yourself. But, if you are happy, that is all at matters.

As above have included but not a huge difference in my case... Also have not deducted the taxi fares I would otherwise have spent if I did not buy this car, which would lower the effective cost even further if that adjustment was included. Just keeping my fingers crossed it keeps running til I'm done with it or the 10 year mark, whichever comes first

Repairs on older cars aren't that expensive.

[T Yang]

If you look hard enough, you can buy a luxury small sedan and have trouble free drive 1 year for about $750-1000 depreciation a month. Much cheaper than leasing or taking taxi.

[taxico]

If you look hard enough, you can buy a luxury small sedan and have trouble free drive 1 year for about $750-1000 depreciation a month. Much cheaper than leasing or taking taxi.

that's over $27/day ($825/30 days)... not a small sum for some people consider the price of public transport vs value of their commute time.

there're still running costs to factor in, as well as a lump sum payment (deposit or car price).

it doesn't work out for people who don't need a car. there're really cheap beaters (regular registration plate cars that are just a little over present day dereg value) that work out to be like $3-5k a year which might make more sense.

cars like those are what most singaporeans tend to shy away from so as long as you're willing to drive it like a rental (gas consumption is gonna be high however you drive it) until scrap date AND can put up with the repair costs/downtime, it might make sense to do just that.

[Beeroclock]

Mine is running to plan so far. Around $400/mth include depreciation and running costs. This is on revised OPC plates. I only wish I got one earlier has made it so much easier to get out and around on weekends with two lil ones.