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1. Certificate of Entitlement (COE)
Description: A COE is required to own a car and is a significant cost component. It allows you to use a vehicle on Singapore’s roads for a period of 10 years.
Cost: The COE prices fluctuate based on demand and supply and can range from tens of thousands to over a hundred thousand SGD.
2. Car Price
Description: The base price of the car itself can be high due to import taxes and levies.
Cost: The price of new cars in Singapore is often much higher compared to other countries, due to taxes and tariffs.
3. Road Tax
Description: An annual fee that must be paid based on the car’s engine capacity.
Cost: Road tax varies depending on the vehicle’s engine size and can range from a few hundred to several thousand SGD per year.
4. Insurance
Description: Car insurance is mandatory and can be expensive, especially for new drivers or high-end vehicles.
Cost: Insurance premiums depend on the car’s make, model, and the driver’s profile, but they can be several thousand SGD per year.
5. Petrol
Description: The cost of fuel is an ongoing expense.
Cost: Petrol prices fluctuate, but they generally add up to a significant amount over time, depending on how much you drive.
6. Maintenance and Repairs
Description: Regular servicing, repairs, and parts replacement are necessary to keep the car in good condition.
Cost: Maintenance costs vary based on the car's make and model. High-end or imported cars tend to have higher maintenance costs.
7. Parking
Description: Costs for parking include both public and private parking fees.
Cost: Monthly parking fees in public car parks can be high, and private parking spaces or garages often come with a substantial cost as well.
8. ERP (Electronic Road Pricing)
Description: Charges incurred for driving on certain roads during peak hours.
Cost: ERP charges vary by location and time, and they can accumulate if you frequently drive in ERP zones.
9. Vehicle Emissions Scheme (VES)
Description: A scheme that provides rebates or surcharges based on the vehicle's emissions levels.
Cost: While it can provide savings for low-emission vehicles, higher emissions vehicles may incur surcharges.
10. Depreciation
Description: The value of the car decreases over time, which affects its resale value.
Cost: Depreciation is a significant cost, especially if the car is sold after the COE period ends.
Additional Considerations:
Loan Interest: If you finance your car purchase with a loan, you’ll need to factor in the interest payments.
Excise Duty and GST: These are taxes imposed on car purchases and contribute to the overall cost.
Summary of Costs
To give you a rough idea:
COE: S$60,000 to S$100,000+
Car Price: Varies widely depending on make and model
Road Tax: S$400 to S$3,000 per year
Insurance: S$1,000 to S$3,000+ per year
Petrol: Depends on fuel efficiency and driving habits
Maintenance: S$500 to S$2,000+ per year
Parking: S$150 to S$500+ per month
ERP Charges: Varies based on usage
Owning a car in Singapore is a significant financial commitment, and it's important to consider all these costs when deciding whether to purchase a vehicle.
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