4 Reasons Why Cars Are Expensive in Singapore

Category: LifestylesMoney Saving Tips

If you live in Singapore and want to get around, you will struggle if you own a car. Not only is it not easy to drive on the roads, but it’s not exactly cheap to drive a vehicle in Singapore. With this in mind, here are four reasons why cars are so expensive in Singapore.

Taxes from many angles: Without a doubt, the government in Singapore doesn’t want people to buy and operate their cars all the time. Think about it, in this busy country, you will deal with tons of traffic. To prevent future traffic problems, the government has implemented a few taxes that make it difficult for the average person to afford the overall cost of owning a car. Instead, to save cash, you should rent a car instead. With this, you can hop in the leased vehicle, go where you want to go and not worry about any other issues.

 

Print

 

 

Car insurance: Once you buy a car, you will need to carry insurance. While this is not a huge cost, it’s another thing to consider, especially if you don’t have an excellent driving record. Remember, you will need to pay this as soon as you buy a car and the government will verify that you have this, from day one. Not only that, if you are in an accident, you will pay huge fees to the insurance company and your rates are likely to rise in the future.

Fuel: As mentioned, fuel in Singapore is expensive, and you will waste a large portion of your monthly bill paying for it. Whether you want to drive down the street or across town, you will struggle to afford your monthly fuel bill, especially if you don’t enjoy a decent income. Instead, to lower your cost, you should lease a car and only use it when you need it.

Parking and long-term storage: If you own a car in Singapore, you will quickly realize that you can’t park where you please. No, the government in Singapore wants to take advantage of drivers. By forcing a driver to pay a lot for parking, the local government brings in plenty of money. This is true whether you want to park near your apartment or when you want to head to a restaurant. Simply put, this is just another way Singapore forces motorists to spend their money on keeping a vehicle.

If you live in Singapore and want to get around with a vehicle, you need to consider leasing a car for the long-term. If not, you are going to struggle when you need to make payments or keep your car maintained and running well.