I’ve just scrapped my car which I have bought it on the 29th of December 2013. I have published an article last year about how I recorded a year’s related expenses and how much it cost to own a car in Singapore. As of today, I’ve driven the car for 2 years, 2 months and 7 days, and I’m interested to know how the numbers adds-up.
Once you own a car, there are a few costs that, even if you don’t use the car, you would have to pay for it. Below is a list of them and how much it cost me last year.
Car Depreciation – $20,645.12
[ (Total cost of the car – the minimum PARF benefits) / total number of months ] x 12 months.
Insurance – $3,067.22
This cost varies with different cars, owner’s driving experience and many other factors.
Loan Interest – $900.18
Unless you pay the car in full cash, you would definitely incur interest for your car loan.
Road Tax – $1,288
Again, this costs differs based on the car models.