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.
Next, you would need to prepare for expenditures based on your usage. This car has an average of 400km before the empty tank light/signal appear.
Car Accessories – $78
I’m sure you would buy some car accessories to “change” your car. Some might spend thousands but I’m quite easy on this.
Maintenance & Repair – $3,459.60
As the car is rather old, I’ve expected some repair work needed. I have sent my car for two regular maintenance work (each costs around $200-$300) and my air con compressor spoiled which cost me almost $500 to change and repair. This cost also include some car wash expenses.
Parking & ERP – $5,040.73
I joined this two costs together because both uses Cash Card (so recording is easier).
Petrol – $7,057.41
I pump Esso initially but after some experiments with SPC, I realised that I could drive further per tank. Esso was about 380 per refuel but SPC could last me until 400+ per refuel. SPC discount was higher too since it does not have points system like Esso; which I find it troublesome.
Traffic Offence – $217.50
Yes, traffic offence. Unless you don’t drive, but my bet is you’ll bound to break some traffic rules from time to time.
To sum up all the car expenses, I’ve spent $41,753.76 in the entire 26 months. That is $1,606 a month. Are you ready for such expenditure? Think again, and again…