Owning a car in Singapore is very expensive. For example, most sedans cost about four to five times more in Singapore than in the United States or Korea.
Due to these high costs Singaporeans have reduced their reliance on driving and it has even become “fashionable” to not own a car. Instead, individuals can take advantage of the availability of ride-sharing, public transportation and other types of transportation such as bicycles and scooters. With that said, how much could you actually save by avoiding driving completely?
How Much Does it Cost to Own a Car in Singapore?
We estimate that the total annual cost of owning and driving a car in Singapore is approximately S$15,127.
To calculate this figure we added the purchase price of the vehicle, annual car insurance premium, annual maintenance costs, road tax and cost of petrol. However, we did not account for the cost of a car loan or the resale value of your car because these variables vary significantly depending on each individual’s circumstances and would likely offset each other.
Additionally, we assumed that the average individual drives a Toyota Corolla Altis 1.6, which is one of the most popular vehicles in Singapore. This car averages fuel efficiency of 16.4 km/L. Finally, we also assumed that drivers travel 16,700 kilometres per year, which was the average mileage per driver in 2016 according to the Land Transport Authority (LTA).