city road vehicles

SINGAPORE: Citing the rise in housing costs and food prices, a netizen took to a forum on Tuesday (April 9) to question whether buying a car in Singapore is even worth it.

“Housing is already expensive, food is getting more expensive,” the writer shared. “COE plus the car price itself can total (up) to S$200k. Is there really a point in buying a car in Singapore anymore?”

A handful of netizens responded to the post with their two cents on the matter. Some said no, such as one who commented, “No, I’d rather buy properties. Money goes into your pocket as rental income, rather than going out every month.”

“If it’s financially impossible for you to own a car and you don’t see a use for it that public transport can already achieve, then it’s not even a question worth exploring,” wrote another. “If it’s a possibility, then consider what owning a car is worth to you. Mere convenience? A specific purpose?

See also  Singapore COE prices and bidding results for March 2024

“For people who require a car for a specific purpose and cannot afford to own one, leasing is a decent option. Had friends who knew they could not or did not want to own a car but needed it cause young kids needed to be ferried places. Once the kids (were) old enough to walk then they didn’t need it anymore.”

The convenience of having a car

Others, however, said that the convenience of having a car made it worth buying one. “Yes. Less time spent commuting,” said one. “Easier to go shopping. Easier to transport children. No need to wait 25 minutes to find a driver…”

Another shared, “Yes. For comfort and convenience. no matter how jam-packed the road is, will always pick a car if given the choice.”

Still, a third shared an “unpopular opinion,” saying, “Singapore is actually the best place to own a car (if you can afford it). In places like Malaysia or the Philippines or Vietnam, the traffic is always 24/7 so ridiculously bad! These guys can spend 3 hours in a jam daily, that’s one-quarter of your awake time! You can’t sleep in these three hours, you can’t do work, you can’t brainstorm with all the honking around, and you are just a sitting duck inching your car forward every few seconds. I would cry if I were the driver…I would never own a car if I retired in any of these countries.

See also  You can buy 4 Toyotas in the US for the price of a COE in SG

“On the other hand, owning a car in Singapore can be life-changing. You’ll get to anywhere within 30-40 minutes, no more waiting time for Grab/ bus, car aircon keeps you cool, and the list goes on. On top of all that, driving in Singapore is actually fun; you can actually drive, you know what I mean…

“On a parting note, here’s another emphasis on the bracketed words in the first sentence. Cars are a depreciating asset no doubt about it. Our roads are clear thanks to ERPs and COE deters car owners from buying. If you zoom out, seems to be all about money, but am I glad it works.”

Read also: Foreigner asks Singapore car/taxi/bus drivers, “Why do you drive like this? I’m in the back, bouncing back and forth”