By MoneyBees
Compare your monthly Grab, Gojek or other ride-hailing spend with the true monthly cost of owning a car in Singapore, with depreciation, loan interest, road tax, insurance and parking, and find the rides a month at which the car pays off.
For most people who ride a few times a day or less, yes. A S$130,000 car kept 10 years costs about S$1,900 a month once you count depreciation, interest and running costs. At S$20 a ride, that buys about 95 rides a month, far more than most people take. Your own trips and fares decide it.
Divide the car's monthly cost by your average fare. At S$1,900 a month and S$20 a ride, the break-even is 95 rides. At S$15 a ride it is 127. Below that number, ride-hailing costs less; above it, the car does.
It depends on the price, the COE and how long you keep the car. A S$130,000 car with nothing back after 10 years loses S$1,083 a month in value alone, before interest and running costs. The cost of owning a car calculator breaks it down.
The instalment stops when the loan ends, but the car keeps losing value until its COE runs out. Spreading the price less what you get back over the years you keep it gives the real monthly cost. The page also shows the monthly cash you pay while the loan runs.
It changes trip by trip, because each app prices by demand, time and distance. This calculator does not compare the apps. Check both for the trips you take most often and use your real average fare.
No. ERP, tolls, repairs and traffic fines are left out. Add them to parking if you drive through ERP gantries often. The ERP calculator can estimate a month of charges.
MAS caps car loans at 70% of the purchase price if the OMV is S$20,000 or less, and 60% if it is above. The loan can run for at most 7 years, so you need the rest in cash.
It can be for a few long trips a month, since you pay by the hour and distance. Our guide on car sharing vs Grab and taxis compares the costs.
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