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Is car for Everyone?

Singapore is notoriously known for the sky-high price of car ownership.

Let’s face it: the number of ERP gantries never stop increasing, and the gantries never seem to break down as frequent as our trains, and the COE prices that spike high over the recent years… The list goes on. That being said, the prices deter potential owners to a limited extent – we do not see a decrease in the number of cars on the road. Some argue, it is the necessity for their rice bowls, some for the sake of convenience, others for the prestige of having a car title in hand.

However your reason is to jump on the bandwagon of owning a car today, we are here to assist you! Be it a fresh graduate, or a middle-classed family man/woman, we have something for everyone.


Example 1 – Fresh graduate out of tertiary education

YOLO!!!! This is a commonly used word for many youngsters in the society. “You own your life”, so you own a car! Hell yeah!

“This lunch so expensive, never mind, I will not take lunch tomorrow!”

“Take bus, too ley chey lah!”

“I have car, I send you home!”

Regardless your reason for getting a car, you just want to get it.


*Calculation is based on a Honda Jazz, listed as $60,000”, left with 5 years.

Deposit / Down-payment: $18,000

Monthly loan repayment: $800 @ 2.98%


Note: Our suggestion is for you to get a second-hand car. Many people change car every 4-6 years, so take your first car with a pinch of salt.


Example 2 – Mid-income working professional

Let’s assume you are in your 30s-40s, with more than one kids at home. Therefore, it seems that getting a car will make sense to bring your kids to/fro school, and on family outings during the holidays.

*Calculation is based on a Honda Vezel, listed as $105,000”, NEW CAR WITH COE.

Deposit: $31,500

Monthly loan repayment: $1,100


*Calculation is based on a Honda Civic, listed as $67,000”, left with 5 years.

Deposit / Down-payment: $20,100

Monthly loan repayment: $900

Disclaimer: Everyone has different depths in their pockets, the above situations may not apply to everyone. Fuel and ERP charges are not included, as these costs are varied, depending on personal lifestyle differences.

It is important to consider other factors such as TDSR (Total Debt Servicing Ratio), monthly personal/household expenditures, rain day savings etc. We encourage everyone to purchase within their limits, so they can enjoy their assets with little burden in mind!

If you do have more enquiry, we are happy to hear!




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