True Cost of Owning and Running a New Car

It's no secret that owning a car in Singapore is expensive, and recent changes to the laws and policies of car ownership have made this dream more difficult to achieve. We break down and reveal the shocking the costs of owning and running a mid-range sedan for a period of 10 years.

Example: Hyundai Sonata 2.0 MPi

Price: $139,999

The Hyundai Sonata is one of our favourite mid-sized family sedans on the market, it’s well-priced, well-equipped, and will take on the role of a family-runabout well. Therefore, we will base our calculations on the cost of a brand-new 2015 Hyundai Sonata 2.0 MPi, priced at $139,999. Assuming a 50% 5-year loan is taken and no other special financing deals are provided (which is usually not the case), and that the car will be driven for 10 years.

We have used our very own Oneshift Car Loan Calculator to make the make these calculations.

Moreover, this does not factor in the other costs such as ERPs, fines, punctures, other parking expenses, and accidents. Also, fluctuations in fuel prices or possible policy shifts such as changes in road taxes would also change the overall ownership cost.

While the purchase of a car and its monthly loan repayment is something that you might be able to manage, but the high cost to upkeep the car is a major consideration a prospective car owner needs to consider.

Owning a car in Singapore isn't impossible but does require more financial determination compared to other countries. But prudent financial planning and keeping one foot on reality will be helpful to anyone looking to realise their motoring dreams.

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