After getting all that feedback about how we have neglected car owners in our previous hit post on how you can dramatically reduce your transport costs, the team over here at WealthMastery.sg has decided to respond to your calls. We are going to share with you the tricks we personally use to reduce our car ownership cost. Be prepared to be enlightened!
1) Pump Unleaded 95 Petrol Instead Of Unleaded 98 Petrol
Are you driving a Lamborghini or a Ferrari? No? I thought so too. Perhaps you don’t really need that expensive high performance oil in your tanks. After all, in the congested streets of Singapore, the only racing you would be doing is to the next traffic light. I suppose Unleaded 95 would do just fine. V-Power? No, but thanks for asking!
2) Find Cheap Parking Spots
Now if you diligently do your research before leaving your house, you would potentially be able to save a few dollars on parking each time. Even in town, parking need not be expensive. Did you know you can park at Plaza Singapura for $2.14 per entry after 6pm? What about $3 per entry after 5pm at Ion Orchard? No? You’re welcome.
3) Switch Your Car Insurer
Have you tried switching your car insurer yet? While I was working for a financial advisory firm, I used to help my clients source for the cheapest car insurance. A simple switch to general insurance companies like China Taiping, Tokio Marine or AXA often saved them up to a few hundred dollars every year. It never hurts to ask around.
4) Drive Safely
This may sound insane, but there are discounts on your insurance premiums for safe driving. You not only prevent the premium hike that strikes when you make a claim from your insurer, but you also get discounts such as No Claim Bonus (NCB) and Safe Driver Discount (SDD).
A solid no crash record NCB can give you up to a 50% discount on your insurance premiums. Furthermore, if you did not violate any traffic rules for 3 consecutive years, you will be entitled to Certificate of Merit from the Singapore Traffic Police which grants you the Safe Driver Discount of 5%. That’s 50% + 5% off!
5) Sell Your Car And Take A Cab Instead
Ok, so this might be cheating a little. However, if you’re really just too fed up with topping up your CashCard again just to pay for that ERP gantry right outside your house…
Besides even if you throw in booking costs and peak hour surcharges, I’m quite sure you would be hard pressed to spend $100 each day on cab fare. Are you sure you don’t want to consider taking a cab instead of spending $100 everyday on your egoistic toy/car? For every 10 days you don’t utilise your car, the amount you saved could be used to fly off to an Australian holiday instead. I’m sure that’s worth a serious reconsideration at the very least.
Image Credits: theindependent.sg