So maybe You have seen that article on Yahoo! Finance going viral questioning, “What is the TRUE Cost of Owning a Car in Singapore?”
Full infographic on moneysmart.sg
And they amounted the total cost to be a Whopping S$365,257 in 10 years!
That’s about S$100 daily!
And knowing people who own one or more cars, I’ve heard the horror stories about the costs involved.
In particular, the 3 letter aberratio– I mean… abbreviations that come with it:
“COE”, “ERP”, “IMH”…
Okay maybe not that last one. I kid. It’s not THAT extreme but hey, I know what you (prospective) car owners are thinking…
“Well, we already own (or are about to own) a car, thank you very much,
and their information just isn’t helping me get over it.”
DO. NOT. FRET.
I have some little-known alternatives to solve your transport problems living in Singapore!
MRT & Buses: Singapore’s Vast Network of Public Transport
You obviously know that public transport is the most cost-friendly mode of travel, but we all take for granted on the actual costs involved since it’s all as simple as tapping an Ez-link card.
Most people don’t actually realise that they can OPTIMISE travel using public transport! Yes you heard that right.
One of my favourite website/app to use when planning my journey while on the move is “Gothere.sg”. It’s a handy little app where you can check out the best ways to travel from your current location to your destination via any mode of transport or combination thereof.
You will be surprised how connected the whole of Singapore is! There could be a new, efficient route that you would never have found out otherwise.
Overall average cost for MRT & Buses: <$10 Daily
However, if you think it’s too time consuming, then continue reading. I have the perfect solution for you.
Grabtaxi, Easy Taxi, Uber: Taxis
Face it, trying to flag down a taxi in Singapore is extremely difficult, and would in reality take the same amount of time if you started taking a bus or MRT. Almost every friend I know admits this and you know you were in denial once before too.
Not to worry but these apps make it extremely easy to get a taxi within 5-10 minutes. At one glance, taking a taxi would seem costly as compared to buses/MRT (obviously) but the cost from Singapore’s City Central to either the Eastern or Western end averages to about S$20 per trip.
Overall range of average cost for a Taxi: $20-$50 Daily.
That’s still about a 50% ++ lower than owning a car!
By now, if you are a prospective car owner, you will be rejoicing at the alternatives provided at a much lower real cost and reconsider buying a car…
BUT, we didn’t forget about you, the car owner. Just because you are stuck with a car doesn’t mean you can’t do anything about it. Time for you to read on…
Following Robert Kiyosaki’s concept about Assets & Liabilities…
“An asset is something that puts money into your pocket.
A liability takes money out of your pocket.”
I immediately saw some ways worried Singaporeans like you can use to change your “liability” into an “asset”. And I know what you are thinking now…
“Are you telling me to turn my car into a taxi? But that’s Illegal for a private car owner!”
Nope. I’m talking about Carpooling (in case you missed out on the headline above).
Recently, I have found this app called “lyft2go”. It’s pretty new but seem to be quite nifty to find other people easier who are taking the same route as you, and the best part… it calculates the best “tip” for the passenger, which you can acquire, and I’m pretty sure the passenger would be happy to give you something in return for a convenient ride!
Although you can’t save the money from your already purchased car, you could use that money to offset your “liability”, turning it in an “asset”!
This could potentially save your fuel costs by 100%!
Overall, here is the breakdown of comparisons:
Of course, there are many other ways to earn additional income. In fact, at Wealthmastery.sg, you can learn how you can create an additional stream of Money by starting your own online business, or even trading in the Forex market!