The current COE prices are crazily high as compared to the C...
The current COE prices are crazily high as compared to the COE of $57000 that I paid in 2015. Most likely I couldn't afford a new car but to renew my COE for another 5 years. I have been a car ownership for 40 years and has no issues of doing so until now.
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Heartstrings : Let's take a look at the COE prices now it is sky high and car ownership overheads...
Assume the COE dropped to $80k.
1. that is $8k depreciation per year
2. parking , $110 per month for HDB season parking, 1320/year
3. average petrol comsumtion $250 per week, 13000 per year
4. road tax. depending on the cc of the car, assume $750 per year for 1.6
5. insurance $1k approx per year
6. car loan interest rate at 2.7 per cent
7. maintenance, approx $250 per half year, 500/year
8. other incidentals .500/year
9. cost of car.
All adds up (except 6 n 9) to $96570/year
So we are talking about $8047.50 per month of approx fixed cost to own a car.
This cost still have not factored in the cost of car n loan interest.
So guys if you have more than 8k per month or this. fixed cost, go ahead to buy a new car !
For me, as a regular employee it is definitely not achievable as the fixed cost is way over the average monthly wages....
Verdict, yes I want to own my set of wheels but in my dreams ....