Owning a car in Singapore already comes with a lot of hassle. From a hefty downpayment and sky-high Certificate of Entitlement (COE) premiums to worrying about maintenance, servicing and workshops – you need to put in a lot of work if you want to own a car in Singapore.
But for expats, it’s even harder. The nature of working abroad means that you won’t be staying here forever and committing to owning a car is a big step.
Even with these unfavourable conditions, there’s no denying the convenience of having your own car. The added convenience is especially important for families or if you need to travel for work a lot.
But before you jump right into buying a car, you must first understand the 5 Pain Points of Car Ownership For Expats in Singapore.
1. Length of Stay
Knowing how long you’ll be in Singapore is important to make your decision. If you’ll be here for less than a year, you shouldn’t commit to a big investment. You’ll be better off subscribing to a car.
If you’re going to be living in Singapore for more than 5 years, then maybe buying your own car is worth it. But don’t forget, that means forking out a huge sum for the downpayment and worrying about additional expenses like insurance, road tax and maintenance costs!
2. Big “Investment”
Everyone knows how expensive it is to own a car in Singapore. COE premiums cost a bomb and come with a 10-year expiry date. Apart from that, you’ll also need to fork out a lot of cash for the downpayment.
On top of your monthly loan repayment, there’s also the road tax, insurance and maintenance costs! But that’s not all, on average, your car depreciates $1,000 a month! Which means you’ll be spending a lot on something that loses value by the day.
3. Hassle of Selling a Car
As an expat, selling your car is all about the right timing. Finding a good deal for your car takes up a lot of time and effort. You’d probably take a few months just to sell your car at a reasonable price.
Imagine how it’ll be like if you’re leaving the country… Sell your car too early and risk being left with no transport for your family, sell too late and you won’t be around to facilitate the sale.
4. Is it worth it?
For many, having a car is for convenience, especially if you have kids. But if you travel overseas a lot, then maybe buying a car is not a good idea.
You won’t be using your car to the fullest and the money could be used on better things in life, like a holiday.
5. Long Term Commitment
Owning a car is not only a big financial “investment” but also a long term commitment. But what happens if there’s an emergency and you need to fly home? Or if your financial situation changes and you can’t afford to keep the car?
If you own a car, you’ll face the time-consuming and troublesome process of selling your car. If you’re leasing a car and you terminate your contract early, you’ll incur a high penalty. It’s restrictive and inconvenient.
A Painless Car Ownership Experience
As an expat, you need a flexible, hassle-free and economical car ownership experience. Instead, the traditional way of car ownership is stressful and has a lot of restrictions, penalties and hefty sums.
But with car subscriptions, you can enjoy a commitment-free, flexible and affordable (from just $1,499/month) experience.
There’s no downpayment to worry about, just a 100% refundable deposit to get started. Enjoy the freedom to drive with no contract to tie you down. You can easily cancel, return or switch cars every month, penalty-free.
Monthly fees are all-inclusive, covering everything you need – insurance, road tax, maintenance and 24/7 roadside assistance.
These benefits make car ownership a breeze and fit your expat lifestyle perfectly. Owning a car will never be easier!
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Learn more about the future of car ownership today.