The idea of owning a car has been in my mind for more than a year... But after working out my sums, i have been shelving the idea as it seems pretty unlikely for me to be able to save much (for our wedding) if i were to add in the costs of owning a car...
The news of Category A Certificate of Entitlement (COE) reaching a all time low of $2.00 have caught my attention and once again made me want to reconsider buying a car. Thou my dad owns a car but most of the time he will need to use it due to his work commitment as well as community commitments. I am able to make arrangements with him if i really need to use the car but it's often at his expense (meaning he'll need to take public transport since i took the car) and i feel bad about it...
So once again, i'm doing my sums based on the car that i have always liked - Honda Jazz. Based on my estimates, it would cost me on average $1k to $1.2k monthly if i buy a Jazz; and it would mean that i have much lesser to save up!!
Breakdown of my estimates:
Cost of Car - $64,000
COE - $2?
Carpark (multistory) - $90 mthly
Road Tax - $300+ yearly
Insurance - $1,000 yearly
Some other cars that i am considering includes - Mitsubishi Lancer, Suzuki Swift, Toyota Vios...
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