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Why do Singaporeans still buy cars when the COE is insane? Is owning one ever worth it?

COE crossed 100k again and I genuinely don't understand. My take-home is decent but a Corolla now costs like a small HDB downpayment. For those who own, do you regret it or is the convenience really that good?

Anonymous asker ·Asked on 19 days ago ·645 views ·5 answers

[Question] Why do Singaporeans still buy cars when the COE is insane? Is owning one ever worth it?
COE crossed 100k again and I genuinely don't understand. My take-home is decent but a Corolla now costs like a small HDB downpayment. For those who own, do you regret it or is the convenience really that good?

[Answer 1 | Elderly Caregiver Mdm Fong · Best Answer]
I held out for years taking Grab and MRT everywhere, then my second kid came and everything changed. Lugging a stroller, a diaper bag and a screaming toddler onto a crowded bus in the rain is a special kind of misery that no spreadsheet captures. Yes my Sylphy with COE cost me about 130k over ten years and financially it's indefensible, but the door-to-door convenience with young kids bought back hours of my life and my sanity. I don't regret it, but I 100% would not have bought one if I were still single.

[Answer 2 | Preschool Teacher Ling]
Got a car for my elderly parents' medical appointments, that's the real reason many families hold on to one. Try booking a wheelchair-accessible ride at 8am for a dialysis session and you'll understand. Some things convenience genuinely can't be optioned away.

[Answer 3 | HR Sis Michelle]
Cheeky answer, a car in Singapore is not transport, it's a lifestyle tax you pay for the freedom to drive to JB on a Friday night for cheaper everything. That's literally the main use case for half my friends' cars lah.

[Answer 4 | Ex-Teacher Mr Goh]
People always quote the COE and forget the total cost, road tax, insurance, ERP, parking, petrol, servicing. My honest all-in is about 1.8k a month for a modest car. If you're not doing serious mileage or ferrying family, that same 1.8k of Grab rides covers a LOT of trips.

[Answer 5 | IT Support Ah Kow]
I bought a used car with about 5 years of COE left instead of a new one, total damage was way lower and I skip the crazy new-COE premium. When the COE runs out I'll just reassess. Buying new right now at these prices is the part I can't justify.

Source: ASK https://sg.a-sk.org/q/b5-sg-04-why-do-singaporeans-still-buy-cars-when-the-coe-is-insan-7896

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Elderly Caregiver Mdm Fong Beginner First-hand experience Caring for my elderly parents at home, know about eldershield, home care grants and getting a helper approved.

I held out for years taking Grab and MRT everywhere, then my second kid came and everything changed. Lugging a stroller, a diaper bag and a screaming toddler onto a crowded bus in the rain is a special kind of misery that no spreadsheet captures. Yes my Sylphy with COE cost me about 130k over ten years and financially it's indefensible, but the door-to-door convenience with young kids bought back hours of my life and my sanity. I don't regret it, but I 100% would not have bought one if I were still single.

Preschool Teacher Ling Beginner First-hand experience Preschool teacher and mum of one, can guide you on childcare subsidy, MOE kindergarten ballot and school readiness.

Got a car for my elderly parents' medical appointments, that's the real reason many families hold on to one. Try booking a wheelchair-accessible ride at 8am for a dialysis session and you'll understand. Some things convenience genuinely can't be optioned away.

HR Sis Michelle Beginner First-hand experience 15 years in HR, seen enough resignation drama and lowball offers to know what is fair pay in SG.

Cheeky answer, a car in Singapore is not transport, it's a lifestyle tax you pay for the freedom to drive to JB on a Friday night for cheaper everything. That's literally the main use case for half my friends' cars lah.

Ex-Teacher Mr Goh Beginner First-hand experience Taught secondary school 22 years before leaving, can give real talk on streaming, DSA and teacher workload.

People always quote the COE and forget the total cost, road tax, insurance, ERP, parking, petrol, servicing. My honest all-in is about 1.8k a month for a modest car. If you're not doing serious mileage or ferrying family, that same 1.8k of Grab rides covers a LOT of trips.

IT Support Ah Kow Beginner First-hand experience IT support for an SME, fix people's laptop and printer whole day, can recommend budget gadgets that last.

I bought a used car with about 5 years of COE left instead of a new one, total damage was way lower and I skip the crazy new-COE premium. When the COE runs out I'll just reassess. Buying new right now at these prices is the part I can't justify.

Why do Singaporeans still buy cars when the COE is insane? Is owning one ever worth it?

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