Getting around Singapore is made easy with buses, trains, taxis, and even self-drive cars. However, with the rising prices of car plates, buying your first car isn’t as straightforward as it used to be. At the same time, owning your own vehicle has benefits like flexibility in transportation and potential taxi savings.
For most students graduating from university with their shiny new degree, owning a car immediately may not be their priority due to financial constraints or practical purposes like lack of driving experience.
However, there are a few ways to go about purchasing your first car. This article will help you navigate your journey towards owning your first car. Keep on reading to know more about it.
Things to Consider Before Buying Your First Car in Singapore
Singapore is a great place to own a car. The roads are well-maintained, there is little congestion, and the public transportation system is reliable and efficient. Owning a car in Singapore also offers you a lot of freedom and independence, as it allows you to travel wherever you want, whenever you want.
However, before you buy your first car in Singapore, there are some things that you need to take into account. Here are five things to consider before buying your first car:
1. What type of car do you need?
There is a wide variety of cars available on the market, so it’s important to decide what type of car you need. If you need a car for work, you might want to consider a sedan. Sedans are similar to saloon cars, but they have four doors instead of two, which is why some people also call them midi-cars.
If you’re planning to buy your first car with a loan or you don’t have money to spare, it’s probably wiser for you to go for something smaller and cheaper. Hatchbacks are great choices for Singaporean motorists who are looking for their first car because they’re easy on the wallet and economical.
2. What do you plan on using your first car for?
It’s important that you take into account what you plan on using your first car for before buying one in Singapore.
If you need a vehicle that can work well in the city, a small hatchback or a sedan would be a good choice. If you need a car for long-distance travel, however, you might want to consider investing in an SUV or a van instead.
3. How much can you afford to spend on your first car?
One of the most important things to consider when buying your first car is how much money you can afford to spend on it.
It’s important to remember that owning and maintaining a car in Singapore can be expensive, so make sure that you have enough money saved up to cover all of your costs.
4. What are the restrictions on owning cars in Singapore?
Before buying your first car in Singapore, it’s important to familiarize yourself with the restrictions that are in place for car owners.
In Singapore, there are a number of restrictions on the type of cars that can be registered, so it’s important to make sure that the car you’re planning to buy is eligible for registration. There are also restrictions on the number of cars that can be registered per household, so make sure to check with the authorities to find out how many cars you’re allowed to own.
5. Do you have any driving experience?
If you’re a new driver, it’s important to think about your driving experience before buying a car.
Some cars are more challenging to drive than others, so you need to be confident that you can handle the vehicle safely. Consider taking a test drive before making your final decision.
Getting a Driver’s Licence in Singapore
In order to secure a driver’s license in Singapore, there are certain steps that need to be followed. Here’s the process on how you can get your driver’s license in Singapore:
- Make an appointment with the Land Transport Authority (LTA).
- Take a driver’s theory test.
- Book the driver’s practical test.
- Attend a road safety briefing.
- Take the driver’s practical test.
If you pass the practical test, you will be issued with a probationary driver’s license. This license is valid for two years, and during this time, you must not commit any traffic offenses. If you do, your license may be revoked.
After two years have passed, you can then apply for a full driver’s license. This can be done through the LTA website or by visiting any of their customer service centers.
Understanding the Total Cost of Owning and Maintaining a Car in Singapore For The First Time
1) Initial Purchase Price of Car
The initial purchase price is one of the biggest factors that goes into determining the total cost of owning a car. The prices for both used and new cars vary greatly, so it’s important to do your research before making any decisions.
2) Insurance Premiums & Depreciation Cost
Depreciation is another important consideration when calculating the total cost of owning a car. A new or used car will lose value over time due to things like wear and tear. If you plan to sell your car after a certain period of time, it’s important that you factor in depreciation costs as well.
3) Road Tax & Other Government Fees
In addition to the initial purchase price and depreciation costs, there are also other fees and taxes that you need to take into account when owning a car in Singapore. One such fee is road tax, which needs to be renewed every year. The amount you have to pay for road tax varies depending on the weight of your car and its engine capacity.
4) Maintenance & Repair Costs
Maintenance and repair costs can also add up over time, so it’s important to factor these in when calculating the total cost of owning a car. Things like oil changes, tire replacements, and brake pad replacements can be costly, so it’s a good idea to have a Maintenance & Repair (M&R) plan in place to help offset some of these costs.
5) Petrol Costs
Last but not least, petrol costs are another important consideration when owning a car in Singapore. The price of petrol here has been fluctuating a lot in recent years, so it’s important to stay up-to-date with the latest prices.