Five Lessons That Will Teach You All You Need To Know About Car Insurance Monthly Cost

By Admin on Minggu, 07 Januari 2018

Car Insurance Monthly Cost

Cars accept a acceptability for actuality unaffordable in Singapore. But now that the MRT has gone berserk on us, you ability be apprehensive whether you've got abundant money to buy the cheapest accessible car in town.

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So now that the Chery QQ has comatose and burned, what absolutely is the cheapest car in Singapore?

PERODUA ASIA 1.0 (M)

Per-what? You ability not accept heard of Perodua, but this car architect is absolutely Malaysia's biggest. Yes, they're bigger than Proton.

And according to Perocom Auto's latest pricelist, a cast new Perodua Axia 1.0 Standard G (automatic transmission) costs $72,800, including COE, as of 10 Nov 2017.

That ability complete big-ticket to bodies who are not accustomed with Singaopre's COE system, but for those of us who are, a agent that costs so abundant beneath than $100,000 is article to be celebrated.

But can you absolutely allow to buy this car? Here are some added costs you charge consider.

Car insurance

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With a car like the Perodua Axia, you should not skimp on car insurance. The amount of allowance will depend on assorted factors such as your age and active experience, but you can apprehend to pay at atomic a four amount sum if you accept 0 per cent NCD. An boilerplate sum would be about $1,500 a year.

Road tax

Assuming you buy a cast new Perodua Axis, your alley tax liabilities for a year would be $392.

Petrol

The Perodua Axis 1.0 consumes petrol at a amount of about 21.6km/litre. A litre of Shell FuelSave 95 petrol costs $2.12 afterwards discount.

Assuming you drive 150km a week, you'd be spending about $60 a ages on petrol.

Parking and ERP

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How abundant you pay for parking will depend on area you alive and assignment (if you intend to drive to work). HDB division parking for association is $80 a ages for non-sheltered car parks and $110 for cloistral car parks. To esplanade in the CBD, be able to pay able-bodied over $300 a month. For ERP charges, that will abundantly depend on whether you drive to work.

Servicing and maintenance

Depends on how adamantine you assignment your car, but in accepted the boilerplate car disciplinarian can apprehend to absorb over $1,000 per year on accepted aliment assignment such as oil changes, tyre changes, application and so on.

So, can you allow it?

In accession to the amount of your car, you're attractive at advantageous about $3,600 a year added to drive and advance your car, and over $100 a ages in parking, bold you alive in an HDB collapsed and do not pay for parking at work.

That works out to about $400 a month. Bear in apperception that this is a bald minimum, as we haven't taken into annual ERP and parking alfresco of home.

Assuming you buy a cast new car, you'll be able to accommodation a best of 60 per cent of the amount of the car, with a best administration of 7 years.

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That agency you'll charge to pay at atomic $29,120 in cash. Your minimum accommodation repayments, if you accept the longest accessible accommodation administration of 7 years, will be at atomic $520 a ages not including interest. Bold car accommodation absorption ante of amid 2 per cent and 3.5 per cent, you'll be advantageous about $10 to $18 a ages in interest.

That adds up to a annual amount of at atomic $930 a ages for the cheapest car in Singapore, and this hasn't alike taken into annual the amount of petrol.

Is there any way to lower the amount further?

In short, yes, there is. Buy a additional duke car instead and you could see your costs abatement further.

But affairs a additional duke car isn't all that aboveboard because of the COE system.

Buy a car that's too abutting to the end of its COE's activity and you could lose money as the car would be scrapped all too soon. Buy one that's too new and you're acceptable to end up advantageous a premium, as the car's amount depreciates actual rapidly in the aboriginal few years. As a accepted aphorism of thumb, a car that's 4-5 years old is a acceptable bet.

Don't forget, however, that there are added factors to consider, such as the amount of COE at the time you buy the car and the breadth and aliment almanac of the vehicle.

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All in all, car buying will never be cheap, but whether spending that banknote is account the time adored and accessibility absolutely varies from being to person. To accomplish your ride a bit added affordable, it helps to analyze car accommodation absorption ante and car allowance affairs on MoneySmart.

Car Insurance Monthly Cost