I did a computation in 2010 (2.3 years ago) with my good friends 1.5 litres Toyota Vios. Then, you can pay for 10 years, the loan interest rate 2.2%. (See the result here)
It’s a whole different ball game now. We are constrain to only 60% of loan servicing and a higher interest rate and a shorter tenure.
One reader Lee Wen Loong actually mentioned this necessity to own a car to me.
So I did another computation this time with a
- Kia Cerato Forte 1.6L $93000 (including GST, March Prices)
- Loans from DBS Car Loan. (See here)
- 30 year old 0 NCD – Insurance $1800/year
- Season parking at $65 (home) + $70 (workplace)